People who use Bank of Montreal: Why do you do this to yourselves?
It's always behind the competition. Just a few examples:
- it came out with mobile deposits years after all other banks had it
- it still charges for Interac E-Transfers
- it still doesn't have envelope free deposits at a lot of their B&M locations, and the ones that do have it got it long after the other banks started implementing theirs
- it still charges ridiculous fees for chequing accounts and investment accounts in an age where people can get this stuff for free nowadays
They also have possibly the worst UI and UX for their banking website, mobile app, and brokerage site. It's like they built them in 1999 and haven't updated since.
It's also quite difficult to get a loan or credit card approved by them. Speaking from both personal and third-party experience.
And don't forget their terrible mortgage rates. When I was shopping around, BMO offered nearly 1.5% higher than the competition. This isn't an isolated incident as I've spoken to multiple people who had much higher offers from BMO than anywhere else.
And don't get me started on their customer service... whether online, through the phone, or in person.....
Why do people still use BMO? I really want to know why you use this bank? Do you just not know that better banking exists in Canada?