OTTAWA – The Monetary Shopper Company of Canada says it has utilized a $4 million penalty on Financial institution of Montreal for overcharging prospects after it did not correctly disclose price particulars.
The watchdog which is tasked with defending customers of economic merchandise says the violations relate to charging shoppers month-to-month plan charges that ought to have been waived or discounted.
The company says 101,091 prospects had been affected between 2010 and 2024 and that the financial institution has issued refunds totalling greater than $3 million. The financial institution has donated an extra $600,000 for quantities that couldn’t be refunded.
A BMO spokesperson says the financial institution holds itself to the very best requirements of conduct, that it proactively reimbursed its prospects and it reported the problem to the FCAC.
The penalties relate to discounted financial institution accounts for newcomers, medical and dental college students, Indigenous banking shoppers and contributors of a house financing promotion who the FCAC says got incorrect data.
It says the $4 million penalty displays the diploma of BMO’s negligence in stopping and detecting the error, regardless of receiving greater than 500 buyer complaints in regards to the month-to-month plan charges charged.
This report by The Canadian Press was first printed Feb. 2, 2026.
Corporations on this story: (TSX:BMO)
Leave a Reply