| 5 star: | (52) | |
| 4 star: | (27) | |
| 3 star: | (3) | |
| 2 star: | (8) | |
| 1 star: | (70) |
Absolutely the worst online bank and most inefficient people in the banking industry. My husband died and had two CDs with BMO. I have been trying for three weeks to secure the funds. Let me clarify that, three weeks since I submitted the required documentation. I was told that I’d be called back twice now and have never received a phone call. I had to follow up personally with another phone call. The first phone representative told me that everything was in order. And that they could send a check to me, but that would take three weeks. I said can you transfer the money to my bank? He said that’s a different department. I’ll have them call you. A week and one day past and no one called. I called them Today and they have no record of any of my documentation and no supervisor available to speak to. I was told that the only option is they will call me back. The worst Customer Service, and the worst Bank. I am actively telling everyone I know not to bank with BMO.
DO NOT OPEN A "BMO" ANYTHING!!!!!!!!!!!!!!!!!!!!!!!!!!!
I transferred 6 figures from their HY into a HY at a different bank with a higher interest rate. Alto immediately froze my account for 9 days, accused me of fraud. Plus, told the other bank it was fraud & had the money put back into Alto's account. I had been doing business with regular BMO for 12 years! INSANE! Now, I'm left to try & pick up the pieces to mend my new relationship with a bank that doesn't know me from a can of paint.
I have opened over 20 CDs online over last 2 years at a variety of banks.
My application at BMO denied.
WTF?
Live at same address 20 years, etc.
There's nothing wrong with information I entered.
It's not me, it's YOU.
This is message I got below:
Thank you for your interest in BMO Alto. Unfortunately, your account application has been declined. If you believe you have entered information incorrectly, we invite you to re-apply.
Thank you for choosing BMO Alto.
P.S. another bank got my money
Tried to open up a 5 yr CD and midway thru the application I get declined with a message "were unable to approve your application today and will send an e-mail with information " ? When I called BMO all they know is nothing ? What kind of bank is this ?
So I have CDs with a bunch of banks and credit unions. Credit score of 831 average, All three reporting agencies unlocked. And I was rejected three times now from BMO Alto. Whatever is going on is unique. In 20 years of opening accounts online, I have never seen this before.
I had a CD maturing 7-17-24 and got an email saying account is closed since I didn't choose to renew it when the renewal option was sent out earlier.
But when I log back on the BMO Alto site, my account is not showing anymore and it didn't mention if it is sending back money to my external chase account that fund the CD or not. I checked Chase and money is still not receive as of 7-1724.
I contacted the 1-855-266-8100 to find out my closed CD account status. The guy on the phone is completely clueless about my money and keeps asking me about welcome letter that I got when I first opened the CD. Come on, what do you need that for? Don't you have my account information??? He can't even located my account and got me really worried now as what happend to my deposit.
I have opened CD accounts with Marcus, Capital One and other banks and BMO Alto is the most micky mouse bank that I have dealed with. No BMO Alto app, only the real BMO has an app. There is no indication when the money will be sent back to you after CD is closed. Now the guy on the phone can't even tell me about my closed account details or what happened to my money.
I will close the other CD account once this is resolved. it is very worrisome for me to put so much money into BMO Alto only not knowing the CD maturity process.
I liked their CD rates. Tried to register as a new client twice. Twice declined as they could not verify my identity. They had my social security # and I have lived at this same address for 48 years. Had three CD's mature from other banks and was planning to move the money into an BMO Alto CD.
Having retired from the banking industry I question the reliability of their verification system. I will put my money with a bank I already have an account with...a little less interest but I do not need the hassle.
I tried to open the BMO Alto savings account and my application was denied. They don't tell you why so you don't know what steps (if any) you could take to resolve the problem. It's frustrating to enter your personal information that's needed to open the account and then be refused. I was able to open accounts recently with other online banks so I'm not going to waste anymore time with this bank.
Its only been a few days and so far things are going ok. I was surprised that funding took less than 24-hours from main bank account and was easily able to connect additional banks. Their website is basic but it does what I needed to do. The only hang-up thus far is the lack of a mobile app, They have one for the main BMO bank but not for Alto so hoping this is one thing will change and if so I would increase my rating!
I thought I should share this so as the reach others with bad credits and in need of assistance like I was. I was trying to finance a new home for my family a few months ago and I was unable to due to poor credit till I saw a post here about gearheadcypanacea dot com. I contacted them and so far I have been very pleased with the result as my score has gone from 490 to 780 in 3weeks. Reach them on (6,0,5 6,0,3 9,7,8,3 gearheadcyberpanacea AT g mail. com) if you have poor credits and you will be amazed by the outcome.
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Application denied for no reason. Several phone calls an all they could say was to re-apply. Asked if they check credit and told they use Trans Union which I have frozen. I unfroze and still denied. Ordered both Trans Union and Chex Systems reports an no problems. Then they said could not verify my identity. Lived at the same address for over 50 years. They have no other option to verify my identity.A very frustrating experience.
I recently opened an account with BMO Alto and transferred funds into it. As BMO Alto operates exclusively online, I found this arrangement suitable. However, my account was unexpectedly restricted without any provided explanation, and I am now unable to log in. I contacted customer service, but they informed me that resolving this issue would take 30 days and then abruptly ended the call.
Bowel Movement Online (BMO) repeatedly charges in with great rates, and then pulls them back.
Flip Floppers.
If you get tired of changing banks to be with a market leader, BMO is not for you.
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It was simple as pie to open my account! What a great interest rate.... Then I needed to get some of my money out.
I set up a transfer and was immediately put into fraud status and my account was locked.
I called multiple times only to get a voicemail, and instructed to leave a message. My call was not returned, and when I called back I got a message that the voicemail box was full and could not even leave a message.
When I finally got through (on yet a 3rd phone number), I was greeted with a hostile CS Agent who argued with me, saying my account was not locked or in fraud status. When he finally saw that I was correct, he just said "Do you want to close your account, or what?".
So, I asked that he close it and transfer all of my funds to my (different) bank. It has now been 2 1/2 weeks, and I still do not have my money.
You know what they say... "If it sounds too good to be true...".
Closed my 6 month CD after 7 weeks ... without notice! Is this legal????
Got a message (not even an email) from unmonitored mail that they closed my account! WHAT?
NO EXPLANATION ... NOTHING!
WHO is head of Banking Industry? Wow .. if I had closed CD early, I would be penalized 4 months of intetest! WHAT IS HAPPENING????
Was easy to open an easy to verify an deposit, but if someone else deposits any money in you account an it happens to go back they flagged my account for fraud an keeped my money they said min 30 days wtf is up with this pos bank , don’t use these people there no help if you need it
Johnny
The opened my MM account, than asked for an additional proof of ownership, than asked for more and more .. I told them if they close account, they owe me interest at MM Raye, and, with broken contract, they owe me additional 3 months interest for breaking contract before 5 mos. Maturity date ... exactly what they would charge me if I broke contract! So, they have locked me out of my account ... any LAWYERS out there with experience in BANK LAW?
I couldn't open an account, I struggled verifying, even daughter couldn't open one for me!!! I called their customer service and they helped me and open my account. Explained everything in simple terms.
Very easy to open up
verification was smooth
will update here to let you know if there is any trouble
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My old bank decided to pull a bait and switch move on me by introducing monthly fees about a year after I opened an account with them so I decided to switch to BMO ALTO and its a decision I don't regret one bit. I'm happy that I have no minimums imposed on me and I'm especially happy that my account doesn't incur any fees if I don't maintain a certain minimum - that's a huge pet peeve of mine and lucky for me, something I don't ever have to worry about when it comes to BMO ALTO.
here is my step by step guide to how i opened my account.
1- Had to verify myself
2. signed contract
3. Paid and my 6 month is active CD 5.15% APY
Flawless online experience and pays a higher rate with an as good online platform. 4+ stars but, you can squeeze out a slightly higher rate elsewhere if you have large $$ to deposit and the yield makes a significant difference.
I like there CD and savings accounts, apy is competitive though not the highest.
For the life of me, I cannot find how to add beneficiaries.
Not sure why Alto gets low marks in some reviews here. They have always been very helpful when I contact them. I would not hesitate recommending Alto.
Easy to open account just sent my documents for verification and it was open. CD rates are gonna fall again. Secure the 5 year CDs if you can and let it compound. The FED will restore normality soon!
Now I am with BMO ALTO, I am glad I don't have to wait in long lines or being told I need to come back into the branch another day. I must say online banking might be a pain at first, after this experience I will stick with it.
We transferred proceeds from our house sale to BMO ALTO Nov 2023 to get a better rate. Rates have gone down but that has been the case across the board especially since covid 19. After not being able to find a similar size house we made an offer on a small house. Sellers are requiring proof of CASH funds. I don’t want to give them my total balance just proof we have enough. I called BMO Alto and they emailed me a personalized letter to give sellers, a couple hours later. Wow. Great service!! Plus the email was super secure requiring a few steps to open up. It did however, take a few phone calls to get but hey, they delivered fast.
I have been with this bank now for a couple of months I was worried reading previous reviews but once I enquired regarding their accounts they have been nothing but very helpful during the process, I understand maybe when they first began they have had troubles just like every other bank does but my experience so far has been okay.
Since I have opened an account I have also referred them to my daughter and her husband and we all seem to be doing great with them.
If there is any complications In the future I will be sure to make people aware but for now I am very happy with everything.
I verified everything before moving forward, after I make inquiry no pushy people. The A+ health rating and FDIC coverage is what did it for me.
I'm really surprised by some of these one star reviews. I've had CDs with bmo allto haven't had any problems. Customer service has always been responsive whether by phone or online. After their recent rate drop I decided to close out a CD that had matured. I sent a message through my online account and the CD was promptly closed and the funds were in my external account the following day - no phone call required. They often have some of the better rates. They're a 5 star in my book.
More than happy with everything. Just put my cash into their savings account better than doing nothing. Just want to keep my money somewhere safe until i find the right Tbill or bond.
My son has been recommending me this bank. I remember all those years ago when I took him to take to open his first bank account. I took my time with this doing the due dill. My son did a lot of convincing, i am happy, the no branch is opening my eyes to how the world is changing. Higher rates equals less workers..
Old review that said they hold money is incorrect. It is easy to set up and take out (penalty can apply if taking it out early). Everything that I have ever done with them (CD and performance savings) has been perfect. The online portal is great. No weird holds on money for me. I have used several online banks in the last couple of years, looking for the best rates. BMO ALTO is the easiest to use, no weird fees or waiting times.
I had been a loyal customer to BOA for 15 years, but i came across these rates last year I had to try it out. Disappointed I didn't do more
I called Customer Service & was connected to William within a few minutes. He was very helpful & took the time needed to answer all of my questions about the High Yield Online Savings account. My only disappointment was that deposits do NOT post until the 3rd business day after they are initiated!! This means the bank does NOT pay you interest for 2 days after they receive your money! Other than that I am very happy.
Really wished they had an app. Other than that online portal works fine, I bookmarked mine just so its easy to find and I can use on my phone and PC.
Couldn't speak to customer service big line but when they had time they called me back. Glad its done, very excited about these online banks. This is my second one.
I had a nightmare opening this account couple of months ago!! but now things are much smoother. I should of stuck by it when the rates were higher!!
one thing i like about BMO Alto they don't just restrict me to one CD, helping plan for my loved ones. Variety is always king
BMO ALTO offers a different kind of service. The support 855 make sure to take care of you! Love this bank so far.....
I am a long time customer of BMO alto and have found their banking "experience" to be very good overall. First of all, I find their customer service to be exceptional. Every time I have had an issue with a transaction, or needed to talk to a personal banker, I was taken care of immediately and even had multiple follow-up phone calls to make sure I was satisfied with their service.
Have opened mutliple CDs and so far so good!
I recently had the pleasure of opening a savings account at BMO ALTO . Outstanding customer service. They were attentive to my needs, making the process smooth and enjoyable. I was particularly impressed with the efficiency in processing documents and setting up my account.
Got involved 4.6% 5 year rate, I hope the rates don't increase now.
Worth waiting around
-the online portal easy to use
-transfer didn't take long
-involved with the 1 yr CD a
Very happy with the way things are going. I don't understand why all the negative reviews
Very Interesting that there are negative reviews with 1 star every other day, and suddenly there are like 30 reviews within 24 hours with 5 stars. I would pay attention to the 1 star reviews starting in early march.
I just opened 3 accounts with BMO ALTO and and the process was extremely good. Customer service was very clear minded and helpful. I have accounts with quite a few other banks and my experience with this one was right at the top. Glad I made the decision to open with them.
the no monthly fees, the zero minimum, everything about this bank is for me. I should have switched to online banks sooner. Currently opening one with Marcus aswell.
The service I received was extremely satisfying. I was promptly assisted, and the attention I received from the 855 number was very tailored to my needs. They thoroughly explained the account opening requirements to me. I am now feeling very excited about the institution and happily recommended them to my friends and family.
Their customer services are amazing, very polite and friendly, and they alway provide helpful information you need. CD rates are very competitive. highly recommended!
Great features for a digital startup bank!
In opening an online money market account with BMO ALTO there was a glitch in initially funding it. The savings account with the external bank was described as (yes) a savings account when according to that bank (BANK OF AMERICA) it should've been labeled as a checking account. Because of this issue the transfer of funds fell through. However I only learned that there was a problem when my account access was blocked. I phoned customer service who routed me to the department responsible for account openings. They told me that my account had been flagged, my access denied, and any activity prohibited. I called the other bank to find out what happened and they explained the reason. I then shared this information with BMO ALTO. The transfer went through a few days later and the flag lifted. On the positive side phoning 855 number hasn't meant a long wait to speak with someone.
Yes, they have a few quirks but the rate rules right now. Transfers in and out are fast.
I noticed a lot of the negative reviews are due to not being able to open an account or because people had a connect account, I didn't have any trouble at all. Everything has worked great for me, and even though I opened my account at 4.65%
BMO ALTO is a very easy user friendly experience. The ease of access makes it simple to open deposit accounts . The customer service department is knowledgeable and ready to help customers with any questions they may have regarding their accounts including, transactions, transfers and other financial aspects of the account/s in question
Quick, easy, and great rate exactly what I needed with my CD.
The account opening process was quick. I applied late morning (eastern time) on March 20, 2023 and received an account approval email at 9:35pm (eastern time).I’m awaiting the trial deposits. On my account dashboard, the interest rate is as advertised (5.10% APY).
I needed to get my money out my CD due to an unexpected expense. YES there were fees but I got my funds in 3 working days. When I'm back on my feet I will defo come back.
Me and my husband were recommended to join this bank, has been a great service since the very beginning of taking out a savings account, We also just opened a 24 month CD with them. Very happy :)
I did my research before choosing to go with BMO ALTO for my HYSA. There are banks out there with higher APY, however, I felt most comfortable using BMO ALTO than some of the others. I wanted to ensure I could access and transfer funds as needed using a good interface. I feel secure with them.
I decided to open savings accounts with BMO ALTO, Marcus, UFB Direct, and Capital One. While these banks may have received lower reviews, I am grateful that I did not solely rely on those reviews. Many of these online banks are frequently highlighted on websites that compare the features of various financial institutions. It is important to conduct your own research and assess the financial stability of the bank or its parent organization. I successfully initiated transfers for my initial deposits with each of these banks without encountering any problems. Subsequent transfers have been completed smoothly without any issues.
A few months a ago I was looking around for a decent APY that is not negative or zero after inflation for a 5 year CD for my son, lo and behold I have came across BMO ALTO. I decided to invest with them. Currently I have a decent APY, which is not the highest but since I'm thinking of the future and not spending, it was an okay deal. I was pleased with the service they provided and my hope is that the market price doesn't change too much within the next couple of years. I would recommend people to check them out if they are looking to save money that they have lying around. Great bank!
Funds cleared quickly, happy with the rates of the CD. I am very happy so far.
My husband got involved with this bank. To be quiet frank I was very reluctant but after seeing how easy everything was. I think I will be using this bank for a long time!
It is a pleasure to bank here!!! No hassles Christina is an awesome asset to your organization
high rates no fees, easy access. I have just comeback because i was worried about the negative reviews but my CD has finally matured! I am very happy my wife will open a joint account with me
I am happy with how quick the account opening process man. Everything went perfect, i spoke to the advisors on the 855 number when making the account PLUS they asked me if i wanted to add beneficiaries.
Switched from SoFi to here just for the savings account, in the process of opening a CD account. Transfer didn't take long.
I tried to call the 855 number. Managed to speak to someone, explained all the steps now I am happy with my high yield savings account.
I opened a cd rate today at 4.60%, been a BMO customer for 5 plus years so moving to this online account was a no brainer.
opened their savings account at 5.10%. Very happy with how easy it was .
I was having issues to get verified which was a bit of an issue, but I called their team and they help me through the process. Very happy with their professionalism, i'm not the best with technology
I had a great experience with BMO Alto's CDs. They offer excellent rates, and opening an account was a breeze. I simply called their 855 number, and everything was sorted out smoothly. Highly recommended!
I have 2 accounts at BMO Alto-
1 CD 6 MONTHS 5.25%
1 YR 5.05%
didn't take long to open account
i reached out to BMO Alto support regarding adding additional CD to my accounts. currently have two CD and a high yield saving account setup with them. i felt it was a good time to lock in a few more rate for my CD. BMO Alto automated system decline my additional CD. customer service is unable to help since the whole system is automated. i ask for some detail on why this was the case but the bank is unable to provide any detail on this matter. my only response is to try again. also there seems be a issue update my US base address on there system since the parent company is base out of the US. May be a good idea to stay way from this bank and deal with another bank. once my accounts mature i will move those funds to another banking institution. when i ask what i should do they mentioned that either try again at a later date or open a account at another banking institution. 2024-03-22
I opened up their 5.10% high yield saving account, very happy and how easy it was to setup.
Setting up a 12-month CD was easy, and the wire transfer was quick. i had an issue loggin in I had to call the 855 number. When I called, I was 35th in line. The recording said they would call me back if I didn't want to wait. ALLL FIXED NOW
I applied online and got accepted easily. I had to call customer service to set up my Portal Login. There were lots of people ahead of me, but I got a call back in about an hour. The representative was very polite.
Setting up a linked bank account to fund my CD in the portal was quick. I called customer service again to arrange an automatic monthly interest transfer to the bank. Once more, I got a quick call back and the process was simple.
Overall, it was a great experience.
I understand alot of the bad reviews, but i have had such a good time with BMO ALTO, i have got paid out from a CD i opened last year and my savings account is going strong. Would strongly recommend.
really quick and easy all done online
I gave them my seasonal address in Jan. before they mailed 1099s. It went to my other address per USPS informed delivery. I called and requested it be sent immediately to the address I had provided. A week later I called and they said it had definitely been sent to the seasonal address. A month later it has not arrived anywhere. I have the numbers and am not going to waste my time calling again. The customer reps have no idea why it is not available line.
I have tried to open a simple 6 month CD with BMO for over a month now and have gotten absolutely no where with this bank. Here is the kicker, I am a former Bank of The West customer for many years with both my savings, checking and mortgage with them. BMO took them over recently and I decided to stay with them but will be transfering to another bank now. BMO and BMO ALTO have no clue what they are doing. This was a simple online CD that I was applying for. Please be very carful dealing with this bank.
My first experience was I called cust service to change beneficiary and that was odd as asked to repeat info back and they could not. Also my primary address was changed to beneficiary's, until called back and it was changed. Secondly, I was concerned when the cd matured it was going into bank account last 4 numbers I did not recognize. Customer service said my bank initiates that. When I called my bank, and went into my bank, I was told, "we don't do that." I saw reviews here and freaked out. However, initiated another cd to see the process and sure enough my bank states "we change account number for your protection". And lastly am happy to report, when cd matured received funds back in account in 2 days. Would buy another cd again, but hesitant on savings.
Why does BMO ALTO have good cd rates if they can't execute?
This financial institution DOES NOT support their customers.I have experienced Error after Error.
I wish I had never opened accounts with them and I can't wait to get my $$ out.
BMO ALTO close my account after 6 months. the reason identity theft and D Marketing reason. I was not notify by any BMO ALTO banks of such a issue.Called 3 times to three different persons and every one gave me conflicted answer. no one is able to tell me where my money is? one said money was wired to my orignal acct. I cheked my bank Citi and t was told there is no wired money from BMO. called again this time a lady with absolue crzy and rude could not answer my question and hanged up. I called on Wendsday a man said your account is closed market reason and could not explain it why He also said a check issued for a amount 49952.00 to my home address and a deduction of 1286.00 dollars of earily withdrawl . I do not understand why penalty? He keep saying D marketing and it is ur policy to close the account for security . any advise after 6 monthe i get almost $1300.00 less does US banking have such policy?.
HI EVERYONE I WANTED TO SHARE MY EXPERIENCE WITH BMO ALTO AND GIVE YOU SOME KIND OF RELIEF FOR THOSE TRYING TO GET THE MONEY OUT, I OPENED A HYSA ACCOUNT BACK ON DECEMBER 1st 2023 WITH 50K I NORMALLY CHECK MY SAVINGS ACCOUNTS EVERY OTHER DAY TO MAKE SURE EVERYTHING IS OK BUT LAST WEEK ON FEB 22 2024. I LOGGED INTO MY ACCOUNT AND I WAS NOT ABLE TO SEE MY MONEY AND ANY OF MY INFORMATION FOR A DAY ( I SAID TO MYSELF THIS IS A RED FLAG ) SO I CONTACTED THE CUSTOMER SERVICE # AND THEY SAID MY ACCOUNT WAS OKAY AND UNDER MAINTENANCE WITH OUT VERIFYING ME OR ASKING ME THE INFORMATION NEEDED TO ACCESS MY ACCOUNT, TO MAKE IT SHORT I WAS VERY CONCERNED AND I STARTED LOOKING FOR ONLINE REVIEWS TO SEE IF OTHER PEOPLE WERE HAVING THE SAME SITUATION AND I CAME ACROSS WITH ALL THESE BAD REVIEWS AND BOY I STARTED FREAKING OUT AND HONESTLY I COULDN'T GET ANY SLEEP THAT NIGHT I WAS THINKING THAT AS SOON AS I CAN SEE MY $$$ I WAS GOING TO WITHDRAW EVERYTHING, SO THE NEXT DAY “SATURDAY” I HAD SAME ISSUE UNTIL MIDDAY WHEN FINALLY I WAS ABLE TO SEE MY AVAILABLE BALANCE, THEN I STARTED A FULL BALANCE TRANSFER BACK TO MY FOUNDING ACCOUNT, WHEN SUBMITTED MY REQUEST A MESSAGE POPPED OUT ON THE SCREEN SAYING THAT MY TRANSACTION WITH REFERENCE ID # WAS UNDER REVIEW AND THAT THE MOST TRANSACTIONS ARE PROCESSED IN 1 BUSINESS DAY, MY REQUEST WAS DECLINED FIVE DAYS AFTER ( NOW I WAS VERY WORRIED TO BE ONE MORE ) I CONTACTED THEM AND THEY COULNT TELL ME WHAT HAPPENED THEN I REQUESTED TO SPEAK TO A SUPERVISOR BUT FOR THAT YOU NEED A TICKET BECAUSE APPARENTLY THEY ARE SUPER BUSY, I WAS NOT GOING TO LET THESE PEOPLE STEAL MY MONEY SO I CONTACTED CHASE MY ORIGINAL FOUNDING BANK TO SEE IF THEY CAN HELP ME GET MY MONEY BACK SOME HOW, AND YES THEY DID!!, THEY SEND TWO SMALL AMOUNTS OF DEPOSITS INTO MY BMO ALTO ACCOUNT TO VERIFY THAT I WAS THE OWNER BY GIVING THEM THE EXACT AMOUNT OF MONEY THEY TRANSFERRED, ONCE VERIFIED THEY PUT A REQUEST TO WITHDRAW MY $$ AND THANKS GOD I CONSIDER MY SELF LUCKY MY MONEY WAS BACK IN MY CHASE ACCOUNT TODAY, DONT LET THESE PEOPLE STEAL YOUR MONEY AND I HOPE THIS HELPS EVERYONE GOING THROUGH THE SAME SITUATION I KNOW HOW BAD IT FEELS TO THINK YOU LOOSE ALL YOUR MONEY BUT TRUST ME IT WILL BE OKAY BMO ALTO ISNT A SCAM IS LIGIT BUT WITH SO MANY PROBLAMS.
I applied more than once, double checking everything. I have good credit, am employed, etc- there should be no reason for me to be declined. So I called...and called...and called....nooooo answeeeeeerrrrr.........
If this is an example of their customer service, no thank you.
There appears to be a serious problem with their hi yield savings program. Credit rating of 850, no debt other than a small remaining 3% mortgage, business owner with over 25 years with BMO carrying both business and personal accounts, same address for 26 years, wife retired from BMO Corporate, and can't get approved. On calling for clarification, customer service was of absolutely no help, merely read off of a script that said they could not tell me why I was declined. Are you kidding me? Never, ever had a problem putting money IN a bank!!
A bit laughable. Goto the web banking site and there is an error message directing user to 855-462-2652 which is the number for CIT Bank in Pasadena CA.
And when I think of it, I tell the good folks at Customer Service. But all for naught. Still not fixed after 6 months. Based on pattern of stuffing reviews, maybe someone at BMO will read this. Or
GoElsewhere
I just want to add my experience regarding a false fraud detection. I read bad reviews here regarding it, but my experience is not that bad. After reading reviews here, I was very nervous, but it just needs some time to be resolved.
I tried to transfer some money from my bmo alto account to one of my accounts in another bank. Fraud detection was triggered and my account was restricted.
I called the customer service and I was transferred to the anti fraud department. I was also given the direct call number as well just in case the call was hung up. After that I was able to call there directly with that number. I saw the phone number was posted in another review.
One representative in the anti fraud unit said I needed to prove my identity. So they needed a copy of my driver's license and a bank statement of the depositor bank. The process was unique comparing to my past experience that I dealt with another bank for a similar issue.
Anyways, I just sent the documents to an email as they directed and called again next day to check if my documents were successfully received and then it's resolve on the same day. So it took 2 days to be resolved.
I am lucky or their process gets improved.
UPDATED BELOW!!!
I have 3 accounts at BMO Alto-
2 CDs and 1 savings account.
1 6 mo CD at 5.2%APY
1 12 mo CD at 5.65%APY
1 savings account at 5.1% APY
I had no troubles opening any of the accounts.
As far as the CDs are concerned, once they are funded, you can enter your account and state what you would like to do with not only the monthly interest, but also what you wish to do with the account at maturity.
I have yet to transfer any funds out of my accounts, but don't foresee it as an issue as long as I stay within the $$$ limits a/o monthly transfer allotment. I've talked to a representative on the phone and they were pleasant. So no issues thus far and hoping none to come...
UPDATE 8/31/24- I wanted to share some positive news. I recently needed to move some $$ from my BMO Alto savings to my USAA Savings, which is where I originated my source of funding for my BMO ALTO CD's / SAVINGS ACT. I had NO ISSUES WHATSOEVER. I had my $$ in my USAA account in 48hrs. I made one transaction, then called and let them know I was going to make another, just in case it might trigger a fraud alert and I had no issues whatsoever.
UPDATE: 3/11/24. I wanted to shed some positive news. My 6 mo CD matured on FRIDAY 3/8/24. I had my funds transferred back to my external bank from whom I made the initial deposit by MONDAY afternoon 3/11/24.
I'm sorry for those who have had so many bad issues with BMO ALTO, perhaps they have made improvements to their system. Hoping everything works well for those whom have had troubles as well as future customers.
The amount of money people losing off bmo alto online Fake Bank is a Disgrace!! I currently have 31,300 stuck on bmo alto & I was email soon as my money hit available, after my transfer that my account was locked. I called bmo alto 1800 just for them to tell me they can’t establish what’s wrong with my account …..OKAY SO WHY DID YOU GUYS LOCK IT , IF U SO CALL CANT TELL ME WHATS WRONG … We All Need To Gather & Go To The Federal Court Because These Scammers Are Going Way Beyond!! Then they tell you that you account close but I’m still receiving email that their transferring my funds to other accounts .. like this is so unprofessional!!
Has anyone else noticed that when you receive a private message, the link leads to a dead page? I have had this happen a few times now. Anyone sending me a private message, please do not think I am rude for not replying. I assure you; it is this site. To the person who sent me a private message stating I can’t imagine having my bank restricting access to my money. Have they given you a reason? I totally agree and that is why I filed a formal complaint with The Consumer Finance Protection Bureau. Sadly, this can take anywhere from 15 to 60 days
I opened seven 5 YR CD’s totaling $100k during last December (2023). I tried to open another 5 YR CD today 1/31/24, but was rejected. I tried another 9 times and was rejected all nine times. I called customer service and she asked me to verify my identity, but after she looked at the logs of the 10 application rejections, she could not answer why I was rejected!
She suggested that I try again in a couple of days. When I asked why would that affect the approval process, she had no answer. So I was on the phone with her for 20 minutes and I came out of the conversation knowing nothing more than before calling!
This is a subsidiary of a trillion dollar global bank and their service is ridiculously terrible!
I was DENIED an application to BUY A CD. How?
Once I figured out the bait and switch from BMO to BMO ALTO, I spent 43 minutes either on hold or being transferred to the wrong department. It is a CD, should be simple, US citizen, SS#, and the $$ to give them.
I think I dodged a bullet by not being accepted. There is no online help, the Alto division doesn't answer their phones, or emails, and doesn't return calls from there "contact us" messages on the BMO site.
They had good advertised rates, but I can't deal with an online only institution that doesn't have online help, and can't answer the phone.
Was thinking about going to the BMO branch in our city. NOW I WILL NOT.
What good will it do for us personally !!
Also perfect credit score, but was rejected. Tried 3 times. CS rep suggested I had a virus protection system or VPN on my computer. I am sure now when I show my husband these comments he will definitely say NO. Am now fearful of using this bank. Thanks to all of you who have posted comments. Wishing everyone success in working out the problems. Try Ally or Synchrony. Berkshire Hathaway owns a stake in Synchrony.
The worst experience opening new account.
I have perfect FICO 840 score, but was declined to open new CD account. They have good rates, but they decline people for no reason. Tried to call customer service. Waited about 30 min on the line and then message said that they experiencing very high volume of calls and hang up the phone. Website does not have chat option.
In summary, it is not worth of your time and with this service and IT support your money may not be safe there.
My wife and I just got denied when we applied for CD's. Both of us have high credit scores. I tried to call but there are usually 40 or more ahead in the que. Left a number. They did call back but if you don't pick up quickly they are gone. When you talk with them, they don't have any clues why you were denied. They don't have chat. We went with another bank.
I opened a 5-year CD yesterday with what I understood to be an opening ("test") deposit based on the verbiage on the website (linking to my primary bank account with a small opening amount, as opposed to two di minimis "test" deposits the other way). The CD locked this small deposit in as the total CD amount, so now I am either stuck with a comically small CD for the next five years, or I have to pay 180 days of interest as a penalty for closing the CD. Customer service was rude, with a message of "sorry, nothing we can do for you" when simply asked if I can add the appropriate planned amount to the CD and reset the date. The account has been open for one day. Take your business elsewhere, the additional APR is not worth the trouble here.
Head-spinning stuff. Opened new Savings Acct. late DEC2023. Despite calling ahead to wicker out details for $216,000 Wire Transfer-- BMO ALTO rejected the Wire after assessing me a $31.00 Fee that they lied about (blamed on originating Bank). Later, they confessed that their website has NO MENTION that they don't accept Wires-- I feel they cheated me out of $31.00.
After waiting for funds to clear, I initiated an ACh Transfer. Again, BMO ALTO bungled that-- rejected the ACh, flagged my Account for "fraud," FROZE my Account that I now have no access to.
To unfreeze my Acct., these Fraudsters are demanding "proof" of originating Bank --AND-- a photo ID-- I don't feel comfortable sending these Bozos a gum wrapper. They are now refusing to return my calls. That I must to wait 30-DAYS to get my money.
Filed CFPB Complaint against these Clowns, BBB, and State Attorney General.
P.S. BMO ALTO Reps have lied to me. BMO ALTO has 1/ NO mobile App 2/ No Chat feature 3/ No Internal Messaging forum 4/ No e-mail support 5/ Long hold times on phone that force leaving voicemails that are ignored 6/ No Wire Transfers-- what Mickey Mouse Bank doesn't accept/send Wires! You'll wind up kicking yourself for getting seduced by the interest rates. CAVEAT EMPTOR!
Great rates but comes with caveats:
1) You can't even create a CD online even though you have an internal account with them. You probably can do this if you call them but Ally Bank for years offers better online management
2) When CD matures, you literally have to call them to do anything other renew into the same CD. You don't even know what the renewal rate is. They make you call.
3) If you want to do anything off hours. eg. 9pm on a weeknight. Forget about it.
4) i personally find their app archaic and horrible to navigate.
We opened and funded two CDs, and 25 days later had still not received any email or USPS snail mails confirming the amounts or terms of the CDs. I wrote to FDIC, who forwarded my query to CFPB (Consumer Financial Protection), and rather than send a one page acknowledgement of having issued our $50k of FDIC insured CDs, they wrote back a 6 paragraph letter to the CFPB explaining that we needed to wait at least a month and then logon to their website and look for a monthly statement in the documents section of their website. If you're looking for anything resembling professional, responsible behavior, this is not the Bank for you.
40-50 people in front of you. then, they call you back and if you can't hear them/they can't hear you, they don't call you back again. They just move on. Bad customer service in that respect. Got denied for a CD, no specified reason, they said probably means they couldn't verify my identity. Well, maybe if you asked for my drivers license number and a copy of it, you could verify it. But you asked for nothing more than my name, address, birthday, and SS#. Then, they wouldn't let my husband put me as joint, they denied that, and with my CD, they denied my husband as joint. WHY? Makes no sense. They need to get their sh** together if they are going to branch off on their own online account. BMO Harris was a great bank to deal with, this Alto branch is a cluster fu**.
On 12/13/2024 filed the application to open a CD account and my application was denied. BMO Alto failed to confirm my identity and I cannot open a CD account. All my other financial institutions like credit cards, banks, brokerage companies do not have an identification problem except BMO Alto.
There are a lot of complaints about this company that they have problems with the identification of people and obviously management does not want to fix the problem of their system.
This company makes everything sound so easy but could not register us. Tbe worst wS 58 minutes on hold only ti be told he can't tell us why. Ridiculous. Went on to the next bank and was done in 15 minutes. Losers!
Kind of weird. Pretty straightforward information was collected. Few minutes to open an account, and seconds to decline. Wonder if they are just collecting personal information to sell. Anyone thinking about doing business with them should approach them with caution.
I opened an account at BMO/Alto just prior to December 1st. I originally funded the account with $25 through an ach deposit from one of my other banks. That deposit was followed by a $30K deposit which sat in my account for a while or until at least it cleared, which it did. I was looking at my account and discovered that two of my creditors attempted to set themselves up as External Accounts which I did not authorize. Before this discovery, I attempted to make two ACH Transfer to two different accounts. Which after 5 days they did not go through, so I called BMO/Alto bank to discuss this transfer and the attempted external accounts. The Rep put in a complaint for me, or so I thought. Based on the attempted fraudulent additions, I ask that the two ACH Transfer be cancelled until this is resolved. This was on December 1, 2023. My account was immediately locked up preventing me access to my account or my money. I did get through to the main number and was told that the Fraud Unit was investigating and would contact me in 3-5 business days, It is now the 16th of December and I have yet to hear from this so-called Fraud Unit. Both me and my attorney have made several attempts to contact this Fraud Unit and if we do happen to get someone to answer on the main number, they transfer us to a non-monitored line, and we sit on hold for a long time and in some cases over two hours and gave up. I want access to my account and my money as I now wish to close out this account. I know I am not alone with this problem as I have read other complaints. The question is, where do I go from here? They are holding over $30,069 hostage and I really need my funds. How are they allowed to get away with this? Time for the Feds to investigate this bank and seeing they are actually a Canadian Bank, prevent them from doing business in the USA.
This has been a nightmare to deal with. I opened the account and could not add my husband to the account. I then tried to make a deposit back into our shared savings account, and my account was locked. After trying to call for two weeks, I finally was able to talk to someone in the fraud department who told me my account was under review and my account was going to be closed?? They let me know I should receive a check for the balance in my account if they do decide to close in 45 BUSINESS days. 0/10 do not ever open an account here.
I was declined for opening a CD. I applied 3 times, so it wasn't a typo. This was just the start. I called customer service and was told NOTHING. They can only tell you:
1. That you have been declined
2. There is no appeal process
3. You cannot escalate
4. There is no supervisor
5. They don't know who the bank officers are
6. There is no headquarters address (only a PO Box)
7. if they send a customer complaint or problem, they don't ever get a response.
8. They have never heard of their CEO, Darryl White
I called BMO (BMO owns BMO Alto) - I have a LOT of money at BMO. Here's what they could tell me.
1. They don't have any way to communicate to BMO Alto
2. They don't have any way to escalate a problem
3. They can transfer me to BMO Alto
I'm thoroughly confident now that I will not be opening an account at BMO Alto. Ever. I'll be pulling my money OUT of BMO altogether. This is clearly a SCAM. They can offer the best CD Rates because you can't open an account.
Yes. I'll be moving forward with my complaints. This bank is touted on the financial pages as the 8th largest US Bank by assets!!! They aren't getting mine.
I opened a High Yield Savings Account within 5 minutes with BMO Alto. However, I became very concerned when it took more than 7 business days for the $5,000 transferred from my bank to show up in my BMO Alto High Yield Savings account. When the funds were finally posted, I waited a week, requested the funds to be transferred back, and closed the account on December 1, 2023. Today is December 12, 2023, and the money has not shown up in my bank account.
The ability to interact with this bank online is non-existent and you have to wait on the phone for an hour or more to talk to someone who doesn't know how to help you anyway. I know because I've called 3 times about my "missing" $5,000 !!!
I'm posting this information here to warn everyone I can DO NOT DO BUSINESS WITH BMO ALTO !!!
I applied for a BMO Alto CD and was declined. They want ChexSystems unlocked but don't tell you until after the rejection. I unlocked ChexSystems and was approved. Connected my bank account, waited 5 days, and transferred money to activate the CD. Called Customer Service, number 64 on the list of callers. Their call back service worked but took 6 hours for someone to call me back. Beneficiaries cannot be a trust and it takes 3 days for people to appear under beneficiaries.
A few days after opening the CD, I tried to open a Savings account. They make you complete a new application. You cannot authenticate as a customer then open a new account. Like last time, I thawed ChexSystems and applied. My application was rejected. What?
Here's the text of the rejection: Subject "Your BMO Alto application has been declined" Body: Hello
Thank you for your interest in BMO Alto. Unfortunately, your account application has been declined. If you believe you have entered information incorrectly, we invite you to re-apply.
Thank you for choosing BMO Alto.
Application ID:
Email ID: 105.01
** This is an unmonitored mailbox. Please do not reply to this email. **
I called BMO Alto. To my surprise, I was number 12. I used the call-back service and 90 minutes later, I received a call. The agent didn't verify me or ask for my account info, instead, they asked for the Subject line of the email I received. I told them and they proceeded to read me a script which went something like this: Don't use a work computer, don't use a VPN, double check all the info, and if you are declined, try again. They could not tell me what prevented my application from being considered or provide any helpful information on why my CD was approved and my Savings Account was declined. At about 8 minutes into the conversation, they told me I needed to have TransUnion unlocked. OK, I unlocked TransUnion, and tried again. Same decline email. I asked if I could speak with a Supervisor. No. I asked if I could have a Supervisor call me back. No. I explained I am an existing BMO Alto Customer already approved for a CD which has a bunch of money in it. They didn't care.
This was terrifying.
Why would they approve my CD and then not approve my Savings Account? Is this a scam? I applied 8 more times and each time I received the same rejection email. I was so furious, I attempted to close my CD. They do not allow closing of CDs within the first 14 days. I asked if the agent could verify me and then schedule a call back. They asked why I wanted someone to call me back, I said I wanted to ask about being denied. They told me no one could tell me that and they could not schedule a call back. More specifically, they are only allowed to read the script and tell the customer to try again. I said I wanted the call back to escalate the closure of my CD. They scheduled the call back. It took 6 minutes to submit the call back request.
Any bank that treats their existing customers like garbage doesn't deserve my business. The horrible reviews are all accurate. BMO Alto (opened in April 2023) is not respectable or responsible as a bank. It was a HUGE mistake to fund a CD through this bank.
My 100k is stuck with bmo. I tried to transfer 90k out of savings account last week. They didn’t allow the transfer and put a freeze on my account. In order to unfreeze, I was asked to call fraud department at 877 472 4347. I tried around 30 times till today, no one picks up the call and voice message is full. I contacted customer service (855 266 8100) couple of times and they were not ready to help. I have raised complaints with FDIC, CFPB and waiting for a resolution. Not worth the hassle and it’s very dangerous to see that a bank can hold on to our money for no reasons.
I have been on hold for hours today with questions about new accounts that I believe I was able to open.
Their account opening process is strange in that you have to open one account at a time (if you want to split up CD's since they don't allow partial withdrawals), bypass the funding after you've previously linked an external account and then pull money into the newly opened account from the external account as the last step.
I've never had to open an account like this, and I've been doing this for over 15 years. And since it is so bizarre I have questions, BUT NOBODY answers the phone. And then, they may or may not give you the option to stay in line and have them call back. Well, I've been waiting 6 hours and no call, so I'm back on hold for another hour!!
I've dealt with some lousy banks before but BMO goes right to the stop for the worst customer service I have ever had the displeasure of dealing with.
If you haven't opened an account, you should avoid BMO. It is not worth the wasted time and headaches.
When I couldn't get my money transfers to my external account I decided at that point to close both my savings and CD accts. This bank does not seem to recognize the fact that is YOUR MONEY not theirs. I strongly suggest you file a complaint with the CONSUMER FINANCIAL PROTECTION BUREAU. It can be done online and it is a very easy process. There is definitely something SHADY going on with this bank. It may not be as big as BERNIE MADOFF but a government agency needs to be notified about these complaints. CLOSE YOUR ACCOUNTS ASAP
Do not waste your time to apply for a CD with BMO Alto. As was not aware of how many bad reviews they have regarding this until now when I went through the same steps and got declined with in 2 seconds on-line and virtually with no explanation in the email they send you. I did apply a second time taking they word that maybe I entered something wrong, but no, same result. I called and there were 80 callers ahead of me and couple of hours after I received a call from CS rep that was polite but just read a statement that in a few words says that they will not give a reason. I have an excellent credit score, same address for many years, never had any issues with the law and legal status, employed for the last 24 years for the same organization, CD with other banks where I applied on line or in person, so no real reason to get declined. Not fair to have given all my personal information to this organization and not being able to get an explanation. It is just a SCAM to survey the market or for some other purpose that serves the interests of BMO Alto, but not to actually offer fair and correct services to their costumers. I wished I read the reviews prior to WASTE MY TIME with their application for 12 months CD, but since I did not I am taking the extra time to write this review hopping that other will find this useful.
Applied for joint account. Easy process - although my application was accepted and wife's denied. Have tried calling 3 times in 3 days. Each time there are > 50 callers ahead of me so I elect the "call back/don't lose your place in line" option. As of today, no response.
I read the reviews and I have to say that this was one of the easiest online applications I have ever done. Phone support has been very prompt as well and that is really important to me. The ACH transfer from M&T Bank to BMO was seamless. This is also a fairly large bank with an excellent rating so that is comforting as well. I will surpass a higher rate for financial size and stability of the bank and the long term CD rates are great. Remember to temporarily unfreeze your credit at the three major Credit agencies.
Tried to open five year cd filled out all the information as requested. I’ve been opening up CDs for decades and this is the first time I have been declined. No reasoning, no explanation nothing just you’ve been declined. I don’t know. May be a scam to get information. Be careful, lots of bad reviews for a good reason they really don’t want to open up a CD.
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.
I am moving and went online to change my address. It changed the zip code and unit number, but not the street name. I tried to correct it back to the old address and it said I did, but the account page still showed the incorrect info. So I tried to call, and there were 147 customers ahead of me.
I called the following morning and got through right away. She fixed my address. I also wanted to add a trust as a beneficiary, and BMO does not accept trusts as beneficiaries.
First, I am a BMO Alto customer and had no issues opening my first CD and Savings accounts online ... but that is where the honeymoon ends.
For days I have been trying to open a second CD and I am constantly being "declined". There is no explanation outside of check your information and try again.
Customer Service is basically NO HELP. Long Wait times starting very early in the morning (#48 in line at 6:35 a.m., 100+ in front of you later in the day). Once you get a rep on the phone, they cannot tell you why you are being declined, can only suggest that you didn't enter your data correctly (20 times?), clear your browser cache, verify that you unfrooze your credit reports, etc. I went to every credit agency and made sure all of my contact information matched and even copied the details from existing BMO Alto accounts!
They have no way of escalating a concern/issue and just advise you to "try again" -- for days!
So I tried to sign up for the 60 months CD (5.25 %) with my spouse as co-owner. My application went through, his application got rejected. Then we tried the other way around, my spouse owner and I am the co-owner. Now he got approved and my application got rejected. WTF!!! Signing up for a joint account is not only impossible, it is also implausible. Of course once rejected no way to appeal or get help. Stay away from BMO until they get their act together.
I have 2 accounts and the bank will not allow me to make anymore accounts accounts because I apply wrong ? I know my name , I know my address I know my phone AND i KNOW my ss# I know how to fill out an application, yet they act like its something I am doing wrong. They cannot open an account for you , you cannot check in log on and add accounts yet I can get to my account take money etc , They will not allow me to open a cd or any accounts and they have no clue why and they have no one they can refer me to who can fix their mistakes . The operators I speak with seem to be just phone people and have no authority to fix problems with their bank and they have no one they can refer you to speak with, I was told they have no email to get the problems taken care of as I guess that will leave a paper trail . O am scared if I have other problems how would I get my money . So far they did noy add a beneficiary as I asked them to > Everyone is polite but not helpful . It scary when the workers have no idea how you can fix a problem , I guess you have to go to the state department of banking and insurance. I was on the phone 2 hours I guess everyone was working from home was sleeping
I am trying to open a 5 yr. CD online and either get error messages or declined via email. Makes no sense as this has never come up anywhere else?
Excellent credit rating etc.? Waiting for a phone call back from customer service for 40 minutes already also? Make sure you are contacting BMO Alto as I had mistakenly called BMO and wasted a lot of time.
Good luck! I am going to keep trying!
I am an existing customer and when I tried to apply for a 5-year CD, my application get declined without any reason specified. MY credit score is 852.
I guess if they are not ready to do business, they should hide this kind of application.
This bank was beyond my expectations.
Opening a 5.65 % APY 12 months CD account online was fast and easy. They asked for my legal name, ss#, dob, and address. They then funded two small amounts to my outside bank account, which was done on the SAME DAY. Further, funding the CD account took just one day after verifying the outside bank.
The online account was modern and easy to navigate. Best of all, there was a section that asked what to do with the CD when it matures. I simply clicked on "close the account and send entire money back to my original bank" (there was no need to speak to customer service rep).
The only issue I had was having to call them to setup the beneficiary. It should have been an online capability.
They have an amazing 5.20 % APY for 60 months, which was very enticing.
1995 called and wants BMO Alto back!!
Never have I ever been involved with such a cluster F.
Closing on my house got delayed twice due to BMO Alto taking 5 days to transfer money to my BMO account.
I can’t believe a bank can have such poor service in this day and age. Feels like BMO has gone out of its way to thwart me EVERY step of the way.
I would pay money to give BMO Alto and BMO both negative 5 stars!!!
Wish I would have done a little more research instead of blindly trusting BMO! Hopefully others can learn from my mistake. Go somewhere else with your money!!!
I opened a BMO Alto savings account a few months ago and I couldn't be happier. Within a few hours, my account was up and running and the interest rate is phenomenal. Within the past few months, I've earned more interest than my traditional savings account (at my primary bank) has in the past 4 years. The two downsides are the following (1) if you're an individual that needs/relies on customer service services and (2) if you want to sync this account with budgeting platforms (such as Mint) as it does not do that. BMO Alto does not offer certain services to keep costs down, and the trade off is the amazing interest rate. This is my "hidden" savings account as I currently bank elsewhere - I don't look at it and just let it build up. 10/10 for my needs.
I've had a BMO Harris checking account for years. I opened an Alto BMO account a month ago and put $5k in. Last Thursday I started a transfer to my checking account, within BMO, and it said the transfer was under review. I'm in the middle of buying a house and needed the money so I called them on Friday and they said the money would be available tuesday b/c it needed to be reviewed. I need the money so I call Monday to confirm it will be available Tuesday and I'm told it won't be for another couple days. The rep is cold and RUDE. I ask for a manager but of course there isn't one available. I call Tuesday, another moron rep who doesn't even understand what I'm talking about. She tells me it won't be available until the following MONDAY!!! That's over a week to transfer MY OWN MONEY within the SAME FUCKING BANK. Steer clear of this scam. I don't know if I'll ever get my money back from them! I'm closing all BMO accounts as a result of this.
Tried to withdraw 8k out today and have it transferred to my linked external account, and I received a message that the transaction is under review and gave me a reference number, It doesn't show up a pending/scheduled transaction either- - nor do you get an email notification.So I called them and they told me my transfer had to be approved??
Has anyone run into this and were you able to get your funds out? pretty upset with this. I have both Marcus and Ally saving accounts and I have never had this issue.
Did the application online and was accepted quickly and easily. Had to call customer service to get my Portal Login established. There were 50+ callers in the que ahead of me, but got a call back in about 1 hour. Very courteous representative.
Once in the portal it took no time to setup linked 3rd party bank to pull money from to fund CD. Called customer service again to set up an auto transfer of monthly interest out to the 3rd party bank. Again, got a quick call back and the request process was very easy.
Great experience all around.
800+ credit score. Immediately declined for no specific reason. Tried to call and prompt said 47 calls in front of you. Received email “ Thank you for your interest in BMO Alto. Unfortunately, your account application has been declined. If you believe you have entered information incorrectly, we invite you to re-apply.
Thank you for choosing BMO Alto.”
Makes zero sense.
It declined my application to open a 5-year CD. No reason. No help calling them. My credit rating is over 800. Maybe it is a bait and switch and they really don't want to offer long-term CDs at those very high rates.
After a handful of deposits over the course of several months, I scheduled my fist withdrawal well ahead of time.
Received an email confirming that the transfer had been processed the Sunday morning before the scheduled Monday transfer date. Odd, but ok.
That same confirmation email referred to it as a "recurring funds transfer." It was decidedly not. It was a one time transfer. Again, odd.
Accessed my account online and couldn't find any indication of the requested withdrawal. Nothing pending. Nothing scheduled. No change to the available balance. Nothing at all.
When I called on Monday, I was told that the transfer would be completed by the end of business. It was not.
When I called Tuesday, I was told that the transfer had been "reviewed and returned." I was also told that there would be no other notification. That's right - they cancelled my transfer and had absolutely no intention of telling me that they did so, let alone why.
I have requested that they notify me of who reviewed, and why they subsequently cancelled my transfer, but I'm not holding my breath.
They can kiss off. I'm closing the account.
Online services are decidedly spartan. The website appears crafted by a high school student.
Easy enough to speak to a rep. I've encountered 5-15 minute waits.
Here's the thing -- BMO Alto will gladly take your deposit, but getting money out is another matter.
There is a seemingly arbitrary, undocumented limit on withdrawals. Any withdrawal beyond that amount is subject to 'review', which takes up to two business days. And, once you close the dialogue box informing you of the review, there's no record of the pending transaction. NONE.
After the review, processing the transaction takes an additional two business days.
So, if you can wait a week to get money out, it's a decent enough option backed by a large institution.
If you can wait.
Initially, I was perplexed at all the bad reviews. I opened up a CD in about 5 minutes. Great!
The online site is pretty sparse for the online only division of a huge bank. I tried to connect three external accounts automatically and the all failed. I did the micro-deposits and that worked. The account was funded a few days later and all was fine.
I wanted to open the savings account, but there is no way to do it once logged in. You have to go to their site and enter all your info again, as if you’re a new customer (you know me!). Oddly, they have no real identity verification (no uploads of driver’s licenses or proof of address and no questions about what your phone number was in 1974). I was declined. No reason given. I tried to open another CD… declined.
I was fine as a customer a few days ago, but not today! I still have the same 830+ credit score and they are the only addition to my ChexSystems report.
Looking at Reddit, there are many complaints of being declined for no reason. Customer service has no answers. They don't even have a messaging system when you're logged in, so you need to call.
Get it together BMO! Basic competence shouldn't be hard.
As others have stated, I applied for a CD and I was denied. My biggest frustration is they do not (and will not) tell you why your application was denied. Now they have my personal info (including SS#), and its probably a matter of time before I get a data breach notification. I wouldn't waste my time with BMO Alto.
I tried to open a CD, got an e-mail that my application was rejected. I contacted Customer Service and was told they don't know why and there is no one to talk with about the reason. Who runs this company, perhaps it's an AI robot.
Didn't expect this kind of service from such a large bank. I'll take my money elsewhere.
APPROVED MY ACCONT WITH NO PROBLEM BUT DID NOT APPROVE WIFE AS A JOINT ACCOUNT
HOLDER AND WHEN CALLED IN TO FIND OUT THE REASON THEY COULD NOT TELL ME AND DID NOT CARE TO SOLVE THE PROBLEM
Those bad reviews posted do not make sense at all. I opened 2 new accounts within minutes, the process was as easy and quick as can be.
I called customer service 3 times with question and to add beneficiaries. 2 times the call was answered within 2 minutes, 1 time I opted for the call back option and they called me back within 30 minutes. All employees were professional and knowledgeable.
The website is clear and easy to navigate.
Will move more money here, A+ rating.
I am a customer of BMO Harris Bank with investments, mortgages, and various deposit accounts. I tried to open an account with BMO Alto to get the attractive savings and CD rates. My application was declined. Called the help number and all they could tell me was various possible reasons for the decline, nothing specific to me. I checked the credit agencies to make sure there weren't any freezes, reapplied, making sure there were no typos or missing information, and was declined again. We tried just my wife and she was declined. There is nothing they can do to tell why we were declined and no way to escalate the problem. A truly frustrating experience.
1-No customer service email to manage all of the issues you will have with this company.
2-It was nearly impossible to get my husband added to the account when I first opened it but we did get past that hurdle.
3-Logging in only seems to work about half of the time without incident or issue.
4-Today, I was completely unable to login and then their customer service rep implied that I was an idiot that didn't know my login and that was the issue. THEN THEY HUNG UP ON ME
5-The other methods of account verification don't work. I was fed a list of phone numbers that are not mine for the text verification and when asked for my social security number I was told that it didn't match any records.
This was a miserable experience. No app, no customer service. I pulled all of my money out today and will find another bank that is easier to work with going forward.
Horrible experience.
Unable to add spouse as co-owner on a new account.
My first month as a customer I had opened a savings account and a cd with spouse with no problem.
Following month opened a 2nd cd. BMO denied my spouse as co-owner on new CD even though was listed as co owner on other prior accounts;
Phone representative informed me there is no form or procedure for adding a new co -owner and no way to repeat the application process.
They use an outside company for a background check which denied my spouse; I did a credit check on my spouse and found no credit faults; we were giving a bank money for a cd and not asking for a loan; not sure why a background check was needed;
I will not be doing any further business with this company. Please avoid this company and pass the word along; do not be tempted by their higher interest rates; it is not worth the risk.
Due to very tempting interest rates, I opened a CD. However, any subsequent product was continuously declined with no information why. In retrospect, I'm thankful I have not been able to open any other products with them. When called on their customer service number, the lady couldn't tell me why my applications are denied and she couldn't put me through anyone who can. She took all my information and when I asked her to confirm my phone and email from her records, she couldn't do so. I'm not even sure if I was talking to the correct person. On top of that, she was quite rude. Each time I asked about the turnaround time or how will they get back to me. She said 7-10 days to review and said she'll disconnect the call which she eventually did because she couldn't answer my questions.
Please stay away from these folks. I have to now see how I can withdraw my money back.
I was tempted to open an account by the competitive APY. Their customer service is non existent. After getting married I called to request adding my husband to my account. I was told this was impossible and instead I’d need to open a new joint account. Fine…except I was denied over and over despite a credit score above 800. No one could tell me why I was denied and when I asked for escalation they stated they could enter a ticket but their supervisor wouldn’t call back because there was no action to be taken. Absolutely insane. Do NOT give them your hard earned money.
It is easy to put your money in, but so far, I cannot get it out. I want to take it out because there is NO WAY to add a beneficiary or joint owner. There are ALWAYS 53 calls ahead of you when you call customer service. Through another number, I got through after an hour and they said I could add a joint owner but I got cut off and they did not call back. My external bank has made several test deposits to the new BMO accounts but none of them show after days, and since you cannot talk to anyone, how can an external bank get verified so that I can move my money OUT of BMO. This is a frightening bank.
After I signed up for an online savings account and made a deposit, I included all my husband's info so he'd be added to the account. He received three e-mails from BMO Alto, and each time it said "Sorry, we couldn't find anything that matched the information entered."
Mind you, the information entered was simply his name, e-mail address and phone number, and they'd just sent him the request for info to complete our application! They already knew his e-mail address.
I spent a half hour on the phone this morning with a BMO Alto rep. Her suggestion: Complete the information when it is sent to his e-mail. So there we have it: A catch 22 because we CAN'T complete their application to add my spouse onto this account. I really like their interest rate, but if this doesn't get resolved soon I'll switch to another online bank. I've used a couple of them before and NEVER had this kind of problem.
BMO Alto, an online only bank, as part of BMO Harris Bank, https://alto.bmo.com cannot provide adequate customer support or service. Their joint application process is ineffective since their emails don't go through to the second applicant. There is no alternate method for adding a joint account owner. You must designate a beneficiary over the phone (not on their website) but they will not provide any documented proof in their online account nor via email. I understand they are an online bank only but the basics of being able to add an account holder and being able to view the status of your account with regard to beneficiary is a basic need that they are not able to fulfill. Customer service refused to help, refused to escalate the issue, refused to do anything to resolve either problem. I won't be investing with them ever again.