Any BMO experts?

[high_octane]

I would even put up with all that if they had a better deal

I don't like their "multi product rebate" because big banks have higher mortgage rates anyways

BMO has free overdraft Not that I use that now, but I did get charged for it when I was younger with RBC

[setell]

Your questions have been answered already but I'm a fairly happy BMO customer for the past 15+ years. I'm not too fond of the main branch in Kingston as my home branch in Halifax is a million times better service wise but then folks all know my family back home while nobody know me here in Kingston. I guess my perception of quality of service might be skewed as I've only been with BMO and RBC. I hate RBC with a passion for their bad service and the sheer fact of how stupid the people that work there are (the receptionist kept trying to tell me my account number was invalid and I had no appt booked when I did book an appt AND confirmed it. Oh she also told me to walk over to TD as my account number wasn't theres!!!!). One good thing about BMO is I've barely paid any bank fees with them too!!! Their free student plan is amazing (even for CMA students/candidates)!!!

[tkyoshi]

So their family and friends refer other family and friends to a bank thats "the worst to deal with"?
I dont get it? What in particular makes them "the worst"?

Also think of how many people carry crappy credit cards. If you look at most Young TD/RBC they either carry VISA Classic II or TD Green (Yes the one w/ no rewards). When I've asked them why... they're like 'aren't all credit cards the same', or 'oh that's what my friend had' or 'that's what was given to me'.

If you follow the sheep, that's what you end up getting. Also remember it's because of BMO that RBC/TD offers free Student Banking now. TD used to say oh we are open longer, have better hours, that is why we need to charge $3.45. But then eventually they caved in.

[doc50]

You can have one-offs of exceptionally good and/or bad service with any bank. I had an awful experience with TD, generally regarded as best in customer service, but have had nothing but outstanding service from Scotiabank, thought of as mediocre at best by most on RFD.

The sheer number of people who have had negative experiences with RBC, would give me pause for thought. Having had my own nightmare with them, it only confirms that my experience was not an anomaly.

Here�s my story of why I�ll not bank with RBC again:

1. Called to set up appointment with branch to open new account. Confirm time, date and person with whom I�m to meet

2. Arrive at the branch to be told I have no appointment and wait over half hour for someone to see me as a �walk-in�

3. Open the envelope he gave me when I get back my office, and there�s nothing in it. I don�t even know my account number!

4. Call customer service, they say I don�t need anything with my account number as I can just call them anytime I need it??? Also informed me the person who set up my appointment inadvertently made it for September, not August; that�s why the branch wasn�t expecting me.

5. Tell them I want copies of everything I signed mailed to me as well as all details of account I opened. Get back from vacation 2 weeks later; have received nothing.

6. Call customer service, they tell me the account was closed over a week ago!! I ask why would they close an account six days after I opened it without checking with me. Could offer no explanation. Told me I�d have to make an appointment and go to the branch again to see what happened.

7. Called branch to make an appointment, lady seemed quite helpful, said I didn�t need to come in, reinstated my account (but couldn�t explain why they closed it in the first place) ordered my complimentary cheques, said I�d receive everything I should have received in the mail shortly.

8. Three weeks later, I�ve received nothing other than my client card and a statement with the monthly fee charged, putting me in overdraft, and charging me overdraft fees and interest.

9. I go to the branch, with cut up client card but no appointment. Tell them close the account, take back their card and I won�t be paying any fees. They apologize and say good-bye. That�s it. No �what can we do to make this right?� nothing.

Now, if just one of those things had happened, no account info in the envelope, setting up the appointment for the wrong month, inexplicably closing my account, you might be willing to overlook it as a one-off error. But for all these things to happen in a single account opening?? I think it's more an indication of a general lack of attention to detail and a sign of indifference to customers.

Sorry guys, I know that was exceptionally long. Just good to get it off my chest!

Actually that was very informative!....Most people that have complained here just said "they suck".
I am sure they didnt offer to "make it right" knowing you past that point

[sunnyd71]

I have had great service with BMO for my personal, business and mutual funds accounts. They don't harrass me to offer changes or other services.

One problem I did have was when I wanted to convert British Pounds to CDN$, they had a minuscule $1500 limit per day for conversion and significant fees. They don't do the conversion themselves, they do it through AMEX. They also wanted me to show 2 pieces of ID. I left and went to CIBC where they didn't even ask for my bank card and converted as much as I wanted for no fees.

[angel_wing0]

You can have one-offs of exceptionally good and/or bad service with any bank. I had an awful experience with TD, generally regarded as best in customer service, but have had nothing but outstanding service from Scotiabank, thought of as mediocre at best by most on RFD.

The sheer number of people who have had negative experiences with RBC, would give me pause for thought. Having had my own nightmare with them, it only confirms that my experience was not an anomaly.

Here�s my story of why I�ll not bank with RBC again:

1. Called to set up appointment with branch to open new account. Confirm time, date and person with whom I�m to meet

2. Arrive at the branch to be told I have no appointment and wait over half hour for someone to see me as a �walk-in�

3. Open the envelope he gave me when I get back my office, and there�s nothing in it. I don�t even know my account number!

4. Call customer service, they say I don�t need anything with my account number as I can just call them anytime I need it??? Also informed me the person who set up my appointment inadvertently made it for September, not August; that�s why the branch wasn�t expecting me.

5. Tell them I want copies of everything I signed mailed to me as well as all details of account I opened. Get back from vacation 2 weeks later; have received nothing.

6. Call customer service, they tell me the account was closed over a week ago!! I ask why would they close an account six days after I opened it without checking with me. Could offer no explanation. Told me I�d have to make an appointment and go to the branch again to see what happened.

7. Called branch to make an appointment, lady seemed quite helpful, said I didn�t need to come in, reinstated my account (but couldn�t explain why they closed it in the first place) ordered my complimentary cheques, said I�d receive everything I should have received in the mail shortly.

8. Three weeks later, I�ve received nothing other than my client card and a statement with the monthly fee charged, putting me in overdraft, and charging me overdraft fees and interest.

9. I go to the branch, with cut up client card but no appointment. Tell them close the account, take back their card and I won�t be paying any fees. They apologize and say good-bye. That�s it. No �what can we do to make this right?� nothing.

Now, if just one of those things had happened, no account info in the envelope, setting up the appointment for the wrong month, inexplicably closing my account, you might be willing to overlook it as a one-off error. But for all these things to happen in a single account opening?? I think it's more an indication of a general lack of attention to detail and a sign of indifference to customers.

Sorry guys, I know that was exceptionally long. Just good to get it off my chest!

+1. Another typical satisfied client of rbc.

[HighFlyer]

I have accounts at BMO, TD, and RBC. BMO is my main bank and so far I've been more satisfied with them than the other two. TD loses points for its telemarketing and survey calls during dinner time. BMO's investorline web trading seems to be more reliable, functional and intuitive than TD's webbroken. RBC's at the bottom for it's card activation balance protector sales pitch every time you call them for activation. They also tried to make me fill out a KYC survey for buying a GIC to make sure it met my risk profile. Finally, their branch hours just suck.... closing at 4PM on a Friday???

[angel_wing0]

rbc wants their clients tend to them instead of them tending to the clients.

[alvisblue]

Also think of how many people carry crappy credit cards. If you look at most Young TD/RBC they either carry VISA Classic II or TD Green (Yes the one w/ no rewards). When I've asked them why... they're like 'aren't all credit cards the same', or 'oh that's what my friend had' or 'that's what was given to me'.

If you follow the sheep, that's what you end up getting. Also remember it's because of BMO that RBC/TD offers free Student Banking now. TD used to say oh we are open longer, have better hours, that is why we need to charge $3.45. But then eventually they caved in.

1) Yes, TD/RBC student VISA cards suck. I have a TD Green card and considered switching it to TD Reward, but however TD Reward doesn't have some basic extended warranty insurance. Anyway, just keep TD Green for back up and use Citi Enrich.

2) Yes,BMO is the first bank for offer free student plan. Have use it for 4 years. Now TD/RBC/CIBC followed, however Scotia still only offers discount.

3) I have account with BMO, CIBC, and TD.
BMO is my main chequing account, only pay bills and linked to other online saving account. Quite happy with Plus Plan, however they will change from Nov. The LOC rate is very high, I don't bother to apply. I don't know why Cheques from BMO are more expensive than other Banks, about $34 for 100 compared to less than $20 from CIBC. Banking hours are poor, I only visit there once or twice a year, so not big deal.
TFSA rates at big banks are so low, not worth it.
BMO has the worse exchange rate, did it once, never exchange with them again.

Use CIBC for Investor's edge because CIBC offered me a preapproved 10K LOC Prime+2% online, no hassle in applications. I use LOC for temporary investing borrowing. Didn't open a margin account, worried about possible margin call. Got free cheques when opened a $13/month unlimited plan and switched to $3.95 plan thereafter. Now student plan in CIBC is free for unlimited transactions.

Opened TD saving account linked to TD Waterhouse for mutual fund investing. The only Online trading account from Big5 that you can have less than $5000 amount while pay no account fee when you choose eService. US/CAD exchanges rate at TD Waterhouse is great. TD e-funds have the lowest MER and the minimum investing amount is just $100. I persuades couple friends to switch from RBC funds to TD for same index funds with much lower MER. Sometime many people do care about that, just stick with largest mutual fund company.

4) For TFSA, I think ING saving is the best place for saving. Great rate, simple to use, and lots of promotion deals.