US EditionBMO fined $4 million by watchdog for overcharging customers on discounted plans
The Financial Consumer Agency of Canada fined BMO $4 million for failing to disclose fees properly, affecting over 100,000 customers and prompting $3 million in refunds.
- On Feb. 2, 2026 the Financial Consumer Agency of Canada applied a $4 million penalty on Bank of Montreal for overcharging customers, The Canadian Press reported from Ottawa.
- The FCAC said the violations involved charging monthly plan fees that should have been waived or discounted, despite receiving more than 500 customer complaints.
- About 101,091 customers were affected between 2010 and 2024, and BMO issued refunds totaling more than $3 million, with a $600,000 donation for unrecoverable amounts.
- A BMO spokesperson said the bank reimbursed customers, reported the issue to the FCAC, and holds itself to high standards, despite the $4 million penalty for overcharging.
- Notably, reporting named the Financial Consumer Agency of Canada as the federal watchdog overseeing the case involving Bank of Montreal .
14 Articles
14 Articles
BMO Fined $4M for ‘Erroneous Charges’ Affecting 100K Customer Accounts
The Bank of Montreal was fined $4 million after “erroneous charges” for monthly plan fees affected more than 100,000 customers, the Financial Consumer Agency of Canada says. Citing violations of consumer provisions in the Bank Act, the Financial Consumer Agency of Canada (FCAC) said in a Feb. 2 news release that the bank failed to properly disclose details about monthly plan fees that “should have been waived or discounted for certain personal d…
The Financial Consumer Agency of Canada (FCAC) imposed a penalty of $4 million on the Bank of Montreal (BMO) for overbilling its customers after failing to properly disclose the details of the charges.
Winnipeg Free Press
BMO fined $4 million by watchdog for overcharging customers on discounted plans
Breaking News, Sports, Manitoba, Canada
FCAC states that the BMO failed to properly disclose the details of the charges. The post BMO was sentenced to a penalty of $4M for overbilling appeared first on Les Affaires.
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