I had an auto loan through BMO when I bought my new car from the dealarship. The frist month I wanted to pay extra on the principal so I paid $100 more than the payment. When I looked later they didn't apply the extra to the principal but to the next payment (so they get more interest). I called and complained and they fixed it and said I would have to send in 2 checks, 1 for the regular payment and another for the extra with a letter asking for the additional to be applied directly to the principal. I did this and sure enough, they applied it to the next payment again. This went on for 4 months before I said enough is enough and refinanced through my local bank. Now BMO wont send my local bank the letter of termination for the loan I had through them and it has been almost 2 months. We are still waiting for the letter so I can get a refund on the GAP insurance I bought through the dealarship and so my local bank can finish paperwork and send the title to the Secratary of State Office.
Long story Short: This bank is absolutely horrible at doing the basic requirements and fulfilling their obligations. I would not go through this bank unless you have no other options.
In June 2005 we used our life saving and bought a small business in Phoenix Arizona. Business was doing well until we were approached by a banker from M & I Bank who convinced us to sign up with their new loan program called the "Swap Loan". We trusted this banker Mr. David Ridgeway and signed up for this loan which would keep our mortgage payment constant.
Soon we found out that the loan I signed did not work the way it was supposed to work. M & I Bank withdrew thousands of dollars more then our agreed loan payments.
When we confronted M & I Bank with the help of an attorney, M & I Bank admitted that their loan department had made an error.
Instead of refunding all the excess funds taken out of our account, they conspired with a real estate developer and sold our loan at deep discount to this real estate developer. BMO Harris Bank committed a major Breach of Contract.
This developer (Tradecor Desert Sky II, out of Phoenix AZ) was successful in foreclosing on our property.
We lost our livelihood and our life savings.
I have tried to contact all the Federal and State agencies for help but was unsuccessful to get their attention. They have been passing my complain from one department to another.
In the meantime M & I Bank was bought over by a larger bank BMO Harris Bank.
I have all the documents and proofs of conspiracy, fraud and perjury committed by BMO and Tradecor.
I was threatened and assaulted at my business shortly after our note was sold to Tradecor.
This is a long story but I have kept it short to try not to take up too much of your time.
Please do not hesitate to contact me should you decide to help me. Being a senior citizen, I had to move to San Diego with our children (penniless). I am now fighting my own battle in Arizona Appeals Court against two large corporations as I have no money to hire an attorney.