Consumer complaint received 2024-04-03 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: BMO BANK NATIONAL ASSOCIATION
State: FL

Complaint narrative:
I, XXXX XXXX, opened a online savings account ( ending in XXXX ) with BMO Alto, and I received their welcome email on XX/XX/XXXX. The new BMO Alto account was funded with {$140000.00} coming from XXXX savings account ending in XXXX, which is also owned by me, XXXX XXXX. The funding transaction was posted in my XXXX account on XX/XX/XXXX. 

During the first week with my new BMO Alto online savings account, I realized I was not satisfied with the product as it didn't provide a mobile application for easy management. Furthermore, I noticed BMO Alto was not compatible with my other financial management tools. At that time, I attempted to return the funds to my XXXX savings account ending in XXXX ( which was the funding account ), but on XX/XX/XXXX, I received an email from BMO Alto stating that my online savings account ending in XXXX was updated to " Add AccountFreeze restriction ''. The email advised for me to contact them at XXXX. 

On the same day, XX/XX/XXXX, I contacted the provided number, but I was immediately transferred to their Fraud department as I was told my account had been frozen due to " high-risk ''. I kindly requested detailed information regarding expected documentation and next steps to unfreeze my account, and they advised me to email proof of ownership of the external account registered to my frozen BMO Alto account. Later on that day, XX/XX/XXXX, I emailed XXXX a formal statement from both accounts ( XXXX savings account ending in XXXX and XXXX savings account ending in XXXX ), which are owned by me, XXXX XXXX. 

Since I didn't receive a response, I continued calling BMO Alto to follow up on the situation, but no response was given. On XX/XX/XXXX, I emailed XXXX with a full package including artifacts demonstrating proof of identity, ownership of the funding XXXX account, and origin of the funds ( which traced to payroll deposits from XXXX, my employer ). Such package included : XXXX Copy of my drivers license, which displays my name and the same address listed in all bank statements. File name : XXXX XXXX Driver License XXXX Copy of recent transactions from XXXX XXXX account ending in XXXX, which portrays a posted transfer going to BMO Alto on XX/XX/XXXX, for {$140000.00}. That was the transaction funding my now frozen BMO Alto account. File name : Chase Account XXXX - Recent Transactions XXXX Copy of the XX/XX/XXXX statement for XXXX XXXX account ending in XXXX, while displaying XXXX XXXX XXXX the owner of it and other XXXX linked accounts ( XXXX, XXXX, XXXX, XXXX ). File name : Chase Account XXXX - XX/XX/XXXX Statement XXXX Copy of the recent transitions from XXXX XXXX account ending in XXXX and full XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX statements for XXXX XXXX account ending in XXXX. These documents display the last XXXX bonuses received via XXXX XXXX, which demonstrates that the funds used to open the BMO Alto high-yield savings account come from direct deposits from my employer, XXXX. File names : XXXX Account XXXX ( linked checking account ) - Recent Transactions, Chase Account XXXX - XX/XX/XXXX Statement, Chase Account XXXX - XX/XX/XXXX Statement, Chase Account XXXX - XX/XX/XXXX Statement. 

I continued calling BMO Alto almost every day since the referenced package was submitted, but no response was offered. During the phone conversations, the BMO Alto representatives confirmed that my account was being submitted for closure due to " high-risk ''. They also stated that funds would be either sent back to the funding account or via a check ; however, none of that has happened. Even will all the documentation provided, BMO Alto representatives provide me with a different status and next steps, which clearly demonstrates that a standard operating procedure is not being followed. 

My last phone conversation with BMO Alto was on XX/XX/XXXX, and the representative confirmed that no progress has happened on my case. In the meantime, my finds are being retained by BMO Alto with no clear expectation on next steps or when my funds will be available for me to access. Today, XX/XX/XXXX, I decided to file a complaint with the CFPB as I'm very concerned because those funds represent my life savings, and I feel like I'm being treated unfairly by BMO Alto.

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 explanation