BMO Bank, NORTHGLENN

Ridiculous Cancellation Penalties on CDs
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by Mahendra, Sep. 02, 2025

I opened a one-year CD that automatically renewed in July 2025 at a rate of 1.62%. When I requested to close it early, BMO applied a penalty equal to 180 days of interest—consistent with its policy for CDs with terms of 12–23 months. However, I only earned $43 in interest from July to August 2025. Instead of offsetting the penalty against the actual interest accrued, the full penalty was deducted, reducing my principal.

To better understand, I asked a Fremont BMO branch manager about early withdrawals. I posed a scenario: if I deposited $100,000 into a one-year CD and withdrew after one month, how much would I lose? She confirmed that I would still owe 180 days of interest. In practice, that means even if I earned just $50 in interest after one month, I’d lose far more than that—potentially cutting into my principal.

The manager explained this is disclosed in BMO’s CD terms. While technically true, the structure creates a significant risk for customers, unlike my experiences with Chase, Bank of America, and Fremont Bank, where policies are clearer and less punitive.

I strongly advise anyone considering a CD with BMO to carefully review the penalty disclosures and think twice before committing funds.

* this reviewer has be with this bank for 1 - 3 years
* this reviewer had 6 - 10 banks before.
* this review was made on BMO Bank, FREMONT BRANCH at Fremont, CA
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by BrightonBanking, Nov. 01, 2024

Since BMO took over this branch from Bank of the West as of 1-1-2024, it has been a train wreck.  They can't seem to keep any staff members for long. It has been 11 months now and they still don't have a permanent manager.  I have had extremely bad service every time I go there or call them.  The ATM is down more often than not. If anyone out there is looking for a new bank in Brighton, don't go to BMO.

* this review was made on BMO Bank, BRIGHTON BRANCH at Brighton, CO
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by Gallegos668, Dec. 14, 2023

BMO is the worst bank. I tried to withdraw money from my account at a atm teller my transaction kept being denied I called the following day my account was on hold for suspicious activity after confirming the transaction that yes indeed it was me BMO approved the withdrawals claiming I received the funds, after many emails and calls back BMO decided to flag and close my account without any reason my checks have cleared I have no access to the account nor my funds I have spoken to BMO many times they emailed me a transaction repost with many customers card numbers and balances making it impossible for me to figure out what transactions are mine. BMO customers don’t deserve to be treated like this BMO bank is a scam a fraud their employees are taking customers money or BMO is a complete scam. BMO needs to be aware of their management personal. Don’t use this bank you won’t see your money again.

* this reviewer has be with this bank for 6 months - 1 year
* this reviewer had 1 - 2 banks before.
* this review was made on BMO Bank, SAHARA BRANCH at Las Vegas, NV
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