Consumer complaint received 2024-06-10
Product: Checking or savings account — Savings account
Issue: Managing an account — Banking errors
Company: BMO Bank, N.A. (NJ)

This complaint is continuation of CFPB Complaint XXXX XXXXXXXX. The response from BMO totally not answered all my concerns. 

Dear officer : BMO Bank N.A . stated BMO is committed to serving our customers in a fair and ethical manner in accordance with all applicable federal, state, and local laws, rules and regulations. Based on the following facts, I do NOT believe that BMOs statement is true. 
( 1 ) I filed a complaint to BMO Customer Advocacy Support & Escalation Team by mail XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX and never got any response. If not because I filed this complaint with CFPB, I even would not receive any response up to now. 
( 2 ) Totally I made 68 calls with BMO for the same issue. So many times, BMO representatives promised me that someone will call me back but no one called me. 
( 3 ) BMO enclosed disclosure, which does NOT indicate interest rate for Relationship plus Money Market account at all. However, in the website of BMO posted 3.56 % APY. Please see attached screen shot. 
( 4 ) I followed the instruction on the disclosure to call BMO to ask the interest rate before I opened the account. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  online sales team showed in attached list, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. All the online sales representatives instructed me to open a BMO Relationship Plus Money Market account only and deposit {$250000.00} or more I will get 3.56 % APY. None of them mentioned that I also needed to open a checking account at the same time in order to get 3.56 % APY ; otherwise, I can only get 0.995 % APY. I was kept to be told that I would receive 3.56 % APY in the following month after my deposit amount hit {$250000.00}. Until XX/XX/XXXX a representative told me that I need to open a checking account in order to get 3.56 % APY. Thats why I opened my checking account on XX/XX/XXXX. As a bank, training your representatives and giving accurate information to customers are your banks responsibility. If your representatives misinform customers, your bank should take the responsibility, not the customers. 
( 5 ) BMO just used found no bank error to ignore all my bad experience in order not to take their responsibility. I really can not accept it! Whether the fact that a customer should not receive any response from their bank considered as a fair and ethical manner supposed to be done by a bank? I feel that I was totally ignored. 
( 6 ) I received 0.995 % APY only until XXXX not as BMO mentioned XXXX XXXX XXXX XXXX XXXXXX/XX/XXXX, I all received XXXX XXXX XXXX If BMO representatives told me accurate information before I opened the account, I would not even want to open with BMO because I was earning 5.7 % APY in another bank. 
( XXXX ) Not just me, other customers have the same issues with BMO banks customer service. Please see attached customer reviews for BMO bank from XXXX XXXX XXXX  website ( BMO Bank N.A . | Reviews | XXXX XXXX XXXX XXXX XXXX XXXX  ) ). BMO customer review rating is only XXXX out of XXXX based upon XXXX customer reviews posted on the above website, which represents a vast majority of customers have the same problem and really bad experience as me. 
( 8 ) After reading the comments of customer reviews from XXXX XXXX XXXX website, I am not surprised at all why online sales team, XXXX XXXX. ( online sales team, Digital banker assistant manager telephone number : XXXX ) was so arrogant to me and why in the response to this complaint, XXXX XXXX ( XXXX, XXXX XXXX ) did not even mention her attitude because these are very commonly happened at BMO bank. 
Based on the facts above, I not only urge BMO to back-state interest {$370.00} for me in account # XXXX, also I want BMO to compensate my time wasted on this matter because BMO totally ignored me and misconducted to cause this situation happened. 
I also need BMO to send a copy to my XXXX XXXX XXXX XXXX XXXX when BMO responds to CFPB. 

Best Regards, XXXX XXXX