Checking or savings account -- Managing an account -- Complaint #9986673
Complaint Overview
Complaint ID: 9986673
Company: BMO Bank National Association
Product: Checking or savings account
Sub-Product: Savings account
Issue: Managing an account
Sub-Issue: Deposits and withdrawals
State: Illinois
ZIP Code: 604XX
Date Received: 2024-08-29T12:00:00-05:00
Date Sent to Company: 2024-08-29T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
BMO Alto advertised their high yield savings account as having unlimited transfers and withdrawals. On the XXXX XXXX, XXXX, BMO Alto accepted my credit card payments from XXXXXXXX XXXX and XXXX XXXX XXXXXXXX to be processed using my BMO Alto savings account. On the XXXX XXXX, XXXX, BMO Alto declined and returned the above credit card payments that were previously processed successfully yet my BMO Alto savings account had enough funds to process the payments. The bank declined and returned the payments without first contacting me. BMO Alto flagged the payments as being high risk yet the same credit card payments were successfully processed using my BMO checking account. Also BMO Alto allowed me to open up a six-month certificate of deposit account ( CD ) on the XXXX XXXX, XXXX. After depositing {$24000.00} into the CD, a restriction was put on my BMO Alto savings account. This money came from a matured 9-month CD from XXXXXXXX XXXX which I open in XX/XX/XXXX after earning the advertised BMO money market checking promotion of depositing accumulative {$7500.00} of ACH payments within a month in XX/XX/XXXX. On the XXXX XXXX, XXXX BMO Alto requested proof of ownership of my XXXXXXXX XXXX savings account that funded my BMO Atto savings account. I provided my drivers License and the page of the XX/XX/XXXXXXXX XXXX XXXX savings account statement showing my name, my address and my account number. Both documents were rejected and I was told that BMO Alto will close the my accounts on XXXX XXXX, XXXX and my funds would be deposited back to the accounts where the funds came from. I called several times to track the status of my funds but, BMO Alto not yet sent my funds the accounts. BMO Alto was very fast at accepting the funds, but very slow to return the funds.
Frequently Asked Questions
What is Complaint #9986673 about?
Complaint #9986673 was filed against BMO Bank National Association regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2024-08-29T12:00:00-05:00.
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.