BMO Card Closed

[Lauraist]

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?

[CreditCobra]

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@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?

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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.

[CreditCuriosity]

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.

[Kforce]

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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?

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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.

[Anonymous]

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@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.

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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/

[Kforce]

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.

[Lauraist]

That's the Reddit thread I was referring to.

[captseaton]

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.

[AndySoCal]

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

[Patient957]

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@AndySoCal wrote:

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

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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.