BMO Alto Reviews

Average Rating:
Based on 65 review

Definitely Hokey

And not ready for prime time. The web banking contains an error message directing the user to a competitors phone number. I'm sure they will get their act together in the future but until then.

False Fraud Detected But Resolved

Posted by: |

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.


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...


Posted by: |

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!!

Useless Customer Service!

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!

No One Is Home

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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.

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.

Don't Waste Your Time

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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.

Bad Experience

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.

Awful Experience Opening Account

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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.

CAVEAT EMPTOR! Fraudsters Froze Acct. After Bungling Transfers

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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 CD Rates But Horrible Online Account Management

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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.

Not Sure Yet If They Are Thieves, Or Just Unprofessional

Posted by: |

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.

Why No Chat Or Email, Only Phone Call?

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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**.

Account Opening

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.

Not Worth It

Posted by: |

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!

"Your Account Application Has Been Declined."

Posted by: |

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.

BMO/Alto Fraud Unit Is Non-Existent

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.

Do Not Open

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.


Posted by: |

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.

Easy To Open ... Impossible To Get Your Money

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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 !!!

Horrific Is An Understatement.

Posted by: |

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.

Bank Is Not Allowing To Take Out The Money

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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.

Nightmare Of A Bank

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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

Don't Waste Your Time.

Posted by: |

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.

Ghosted Me

Posted by: |

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.

Positive Easy To Open

Posted by: |

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.

No C/D For You

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.

Easy And Fast

Posted by: |

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.

Problems With BMO Alto

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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.

Great Rates - IF You Can Get Them.

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!

Worst Experience Ever

Posted by: |

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.

Horrible Customer Service Cannot Help And Cannot Refer You To Anyone

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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

Keep Getting Declined?

Posted by: |

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!

An Existing Customer Get Application Declined

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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.

Very Easy To Open

Posted by: |

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.


Posted by: |

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!!!

Very Happy With BMO Alto

Posted by: |

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.

Total Garbage Bank

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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.

Not Able To Transfer Funds Out To External Account

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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.

Don't Do It

Learn from my experiences NO NO NO

Easy 5 Yr CD

Posted by: |

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.

Declined Immediately

Posted by: |

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.

This Is A Scam!

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.

Whose Money Is It Anyway?

Posted by: |

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.

Good Rate -- If You Can Wait

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.

Great Rates, But Not Ready For Primetime

Posted by: |

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.

Denied For A CD

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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.

Worst Experience

Posted by: |

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.



Best Experience To Open New Accounts

Posted by: |

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.

Could Not Be Easier

When I saw the terrible reviews it almost put me off. My own experience was as follows. I called to ask some questions over joint accounts and interest payments. My call was answered in less than a minute and I didn't have to endure talking to some robotic device that didn't understand me. The online application and funding through ACH was flawless. Adding my wife as co-owner went exactly as planned. Now, less than 18 hours after starting the process we have a fully funded co-owned CD and interest being paid to the funding account starting end of November. The call to customer service to direct interest payments was again answered quickly.

Poor Registration Process And Unhelpful Customer Service

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.

Only Frustration

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.

Spouse Denied As Co-Owner

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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.

Warning: Pathetic Customer Service

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.

Tempting APY

Posted by: |

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.

The Previous Reviews Are Correct - Terrible Service

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.

Poor Online Capabilities For BMO Alto

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.

Poor Online Capabilities And Service

Posted by: |

BMO Alto, an online only bank, as part of BMO Harris Bank, 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.

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