BMO Card Closed

[AndySoCal]

@Kforce  My reponse to that letter is.
To : BMO Bank,

After careful consideration and analysis BMO Bank does not meet the criteria for a bank that is worthy of my business.  Therefore I am closing all of my accounts. 

BMO has been added to the banks I will never do business with along TD Bank.

[captseaton]

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@Kforce wrote:

Got the letter USPS, 10 minutes ago.

This is how it starts.

Dear "kforce's daughter",

BMO Bank N.A. ("BMO"), the issuer of MBO credit cards in the US, conducts regular reviews of our customer accounts.  One reason we do this is to identify relationships that may not fit witin our requirements.

This letter is to inform you that after careful consideration, BMO has closed the above account as of March 31,2025, in accordance with the terms of our cardholder agreement with you, which allows us to close your account at any time for any reason.   We are unable to reconsider this decisio.

Following paragraphs are about you still being responsible for charges and payments and to check for recurring charges, etc.

There is a line that says rewards can still be redeemed for 90 days on line, or a number to call.

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Just got my letter today, dated April 10, 2025.

Exact same wording. Interestingly enough, the letter states that "As of March 31, 2025" but is dated April 10, 2025. It is like they are wording it to inform you of an upcoming change, but of course, you already know because your transactions have been declined.

The best part of all this is, I got a second letter dated April 11, 2025, informing me of future changes to my BMO account stating:

Effective June 3, 2025, ("Effective Date"): Section 27. Arbitration Provision of the Consumer Cardholder Agreement is deleted and replaced in its entirety with a new Section 27, a copy of which is enclosed.

It's like they don't know which accounts they closed...or not.

Between this and my online access still showing my available credit on my closed account, I will be adding BMO to the "Would not touch with a 10 foot pole" bank list.

[Lauraist]

Agreed. I got a postal letter about it yesterday. 14 days after the fact. The website doesn't show the closure (probably to make sure they still get paid, LOL!) Just awful.

[Lauraist]

Interesting that they're both Canadian. Bank of Montreal and Toronto Dominion. I wonder if the red tape foreign banks have to deal with re: US customers might be part of it.

[Lauraist]

It's not a "conspiracy theory" to consider the possibility that BMO might have closed a lot of American accounts because of Trump's destabilization of the financial markets in the US. Maybe calling it "revenge" was a bit off; major corporations are rarely that personal about anyone. Even within the US, Amex and Cap One were reported to have lowered CLs on federal employees when DOGE was firing them left and right. These are interesting times, to say the least.

[CreditCobra]

I started out with the Bank of the West Cash Back card back in March of 2022 that turned into the BMO card. Started off with a $3,000 limit and it's never moved from there.

Today, it's my streaming and (Comcast) Television & Internet card. When it was Bank of the West, I used it exclusively for 3% cash back purchases. Now that it's BMO, I've used it for exclusively 5% cash back purchases. I've never carried a balance or paid a penny in interest. Monthly charges are typically under $200, and all 5% cash back.

I've never had any relationship with Bank of the West or BMO beyond this single card. I live on the west coast of the US.

Yesterday, I put my cable bill on it again, just like every month. It's still open. I can't be the only one that hasn't had their card closed. Maybe they just haven't gotten around to me yet.

[AndySoCal]

@Lauraist  My reason for not doing any business with TD Bank is 

https://www.cnn.com/2024/10/10/investing/td-bank-settlement-money-laundering/index.html 

BMO Bank is there treatment of their customers. The BMO customers should impose a "Tariff" on the bank by closing there accounts.

It stuff like this that makes glad I moving from a bank to a credit union.

[Anonymous]

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@Lauraist wrote:

It's not a "conspiracy theory" to consider the possibility that BMO might have closed a lot of American accounts because of Trump's destabilization of the financial markets in the US. Maybe calling it "revenge" was a bit off; major corporations are rarely that personal about anyone. Even within the US, Amex and Cap One were reported to have lowered CLs on federal employees when DOGE was firing them left and right. These are interesting times, to say the least.

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Repercussions of destabilization of global markets.

[GhostCredit]

In all of my 12 years that I've been doing this... Never in my life woud I have thought that this will happened... US Bank almost closed out my cards before but gave me a notice to use it or close, and BMO never gave any heads up and outright just closed it. They were the first card that I got when it was BOTW, that time it didn't had no bonus and it was probably the only card that has a 3% on groceries during that time.  But, what's done is done, I can't even withdraw the $11.64 either, my last transaction was last month. *sigh* oh well, at least I have the Savor one card that I could replace for groceries and use it for entertainment too. Sometimes, it's good for the better. No more swipes for you...

[GhostCredit]

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@AndySoCal wrote:

@Kforce  My reponse to that letter is.
To : BMO Bank,

After careful consideration and analysis BMO Bank does not meet the criteria for a bank that is worthy of my business.  Therefore I am closing all of my accounts. 

BMO has been added to the banks I will never do business with along TD Bank.

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Do you have a list of banks that you will not work with? You could PM me if you want. Thanks.