Checking or savings account -- Managing an account -- Complaint #9984091
Complaint Overview
Complaint ID: 9984091
Company: BMO Bank National Association
Product: Checking or savings account
Sub-Product: Savings account
Issue: Managing an account
Sub-Issue: Funds not handled or disbursed as instructed
State: California
ZIP Code: 94513
Date Received: 2024-09-01T12:00:00-05:00
Date Sent to Company: 2024-09-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
I retired from XXXX XXXX XXXX ( XXXX ) in 2020. It is the practice of XXXX that employees receive their salary or retirement exactly on the XXXX day of the month. If the XXXX day of the month falls on a Saturday, Sunday or holiday, XXXX makes sure that payment is received on the working day before the non-working weekend or holiday. This changed when Bank of the West became BMO. BMO keeps the money until the next working day. So money paid on XX/XX/XXXX ( Friday ) by XXXX to make sure that employees and retirees have their money before the weekend or holiday are kept by BMO for a few days and will not be available until XX/XX/XXXX ( Tuesday ). This happened once before when XXXX sent payments to their employees on XX/XX/XXXX ( Friday ). BMO kept the funds and paid salaries and retirements on XX/XX/XXXX ( Monday ). I believe BMO is keeping the money for a few more days so as to receive interest on the money at the expense of the employees or retirees from XXXX and other companies.
Frequently Asked Questions
What is Complaint #9984091 about?
Complaint #9984091 was filed against BMO Bank National Association regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2024-09-01T12:00:00-05:00.
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.