BMO Harris Bank Home Equity Loans

Process overload, HELOC application Portal errors, staff insufficient training issues, and more. I have just refinanced my mortgage and did not encounter this much process, redundant request for documentation, staff training and more issues.

I am totally frustrated with the new BMO equity line accounts. They have been outsourced to a different company. I tried to make (2) payments in one day. The system would not let me do more than (1). I then set up the second payment for the following day. The system tried to process it twice on the next day, both were credited back to my account. Meanwhile, I am paying the interest on the amount that I tried to pay off. I spent an hour with the online people. They could not answer or help me. They suggested going into the bank to handle. I said, what then is the purpose of online banking if you need to go into the branch. I went to the branch today, they told me I needed to call the online people. Is it the cat or the mouse!! Meanwhile, all the time wasted, I am paying the interest on the principle that should have been reduced. In addition, it takes two days for the payment to process even though the funds are immediately withdrawn. The system seems to be rigged. I will make it my project to get the word out on how this system fails the customer.

My loan was supposed to close in 60 days, but was more like 100. I got passed around 4 times to different people. It wasn’t until I said I was going to my Credit Union that the fourth representative took charge and drove my loan to closing with exceptional customer service. However, the terms were not as originally agreed and instead of a fixed rate option I had a higher variable rate. He told me he would start an FRLO conversion and waive the fee after closing. We closed, and that excellent customer service disappeared. Now I am getting charged the fee that should have been waived and BMO Harris and its representatives do not give a damn. I have to keep chasing them for an answer and action but all I get is crickets or excuses and bogus justifications as to why they should not waive the fee they said in writing they would waive or even quick answers telling me they already waived it but have not. In 3 years when I no longer have to reimburse them closing costs, I will take my business elsewhere. And if any of you is looking for a HELOC, “this is not the bank you are looking for”.

They didn't apply my principal payments to my line of credit for 2 years. Had a no fee/ no minimum balance checking that they started charging fees to. As a former employee of BMO, I saw all the unethical/illegal activity at the bank. The honest employees that used to work there had to fight with the operations non-stop to advocate for the clients. Employee bonuses were just like Wells Fargo, (Big Fines by Feds) designed to push things at clients, not what's best for the client, like a used car lot. Employee bonuses were also designed to confuse employees, and designed so they couldn't get paid. One top commercial banker was never given his bonus plan for a year, so he quit. Top management most likely kept his bonus. If you work at BMO, talk to each other, and contact the Feds. Employees used to joke and call the bank, Bank of Mafia Organization.