Related Posts
Account Opening
Just opened a new 5.25% 5 year CD account with BMO ALTO over the weekend and all in all was easy enough to open had no problems , money was pulled from checking account this morning to fund account so everything went well..
I had read all the bad reviews but decided to try anyways since it was such a good rate and things were easy to do no hurrdles to jump through was fairly easy to set up just 1 thing to mention even tho I set up account on the 10th and original maturity date was set at 11-10-28 the maturity date was moved to 11-13-28 to give the full 5 year term from the funding date which was today the 13th..
So all I can add is for me at least everything was very simple and easy to do to set this account up and fund it .......
Easy And Fast
opened a 12 mo. CD was very smooth operation. ACH complete in just a few days. In order to add a beneficiary you have to call the 855 number. When I called I was 9the 5th person in line. recording says it will call you back if you do not want to wait.
Unbelievable
Imagine an online bank where,,,,
...there is no "chat" help for quick questions
...there is a total of 10 phone representatives and multi-hour waits to get connected to one
...its FAQ has only two questions despite the myriad problems and illogic of the website
...there is no way to check rates while logged into the website
...there is no way to fund a CD while logged into the website (you have to set it up as a new customer)
This is just a sampling of some of the issues. It's like (bad) summer interns who never had a bank account designed this website and then left, and now no one knows what to do. It isn't even a Beta version of a website, much less something that should be launched to the general public. If so little care was put into making the website remotely functional, how much care was put into its security?! The board of directors of BMO Alto should be summarily dismissed because this can't be good for BMO's reputation.
Horrific Acc Hacked Money Frozen No Help
I opened an online saving accounts because the interest rate was so high. Huge mistake. I put in $60K, two weeks later, I received an email that my account was locked and frozen because fraud was detected. Then 3 more emails that someone tried to wire $10K out of my account, three times. I called the customer service 1-855-266-8100 and they offered no help, directed me to call their Fraud Dept. 1-877-472-4347. I called over a hundred times at different times of the day and week. No one from the Fraud Dept. answers the phone, left two voicemails, and now the voicemail box is full and not accepting voicemails. It has been over 2 weeks, and nothing has been resolved. My account is still completely locked out. The customer service can't even close my account. Do not do it. Not worth it.
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 16571 |
| Year Established | 1947 |
| Employees | 20183 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.07% |
| Return on Equity - YTD | -0.56% |
| Annual Interest Income | $5.99B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $263.3B$163.2B |
| Loans | Q2 2023vs Q2 2022 | $154.3B$93.19B |
| Deposits | Q2 2023vs Q2 2022 | $202.2B$133.3B |
| Equity Capital | Q2 2023vs Q2 2022 | $31.98B$15.40B |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $2.37B$779.8MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $996.8MM$476.4MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $15.9MM$5.2MM |