Consumer complaint received 2023-12-27 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Money was not available when promised — 
Company: BMO BANK NATIONAL ASSOCIATION
State: TN

Complaint narrative:
I purchased two 13 mos. CDs at BMO Bank that matured XX/XX/XXXX and XX/XX/XXXX. These accounts were initially funded via ACH from my bank to BMO. 

When the first CD matured on XX/XX/XXXX, I chose to close the CD account and move the funds to my local bank. The only option given me was for BMO to close the account and mail me a certified check for over XXXX. BMO insisted that I had no other option except go to a local BMO bank and get a certified check. I live in Tennessee and there are no local BMO banks. After much heated discussion, I agreed that BMO should just mail me the check. I complained that BMO 's procedure was archaic and that my check was at risk being sent via U.S. mail not to mention opportunity costs associated with waiting for the funds. Nonetheless, they closed the account and told me my check would be mailed " XXXX '' business days. 

On XX/XX/XXXX after the second CD matured, I learned that I could open a regular checking account at BMO and transfer the funds from the closed CD account, which I did. I then had the option to set up an external bank transfer with that checking account. I completed the information, and today I confirmed the small $ funds that BMO sent to my bank so I was ready to transfer my money from the checking account at BMO into my local bank here in Tennessee. 

When I initiated the transfer, I got a message that my request exceeded my limit. The limits stated that I could only transfer $ XXXX a day and $ XXXX per month. This meant that it would take until XX/XX/XXXX for me to transfer all of my money out of BMO Bank. 

I challenged the limits and a very nice customer service agent XXXX, sought to get the limits increased. After holding, she came on the line and told me that the most she could get approved was $ XXXX, for today and then tomorrow, I could transfer the balance. 

I tried the $ XXXX transfer but only to get the same " exceeds limit '' message. Finally she advised me that I could wire transfer the funds from BMO to my Tennessee bank to which I agreed although I was aware of the fees associated with such transfer. 

BMO wire department sent me a wire transfer agreement to sign and informed me that I was required to mail the contract via U.S. Mail and wait for someone at BMO to contact me once it was approved. Meanwhile BMO still has use of my money. 

I insisted on speaking with someone who could raise my transfer limit because I did not and still do not agree that BMO simply can not provide me with my own money. Agent " XXXX '' came on the line and told me that was just how the banking industry worked. I told him that I had been buying CDs for over 2 years and currently had money in 5 other banks and never had I experienced anything close to the poor customer service being provided by BMO bank. He informed me that my only option was for him to close the account and mail me a certified check. I finally reluctantly agreed. As he was closing the checking account he commented that I had just opened the account yesterday. I told him that was my only option to get the money out of the CD account so that I could sweep the CD funds into an account so that I could set up external transfer. He told me that he would document my issue and request a waiver of the fees associated with closing the account early. So now I don't know if i will have to pay a fee for closing an account that I opened yesterday for naught. 

Now I have two checks totaling well over $ XXXX that BMO is mailing me via U.S. Postal Service. 

In the meantime, I had researched and made arrangements to move the funds to another banking institution with a higher CD option. Now I don't have my funding $ XXXX and have no idea if the CD offer will be any good once the money comes via U.S. mail.

I have utilized internet banking for over two years and have never come across such an archaic process as I have with BMO Bank. BMO bank had absolutely no problem receiving my initial investments which I sent to them via ACH. But boy did the tide turn when my CDs matured. 

I am currently suffering from revenue loss on $ XXXX due to the backward, outdated processes of BMO bank. When I get my money, I will never again invest in BMO bank 's online options.

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