Checking or savings account -- Closing an account -- Complaint #7383130
Complaint Overview
Complaint ID: 7383130
Company: BMO Bank National Association
Product: Checking or savings account
Sub-Product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-Issue: Funds not received from closed account
State: Texas
ZIP Code: XXXXX
Date Received: 2023-08-10T12:00:00-05:00
Date Sent to Company: 2023-08-10T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/2023, I closed my CD account with BMO Harris Bank via online support. The amount of the account was {$34000.00}. I was told that it was banking policy to send customer funds on closed accounts via regular mail. Note, when i opened the account, BMO Harris Bank allowed electronic transfer into their bank but not fund transferred out. After ten business days from the date of closing and check issuance of my proceeds, i still had not received the check. I called customer service and told them of the situation. After validating my mailing address, they told me it would take longer. In the several times i called customer support i received three different answers as to my check delivery time period. After three weeks, i called customer service and stated that i had not received the check for my proceeds. The BMO Harris bank customer service agent proceeded to send my via email a lost affividavit form that i had to get notarized and submitted back to the bank. When i read the cover letter, it stated that it would take 90 days from the original issue date before they would remit another check unless i obtained a surety bond. A surety bond costs between {$800.00} - {$1400.00} for the amount of my proceeds to obtain. Given the high cost of the bond, i sent back the notarized affidivat form XXXX XXXX and a return XXXX XXXX label ( at my expense ) so it would not go regular mail. ( I was told unless i provided a XXXX XXXX account number, they would not pay for an express delivery. ) I asked if they could wire the money to me instead and was declined. Given their stringent policy about using regular mail to delivery customer account funds, there is nothing i can do to speed up the process. Lastly, by the time i finally receive my funds, over 90 days will have passed, no interest earned by me, and incremental costs for shipping and notary fees incurred ). Thank you in advance for looking into this issue.
Frequently Asked Questions
What is Complaint #7383130 about?
Complaint #7383130 was filed against BMO Bank National Association regarding Checking or savings account specifically about Closing an account. It was received by the CFPB on 2023-08-10T12:00:00-05:00.
How did BMO Bank National Association respond to this complaint?
The company responded with: "Closed with monetary relief". 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.