Consumer complaint received 2022-09-16 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Problems at the end of the loan or lease — Problem related to refinancing
Company: BMO BANK NATIONAL ASSOCIATION
State: FL

Complaint narrative:
XX/XX/22 I finalized a refinance loan with XXXX XXXX XXXX to pay off my loan at BMO Harris, monthly payment {$530.00}. I received a letter dated XX/XX/22 that my loan with BMO Harris as of XX/XX/22 had been paid in full. When I originally had the loan with BMO I set up automatic payment through BMO online banking with an external transfer that was initiated through their online banking. 

XX/XX/22 : BMO debited my account {$540.00}. 24 days after my loan was paid in full. 
XX/XX/22 : Called BMO approx. XXXX asking why the funds were debited. The individual whom I don't remember his name stated he could not see why the funds were debited as all payments set up through BMO should of been canceled by BMO when the loan was paid in full. 

The individual I spoke to spent 30 min or so looking to see what the issue was and he could not locate any reason why the funds came out or any type of transfers that were still in place. He said he would contact me back with a resolution. 

XX/XX/22 approx. XXXX I reached back out to BMO to explain all over again what the my issue was. The individual I spoke to located my external transfer and it was still active, that individual canceled the external transfer and said it should of been canceled by BMO when the loan was paid in full. I received email confirmation that the external transfer was canceled. 

In speaking to BMO the induvial, I advised that BMO took money out of my account and my account has gone negative and continues to go further negative for my regular bills that are coming out. The individual stated nothing can be done about fees and I just have to wait for my money to be returned. I asked for a supervisor. 

I was placed on hold for several minutes and someone else picked up my call did not say he was a supervisor. This person told me I have to wait three days after the funds were debited from my account for the funds to post to BMO loan then they can initiate the return of my money. I again asked what BMO was going to do about my negative account and fees. The " supervisor '' said BMO does not refund customer.

I asked for a manager : the " supervisor '' began to say the manager will not refund fees and the bank does not refund fees. I asked the supervisor to transfer the call to a manager. 

At that time after a 5 minute wait I was transferred over to XXXX on the Resolutions team. I once again for the 4th time had to reexplain my situation. XXXX advised me that this error on not canceling the external transfer is an error on the part of BMO as they should have canceled the external transfer when the loan was paid in full. BMO dropped the ball. XXXX tells me that I have to wait 3 days and my current bank will reject the payment that was made and 3 days after that the funds will be back in my account. I advised XXXX that my bank had already cleared the payment to BMO it is not a pending transaction any more. He began to explain to me what an ACH is and how things work. I advised him I work for a financial institution and do not need to be educated. He again said that my bank will reject the payment. I said they are not rejecting a cleared already posted payment, XXXX then states that once BMO receives the payment the money will then go to a clearing house account to issue over payments to the customer via cashiers check which will take 10 days after they receive the money not including time the checking is going through the mailing. XXXX also stated that BMO does not compensate customers for fees that are caused by their bank. 

So now I have to wait 10+ days for my money. I have over draft fees that will keep hitting my account, my pay check went to all the fees on my account and the payment that should never of come out of my account.

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