Consumer complaint received 2024-11-15 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: BMO BANK NATIONAL ASSOCIATION
State: MA

Complaint narrative:
On or about XX/XX/XXXX I responded to an online checking account promotion offered by BMO. The promotion required XXXX XXXX balance to avoid monthly fees and {$7500.00} to be deposited by direct deposit within 90 days of the account opening date. If the direct deposit requirement was completed a bonus of {$500.00} would be deposited by the bank into the account. In addition, if I completed a meeting with one of their bankers to discuss banking products I would be given another {$100.00} gift card. 

On or about XX/XX/XXXX I received confirmation from BMO that my opening deposit of {$25.00} which I transferred electronically from one of my existing bank accounts at another financial institution was received into my new BMO checking account ending XXXX. 

On or about XX/XX/XXXX I had deposited additional funds into the account via electronic transfers from two of my existing bank accounts ( one had a daily limit of XXXX XXXXXXXX for external transfers ) at other financial institutions bringing the balance to XXXX XXXX. or On or about XX/XX/XXXX I spoke to one of their bankers XXXX to complete the required discussion for the {$100.00} gift card. 

On or about XX/XX/XXXX my employer sent prenote transactions to begin making direct deposits of my paycheck to the account. I logged onto the account on XX/XX/XXXX and saw my first direct deposit in the amount of {$2000.00} in the new account. Then when I logged in again over the weekend the entire transaction for the direct deposit was missing from my account. Due to the holiday weekend I was unable to speak to anyone at the bank until XXXX XXXX XXXXXX/XX/XXXX I spoke to XXXX  in new accounts who transferred me to online banking. I then spoke to XXXX in the XXXX who transferred me to the Fraud department. I then spoke with XXXX in Florida who said my account was under review for fraudulent activities as of XX/XX/year>. She went on to say deposits over XXXX XXXX  for new accounts are investigated. When asked about my direct deposit she said the issuer requested the funds back due to fraudulent activities ( which was untrue ). I told her that didn't make any sense because I didn't make any other deposits in XXXX. All of my deposits were done electronically via bank accounts in XXXX that I had at other financial institutions. She said well that is all of the information she could provide and it would take 4-6 weeks to review. I asked to speak to a a supervisor and was told her department didn't have any supervisors and I was unable to speak to anyone else. 

Then on Wednesday, XX/XX/XXXX I received a letter in the mail from BMO stating that they attempted to reach me by telephone about an urgent matter and for my protection they have placed a restriction on my account which would limit my ability to receive or access funds. It then went on for me to contact a BMO Fraud Analyst at XXXX. 

I called that number on XXXX and spoke to someone that identified himself as XXXX. He refused to identify where he was located stating he was not under any obligation to disclose that information. Nonetheless, he went on to say the account was under review for 90 days and that I couldn't speak to anyone else about it. When I inquired about closing the account I was instructed to send an email to XXXX which I did XXXX at XXXX. 

I think this was a bait and switch tactic and I was being targeted so that I would not be able to fulfill the promotion requirements to receive the bonus. In addition, to being harmed by not having access to my paycheck until next XXXX, XX/XX/XXXX I have also not received any interest on the {$10000.00} that was deposited in the new BMO account to which I have been denied access to thus far. 

I have received multiple emails from BMO regarding every matter associated with this new account but received no emails regarding this account restriction. Every telephone call that I received from BMO was from a nonXXXX number which was merely a recorded line for me to leave contact information for them to call me back. I never felt comfortable leaving a message because I do not want them to use my voice to validate me. I spoke to one of the representatives from that number and told her that I had already completed the discussion with a BMO banker. In addition at no time did my account reflect this new account restriction status. It reflected a {$10000.00} available balance or {$12000.00} available balance when I logged in.

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