Consumer complaint received 2023-12-21
Company: BMO HARRIS BANK NATIONAL ASSOCIATION
State: CA
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
BMO Harris bank has not paid me interest due on a matured CD. The amount due to me is as of XX/XX/XXXX, is {$360000.00} which includes the initial amount plus interest, but additional interest accrues every day, so the exact amount will be higher depending on when I recieve the payout. 

I purchased a 1 year CD with BMO Harris Bank with a deposit amount of {$350000.00} at an interest rate of {$5.00}. The CD matured on XX/XX/XXXX. I called XX/XX/XXXX to close my account but they insisted they could not verify who I was. After several days they finally sent me a link where I could verify my identity. At that time ( less than 10 days after maturity ) I requested the money be sent to me via cashiers check, since they did not have a bank to bank wire option. I specifically told them I did not want to reinvest and wanted to close all of my accounts. They said the approximate payout would be {$360000.00}. 

I recieved {$100.00} for the closing of my Savings and Checking accounts, but did not recieve the money from the CD. 

I waited approximately 10 days and called them to find out what had happened to the check for the CD. I figured because it was a large amount, it might have taken longer to issue. They said they had re-deposited the amount into another CD account and would have to look into it. They opened a case # XXXX. Several calls and days later, I received a check for {$350000.00}. 

A few days later, a representative from BMO Bank called and asked if they had included the interest. I told them I was not at home and would need to check my notes against the amount they had quoted I would recieve. 

Upon check the check against the quoted amount, I realized the check was wrong. I called the bank and spoke to the resolution team 3 times ; I spoke with XXXX, XXXX, and XXXX. No one could tell me what happened and did not return my calls with any updates. 


I again called the resolution team and spoke to XXXX in the resolution team. I explained that I did not receive the correct amount for the closed CD, and that in fact, they had quoted me the wrong amount initially. I used several CD calculators online, which all came up with the amount of {$360000.00} which is more than they quoted. He could not give me any answers. I also mentioned that it had been a month that I have been waiting for this payout, so they also owed me for interest accrued during this delay which amounted to {$1400.00}. He blamed me for calling so many times saying I had caused the delays in the resolution by calling once a day. He said that I was hostile when I insisted on speaking to a manager and said that no manager would be able to talk to me and he refused to transfer me. He continued to call me agressive and blame me for the problem. He promised he would call later that day with an update. 

He called later that day and said they were still looking into it and had no other information. I thanked him for at least following-up. Another day went by with no update. It has now been more than a month with no resolution. 

I have not cashed the initial check of {$350000.00} because it is the wrong amount and I don't want it to appear that I have accepted this as the true amount due to me.

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