Checking or savings account -- Closing an account -- Complaint #4771682
Complaint Overview
Complaint ID: 4771682
Company: BMO Bank National Association
Product: Checking or savings account
Sub-Product: Checking account
Issue: Closing an account
Sub-Issue: Company closed your account
State: Florida
ZIP Code: 33025
Date Received: 2021-10-01T12:00:00-05:00
Date Sent to Company: 2021-10-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
In XX/XX/2021, I opened an account after receiving email marketing from BMO harris that I can establish an account in earn up to {$300.00} after {$4000.00} had been deposited over a 90 day period. The account was receiving deposits bi-weekly for a XXXX dollars from my employer. XX/XX/2021, I logged in to transfer the funds to my local bank, due to the lack of ATM 's and locations as I've done since the account opening and notice that the account was not showing on my OLB XX/XX/2021 - I spoke to XXXX ( customer service representative ) who told me the account was closed due to inactivity, being a bank employee at another institution. I knew that XXXX and consistent direct deposits are considered activity. I asked to speak to a manager and spoke with XXXX. XXXX shared that the XXXX 's which were typically sent the next day, not the date of direct deposits being received resulted in the account having a XXXX end of day balance and the system closed it on the 45th day. I have an additional concern as to this deposit culminating the $ XXXX amount that was marketed. It seems that BMO Harris closed the account to avoid paying the marketing fee. An even more pressing concern is that it resulted in me having to wait for XXXX that was received after the account was closed according to my conversation with XXXX. This will cause an issue with me paying my rent which is due before the XXXX of the XXXX. BMO harris let me know it won't be returned until Monday. It seems that BMO is engaging in deceptive marketing and closing account pre-emptively to avoid paying marketing rewards, unless you meet additional requirements not disclosed. Additionally, the disclosures for the marketing clearly states that 0 minimum balance requirement, and fees. - all access to statements have been removed, so I am not able to provide to you. The industry standard after account closing is to allow users 90 days of access, typically for accounting purposes. These statements should show the direct deposit coming in and the zelles being dispersed the next day ( account number used to initiate ) I notified the team member that I will be filing a complaint with the CFPB and asked for her to file a complaint - BMO HARRIS complaint number XXXX
Frequently Asked Questions
What is Complaint #4771682 about?
Complaint #4771682 was filed against BMO Bank National Association regarding Checking or savings account specifically about Closing an account. It was received by the CFPB on 2021-10-01T12:00:00-05:00.
How did BMO Bank National Association respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against BMO Bank National Association?
Yes, visit the BMO Bank National Association company profile at readthecomplaint.com/company/bmo-bank-national-association to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.