TSX:BMOBanks
Will BMO’s $4 Million Fee Penalty Reshape Bank of Montreal’s (TSX:BMO) Trust and Disclosure Narrative
The Financial Consumer Agency of Canada has fined Bank of Montreal $4 million for past violations of consumer protection rules, after the bank incorrectly charged monthly fees on discounted plans affecting more than 100,000 customers and subsequently refunded over $3 million plus additional charitable contributions where refunds were not possible.
Beyond the immediate financial hit, the case raises important questions about BMO’s fee-disclosure practices and how effectively it manages client...