topic Re: BMO Card Closed in Credit Cards

BMO Card Closed

Lauraist — Fri, 11 Apr 2025 01:07:20 GMT

I had a BMO Cashback card, CL $1,100. Balance in the $400 range. Had been maxed out but paid down over time. Not used much during that time. CK score 617 TU, 645 Equifax. Never late since opened 2+ years ago.

Declined for an Uber on 1 April. Thought nothing of it at the time, glitches happen. I just used another card. I check my CK once a week. Found out today they closed it 31 Mar. No notice or anything. Not even an email. Literally found out on CK.

There are rumors on Reddit that BMO cut off a lot of US accounts as revenge against Trump (they are Canadian).

Anyone else experience something similar lately?

Re: BMO Card Closed

CreditCobra — Fri, 11 Apr 2025 05:03:32 GMT

@Lauraist wrote:
I had a BMO Cashback card, CL $1,100. Balance in the $400 range. Had been maxed out but paid down over time. Not used much during that time. CK score 617 TU, 645 Equifax. Never late since opened 2+ years ago.

Declined for an Uber on 1 April. Thought nothing of it at the time, glitches happen. I just used another card. I check my CK once a week. Found out today they closed it 31 Mar. No notice or anything. Not even an email. Literally found out on CK.

There are rumors on Reddit that BMO cut off a lot of US accounts as revenge against Trump (they are Canadian).

Anyone else experience something similar lately?

While I wouldn't defend BMO not informing you of their decision to close your account, I would rather doubt that any of this has anything whatsoever to do with Trump. Honestly that sounds like the sort of utter nonsense that one might find on, well... Reddit.

Re: BMO Card Closed

CreditCuriosity — Fri, 11 Apr 2025 14:04:37 GMT

Mine is working just fine and has pre-approvals for other cards of theirs so unfounded. Guessing your score has more to do with the closure. Sorry this has happened and reddit as mentioned is a lot of misinformed people many times.

Re: BMO Card Closed

Kforce — Fri, 11 Apr 2025 20:35:37 GMT

There are rumors on Reddit that BMO cut off a lot of US accounts as revenge against Trump (they are Canadian).
Anyone else experience something similar lately?

Yes and No

My daughters card got shut down out of the blue about two week's ago.

Same no warning, just did not work one day.

She has 830+ Ficos, low income, PIF, card PC from BofW merger.

Can not be score or payment related.

We guessed it might have been to much spend/use of card for her income, but no real info from them.

She did not expect or really understand the closure.

Have same card, again PC from BofW, same score range, high income, low spend (5% cat only), card still working.

Re: BMO Card Closed

Anonymous — Sat, 12 Apr 2025 00:02:39 GMT

@CreditCuriosity wrote:
Mine is working just fine and has pre-approvals for other cards of theirs so unfounded. Guessing your score has more to do with the closure. Sorry this has happened and reddit as mentioned is a lot of misinformed people many times.

Maybe so, but this 8 days old thread seems to have a lot of unique posters with the same story.

https://old.reddit.com/r/Banking/comments/1jr3l9b/bmo_closed_my_credit_card_account_no_valid_reason/

Re: BMO Card Closed

Kforce — Sat, 12 Apr 2025 00:52:30 GMT

Have noticed the past 6 months a lot of pushing CD's, savings, and checking accounts.

Maybe they only want full BMO customers with checking and savings, or Cd's.

Looked like a lot of the post from the "Reddit" thread were BofW card holders moved over.

Card holders with no other accounts with them ! Just a quess.

Re: BMO Card Closed

Lauraist — Sat, 12 Apr 2025 05:18:08 GMT

That's the Reddit thread I was referring to.

Re: BMO Card Closed

captseaton — Sat, 12 Apr 2025 19:56:41 GMT

Closed my card also, found out last night.

I will be adding them to the list of lenders that close cards for no reason (FNBO, Synchrony, Comenity).

8,000 limit, used it for groceries and Wal-Mart purchases.

Always paid the balance in full. I was a credit card only BMO customer.

Re: BMO Card Closed

AndySoCal — Sat, 12 Apr 2025 23:33:09 GMT

Sounds like BMO is taking lessons from Synchronny Bank on credit card closings.😠

Re: BMO Card Closed

Patient957 — Sat, 12 Apr 2025 23:42:37 GMT

@AndySoCal wrote:
Sounds like BMO is taking lessons from Synchronny Bank on credit card closings.😠

This is a little different. Synchrony closes one account at a time, usually for some usage pattern they don't like. These BMO closings appear to happening en masse to many people all at once. Cleary some major corporate decision has been made. I think there's going to be more to this story.

Not good for the reputation of a fairly new brand to many u.s. markets. I'd never even heard of this company until recently. Was considering opening a checking account. Now I probably won't.

Re: BMO Card Closed

AndySoCal — Sun, 13 Apr 2025 00:00:18 GMT

@Patient957 BMO aka Bank of Montreal merged with Bank of the West. Between the Reddit posts and some of the response here at MyFico there is no common denominator for the closures. Synchronny has been known to close one or all cards usually to carrying balances and not bringing the account to a zero balance on regular basis. I will not bank with BMO either your savings is paid to you in pennys you pay them in dollars.

I am in the process of moving my banking (checking) Langley FCU. Primary reason better rates on savings than where I was banking. Secondary reason I like the credit Union as whole ownership structure better than banks

Re: BMO Card Closed

captseaton — Sun, 13 Apr 2025 00:09:08 GMT

@Patient957 wrote:
@AndySoCal wrote:
Sounds like BMO is taking lessons from Synchronny Bank on credit card closings.😠
This is a little different. Synchrony closes one account at a time, usually for some usage pattern they don't like.

Synchrony closed 9 of my accounts at once, a few years back.

Re: BMO Card Closed

Patient957 — Sun, 13 Apr 2025 00:55:11 GMT

@captseaton wrote:
@Patient957 wrote:
@AndySoCal wrote:
Sounds like BMO is taking lessons from Synchronny Bank on credit card closings.😠
This is a little different. Synchrony closes one account at a time, usually for some usage pattern they don't like.
Synchrony closed 9 of my accounts at once, a few years back.

Yes, I misspoke. I meant to say that Synchrony closes the accounts of of one person at a time.

In this case, BMO is closing a massive number of customers' accounts all at once.

Surely the distinction I'm trying to make is more clear now.

This is a mass closing of accounts to what appears to be thousands of people all at once. To my knowledge Synchrony has done nothing like this.

Re: BMO Card Closed

captseaton — Sun, 13 Apr 2025 01:26:36 GMT

@Patient957 wrote:
@captseaton wrote:
@Patient957 wrote:
@AndySoCal wrote:
Sounds like BMO is taking lessons from Synchronny Bank on credit card closings.😠
This is a little different. Synchrony closes one account at a time, usually for some usage pattern they don't like.
Synchrony closed 9 of my accounts at once, a few years back.
Yes, I misspoke. I meant to say that Synchrony closes the accounts of of one person at a time.

In this case, BMO is closing a massive number of customers' accounts all at once.

Surely the distinction I'm trying to make is more clear now.

This is a mass closing of accounts to what appears to be thousands of people all at once. To my knowledge Synchrony has done nothing like this.

Agreed, I have never seen or heard of anything like this.

I assume, when Synchrony hit me, I just had too many accounts with them (not by choice, they bought a few from other lenders).

I only had the one account with BMO and maintained it meticulously.

When my Wal Mart card was changed by CapitalOne, I was actually using BMO as a replacement for that card.

If anything, my recent history with BMO has shown more usage and payments.

Re: BMO Card Closed

Seatac — Sun, 13 Apr 2025 01:34:33 GMT

correlation IS NOT causation...

Just because something happened does not mean it is tied to conspiracy theory claims

Re: BMO Card Closed

Kforce — Sun, 13 Apr 2025 03:20:48 GMT

@Seatac wrote:

correlation IS NOT causation...

Just because something happened does not mean it is tied to conspiracy theory claims

It could be as simple as closing all cards with < $9000 CL

or all cards from BofW merger, or ...... some conspiracy theory.

Re: BMO Card Closed

Seatac — Sun, 13 Apr 2025 03:26:43 GMT

Do true ..could be a bazillion reasons.

Every day thousands upon thousands of credit accounts are closed across all credit card providers. Any/every bank or issuer closes accounts every day. That some tin foil hat wearer on Reddit claims a conspiracy doesn't make it true.

Re: BMO Card Closed

Anonymous — Sun, 13 Apr 2025 04:40:50 GMT

@Seatac wrote:
correlation IS NOT causation...
Just because something happened does not mean it is tied to conspiracy theory claims

"correlation does not imply causation"

Yet causation seldom occurs without correlation

There is obviously far more to the story than we have. What is apparent is that BMO is doing a mass firing of card holders that seems mostly specific to a segment.

Re: BMO Card Closed

Seatac — Sun, 13 Apr 2025 04:55:54 GMT

Yet causation seldom occurs without correlation

Is a generically true statement if and only if the data being correlated are actually closely related to the claim being made.

It is like saying that in the United Stars because roughly 50 percent of the population is obese (or nearly) and since Ben and Jerry's generated 931 million in sales Chunky Monkey and Cherry Garciq are solely responsible for America's obesity problem.

I do agree there is so much more we don't know about.

Re: BMO Card Closed

CreditCuriosity — Sun, 13 Apr 2025 15:35:40 GMT

Maybe it is just really BOW customers converted? I opened up a small checking account few hundred dollars certainly not primary as they are right across the street from the community I live at in FL and figure be handy if needed to do anything in branch such as large bills vs. 20's etc for traveling. Opened CC about 2.5 years ago with a SL of 18.5k. if not mistaken where it is at today which is generous for BMO had a pre-approval for 12k I think when opening checking and passed on that then later figured why not for streaming service 5% as use US Bank Cash+ 5% cat for utilities and cell. No AA yet and as mentioned being hit up everything I log on with this recently although need this card like a hole in my head. Maybe getting more geo sensitive or maybe due to huge uncertainty in US and for the matter the worlds economy as we shake things up with tariffs? Who knows. Sorry for those impacted but business as usual for me personally and only use them as mentioned for FIBER and a few streaming services. Met with this everything i log on now. TU score 830-840 well into 6 figure income. Currently carrying 600$ balance on discover at 0% just for utilization and scoring purposes