Real Estate

Not happy with BMO for the mortgage pay off discharge fee

  • Last Updated:
  • Jan 28th, 2019 11:46 am
[OP]
Newbie
Jan 22, 2019
8 posts

Not happy with BMO for the mortgage pay off discharge fee

Finally we are using 20/20 to pay off our mortgages, and we were told by BMO to pay Mortgage discharge fee to remove the lien from our name. First we were told by BMO Branch Manager that there will be a charge of C$378.00 and will be debited from our BMO bank account. I tried to ask her to waive for bank administration fee (I understand in Ontario, the government registration cost $75.00), they said that everybody is paying the fee which I don't believe her. Today I checked my account, they charged me C$500.00 without any notification from the branch or mortgage center. We have a sizeable investment with them as well both on personal and business level. Can I insist on having their part of the fee waived? Otherwise I am thinking about taking my business to somewhere else.
27 replies
Member
Jul 10, 2018
421 posts
350 upvotes
Be blunt with them and tell them that you will take your investment elsewhere if they won't waive the fee. Let them do the calculus on whether losing your investment is worth it for them for a few hundred dollars. There is no need to play nice with them. Banks couldn't care less about you.
Deal Addict
Jan 28, 2007
1603 posts
1048 upvotes
Social media ... Facebook & Twitter for me usually get very prompt responses from service providers
Sr. Member
Jul 19, 2004
768 posts
131 upvotes
Vancouver
Vacation55 wrote:
Jan 24th, 2019 10:32 pm
Finally we are using 20/20 to pay off our mortgages, and we were told by BMO to pay Mortgage discharge fee to remove the lien from our name. First we were told by BMO Branch Manager that there will be a charge of C$378.00 and will be debited from our BMO bank account. I tried to ask her to waive for bank administration fee (I understand in Ontario, the government registration cost $75.00), they said that everybody is paying the fee which I don't believe her. Today I checked my account, they charged me C$500.00 without any notification from the branch or mortgage center. We have a sizeable investment with them as well both on personal and business level. Can I insist on having their part of the fee waived? Otherwise I am thinking about taking my business to somewhere else.
What does it say on your mortgage agreement? All fees are written on there, if it's higher then you can get a refund but otherwise it's really up to the branch to waive it or not.
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Dec 13, 2016
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Jojo_Madman wrote:
Jan 24th, 2019 11:08 pm
Social media ... Facebook & Twitter for me usually get very prompt responses from service providers
Are you normal?

I don't own a single share in Canadian banks (just so we get that out of the way), but why should a bank kneel before you giving you a service for free? Removing a lien costs money.

Try to pull this off in any other country and they'll laugh at you and show you the door.

Why do Canadians expect everything at bottom level prices or free? No wonder future shop and many other companies went bankrupt. Who in their right mind would want to continue doing business here serving a Cheap Charlie population of 30 million with stupid consumer protection and unreasonable language laws. Soon the time will come when you will have to import everything from the states.
Sr. Member
Dec 30, 2012
612 posts
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Toronto
BiegeToyota wrote:
Jan 25th, 2019 5:15 am
Are you normal?

I don't own a single share in Canadian banks (just so we get that out of the way), but why should a bank kneel before you giving you a service for free? Removing a lien costs money.

Try to pull this off in any other country and they'll laugh at you and show you the door.

Why do Canadians expect everything at bottom level prices or free? No wonder future shop and many other companies went bankrupt. Who in their right mind would want to continue doing business here serving a Cheap Charlie population of 30 million with stupid consumer protection and unreasonable language laws. Soon the time will come when you will have to import everything from the states.
Your comment is incoherent.

If Canadians import things from the States it is because they are CHEAPER in the States. Ergo, Americans pay less than Canadians for an equivalent good or service.

Thus, if follow your logic (?), if Canadians are Cheap Charlies, does that makes Americans Cheaper Chuckies?

Lastly, when was the last time you volunteered to pay MORE for a good or service than you absolutely had to?
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Dec 13, 2016
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civiclease wrote:
Jan 25th, 2019 5:25 am
Your comment is incoherent.

If Canadians import things from the States it is because they are CHEAPER in the States. Ergo, Americans pay less than Canadians for an equivalent good or service.

Thus, if follow your logic (?), if Canadians are Cheap Charlies, does that makes Americans Cheaper Chuckies?

Lastly, when was the last time you volunteered to pay MORE for a good or service than you absolutely had to?
My rant was about the reply that op should go to social media as if he has been wronged somehow. Since when is your God given right to get something for free?

Your point about Americans is noted.
Deal Addict
Jan 28, 2007
1603 posts
1048 upvotes
BiegeToyota wrote:
Jan 25th, 2019 5:15 am
Are you normal?

I don't own a single share in Canadian banks (just so we get that out of the way), but why should a bank kneel before you giving you a service for free? Removing a lien costs money.

Try to pull this off in any other country and they'll laugh at you and show you the door.

Why do Canadians expect everything at bottom level prices or free? No wonder future shop and many other companies went bankrupt. Who in their right mind would want to continue doing business here serving a Cheap Charlie population of 30 million with stupid consumer protection and unreasonable language laws. Soon the time will come when you will have to import everything from the states.
Of course not! ... if you have to respond asking that question, ya ain't too smart, my user name and profile pic should have answer that question.

Frankly I dont care about banking/lending in any other craphole country, as the discussion is in Canada regarding a service provider doing business here (again, you ain't too smart)

It was an honest response ... i pay my fair share of fees, but the more assets and investments I have with any particular institution, the higher level of service I expect in return for my business or I take it elsewhere ... it's just that simple.

I make a point of owning shares in all the major banks, as well as any of the financing institutions that I use for any of my rentals, business dealings, investments, etc ... simply being a shareholder opens doors at appropriate times in discussions.

By no means am I saying I dont pay any fees, but if I feel that they haven't been fair or overzealous in charges ... even if it was my fault, I challenge them or call them out on it ... most times it works.

Money always looks better in my pocket than theirs ... which then leads me to question WTH are you doing here on RFD's if you don't get that concept?
Sr. Member
Dec 30, 2012
612 posts
600 upvotes
Toronto
BiegeToyota wrote:
Jan 25th, 2019 6:46 am
My rant was about the reply that op should go to social media as if he has been wronged somehow. Since when is your God given right to get something for free?

Your point about Americans is noted.
I don't think BMO will be any worse for wear from Facebook or Twitter postings shining a light on exorbitant fees.

Poor little BMO, a $50 billion market cap company, too big to fail and backstopped by taxpayers no less. Come on. If they feel the complaint is frivolous they can choose to ignore it.
Deal Guru
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Mar 9, 2007
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CBC Marketplace, CITYTV NEWS....let them know!

WOULD SOMEBODY THINK OF THE CHILDREN!!!
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Jan 15, 2017
2030 posts
1418 upvotes
someone16 wrote:
Jan 24th, 2019 11:55 pm
What does it say on your mortgage agreement? All fees are written on there, if it's higher then you can get a refund but otherwise it's really up to the branch to waive it or not.
Yes, OP has already agreed to pay this fee wen he agreed to the mortgage. Check the mortgage docs to see what the agreed fee was.

OP has already asked to have the fee waived and it would appear that the response was no. As for threatening to move "sizeable" investments if charged the fee - just keep in mind that sizeable to a bank may have a very different meaning than it does to an individual. Only make that threat if you are prepared to carry through, and of course, pay all fees associated with doing so.
Deal Addict
Jan 28, 2007
1603 posts
1048 upvotes
Some of you guys are math challenged or something ...

Did you guys miss the fact that the fee was supposed to be $380 ($75 of that is a gov fee) and the OP was charged $500 ???

This was the whole premise of my social media comment ... I have experienced similar discrepancies myself and call them out on it ...
Sr. Member
May 3, 2013
549 posts
126 upvotes
Toronto
Vacation55 wrote:
Jan 24th, 2019 10:32 pm
Finally we are using 20/20 to pay off our mortgages, and we were told by BMO to pay Mortgage discharge fee to remove the lien from our name. First we were told by BMO Branch Manager that there will be a charge of C$378.00 and will be debited from our BMO bank account. I tried to ask her to waive for bank administration fee (I understand in Ontario, the government registration cost $75.00), they said that everybody is paying the fee which I don't believe her. Today I checked my account, they charged me C$500.00 without any notification from the branch or mortgage center. We have a sizeable investment with them as well both on personal and business level. Can I insist on having their part of the fee waived? Otherwise I am thinking about taking my business to somewhere else.
Check your documents, the fee should be clearly stated. It may say "plus disbursements", so $500 may be about right. I'd like to know if anybody is able to get this fee waived and which lender. It's part of how a bank makes money, and most importantly (like someone pointed out), it's part of the agreement that you signed.
Deal Addict
Jan 28, 2007
1603 posts
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realtorhome wrote:
Jan 25th, 2019 11:30 am
Check your documents, the fee should be clearly stated. It may say "plus disbursements", so $500 may be about right. I'd like to know if anybody is able to get this fee waived and which lender. It's part of how a bank makes money, and most importantly (like someone pointed out), it's part of the agreement that you signed.
Good point about the disbursements, maybe OP missed that point during their discussion, as I was going on the assumption that $380 was all encompassing. I would expect them to be able to provide an accurate quote amount due.

I've never gotten the fee completely waived, but they have reduced it ... IIRC it was London Life at the time.
Last edited by Jojo_Madman on Jan 25th, 2019 12:00 pm, edited 1 time in total.

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