Checking or savings account -- Closing an account -- Complaint #8418004
Complaint Overview
Complaint ID: 8418004
Company: BMO Bank National Association
Product: Checking or savings account
Sub-Product: Checking account
Issue: Closing an account
Sub-Issue: Funds not received from closed account
State: Pennsylvania
ZIP Code: 18901
Date Received: 2024-02-25T12:00:00-05:00
Date Sent to Company: 2024-02-25T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I opened two accounts at BMO Harris, one personal and one business ( for my rental property ). Simple Business Checking Account # XXXX opened on XX/XX/XXXX Relationship Checking Account ending in XXXX opened on, I think, XX/XX/XXXX I then deposited money into each of these accounts. The personal account received a {$25.00} opening deposit from XXXX XXXX on XX/XX/XXXX, and then on XX/XX/XXXX I redeemed an I-bond worth {$11000.00} from Treasury Direct into this account. I believe the current balance should be {$11000.00}. The business account received a transfer for {$11000.00} from XXXX XXXX on XX/XX/XXXX. I then used it to make some credit card payments, so I believe the current balance should be {$10000.00}. Sometime in XXXX I noticed that I was not able to log into my BMO account anymore. On calling them, I was told that my accounts had been frozen and I would hear from their fraud department " soon '' so that I could verify myself and regain access to them. That never happened. Eventually, in XXXX I called back and asked again for an update on these accounts, and this time I was told that the accounts had been closed as of early XXXX. I asked how I would be receiving my funds back, and I was told that I needed to contract the banks from which I transferred funds into these BMO accounts and request that they issue a " recall '' on the transfers. That sounded strange, but I did reach out to XXXX XXXX ( XXXX XXXX ) and Treasury Direct. Both told me that they had no ability to issue a recall for transfers that had already been accepted by the recipient bank over two months previously. I then reached out to BMO again to explain what I had been told by these institutions, and they told me they had no further information for me. I'm hoping that the CFPB can help me retrieve these funds that BMO seems to be holding, and which I seem to have no ability to reclaim otherwise. Thank you very much.
Frequently Asked Questions
What is Complaint #8418004 about?
Complaint #8418004 was filed against BMO Bank National Association regarding Checking or savings account specifically about Closing an account. It was received by the CFPB on 2024-02-25T12:00:00-05:00.
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.