Consumer complaint received 2023-03-28
Company: BMO HARRIS BANK NATIONAL ASSOCIATION
State: TX
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
Dear Sir/Madam, I opened a 5-year CD with BMO Harris Bank on XX/XX/XXXX. BMO withdrew the principal of {$100000.00} from my checking at XXXX  XXXX XXXX on XX/XX/XXXX. BMO sent an email confirmation of receipt on the same day. The terms of the 5-year CD are the following : CD term : 60 months Interest Frequency : quarterly/every 3 months after the last pay Interest payment method : XXXX. 
Interest rate : 4.162 % Interest APY : 4.25 % Maturity Date : Date : XX/XX/XXXX Last Renew Date/Opening Date : XX/XX/XXXX. 

The first 3-month interest period was from XX/XX/XXXX to XX/XX/XXXX, comprising 92 days. Based on my calculations, the total interest accrued for the period should have been {$1000.00} ( vs. {$1000.00} BMO deposited for the period ). 

When I contacted BMO Harris Bank regarding the discrepancy on XX/XX/XXXX, I was passed on to multiple departments and representatives in a total of one and a half hours. The Everyday Bank Specialist admitted that the first 3-month interest of {$1000.00} deposited to my CD was incorrect and that my calculation of {$1000.00} was the right amount. However, the Everyday Bank Specialist said he could not make the correction because it had to be done in the system from the back office. 

When the bank 's back office was contacted, the system department was unable to correct the problem either, and I was told that I would have to visit a BMO branch to get my money back. As I live in XXXX XXXX, TX, which is thousands of miles away from XXXX where the bank is located, this is an unreasonable and unacceptable solution. 

I was eventually transferred to a Solution Specialist named XXXX, who said she would also have to reach out to the back office. However, when I asked her to send me a written response regarding the issue when she heard back from the back office, she said she could not send any written response or email but would call me back in 5-7 business days. But that phone call never came.

I followed up again with BMO Customer Service and was told the correction could only be made by the back office and customer service representatives could not make any corrections. It has been more than a month since I contacted the BMO for the discrepancy, and things went nowhere. The issue remained unresolved. 

I hereby request your help to have BMO Harris Bank refund my {$41.00} shortchanged for the very first 3-month interest deposit. More importantly, BMO Harris Bank needs to make sure the system setup was correct going forward as it is a 5-year CD. If the first 3-month interest was erroneously calculated, it will impact the interest compound for the remaining term of the CD ( 4 years and 9 months ).

BMO Harris Bank has a responsibility to correct its mistakes promptly and transparently. I appreciate that CFBP would investigate this matter and take appropriate action to ensure that BMO Harris Bank complies with federal regulations and treats its customers fairly. 

Thank you for your help and attention to this matter.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief