BMO Harris

Report Card
A-
Overall Grade
B
Mortgages Grade
A
Debt Collection Grade
A
Credit Cards Grade
BMO Harris is rated overall in the top 94 percentile (out of 100) based on 514 customer complaints.

Statistics

Complaints Currently In-Progress3
Complaints per $100K of Deposits6.6
Complaints Resolved in a Timely Manner98.6%
Resolutions Disputed by Customer26.3%
Average Time Until Resolution37 days

Financial Report

Owner CorporationBank Of Montreal
EstablishedMay, 1947
FDIC InsuredMay, 1947
FDIC Certificate #016571
Number of Branches672 (4 International)
Total Assets$98.5 Million (20th)
Total Deposits$78.2 Million (18th)
Total Equity$15.1 Million (16th)
Quartarly Net Income$59.7 Thousand (40th)

Contact Information

Corporate Headquarters
111 West Monroe Street
Chicago, IL 60603
United Statesflag
Website
http://www.bmoharris.com
Data Summary
BMO Harris logo

Grade Summary

Overall, BMO Harris received a grade of "A-" based on how quickly the company responded to complaints, how often customers disputed their final resolution, and how many complaints were recieved per customer.

Grades are also broken down by the financial products offered be each institution. BMO Harris is rated "B" in Mortgages, "A" in Debt Collection, "A" in Credit Cards, and "B" in Bank Account Services. Click on any of the financial products to see how BMO Harris compares.

Overview

BMO Harris has received 514 consumer complaints since December, 2011 – more than 97% of other banks.

Of those complaints, 98.6% of complaints were resolved in a timely manner. The CFPB allows 60 days to resolve complaints before considering them 'untimely.' BMO Harris meets the 60-day response deadline more frequently than 50.2% of other banks.

After companies respond to complaints, customers may dispute the response indicating that the issue was not resolved adequately. 26.3% of customers dispute BMO Harris's response to complaints — worse than 82.8% of other companies.

Most of BMO Harris's customers complain about mortgages with the primary issue being "loan modification,collection,foreclosure."

BMO Harris is primarily a commercial bank with no specific specialization. BMO Harris is based in Chicago, Illinois and is the 20th largest FDIC insured bank in America.

Naturally larger banks receive more customer complaints than smaller ones. This does not necessarily indicate that a bank is better than another in terms of service and customer support.

However, even after adjusting for bank size and number of customers, BMO Harris receives far more complaints than most other banks. BMO Harris recieves more complaints per customer than 97% of other banks – customers are significantly more likely to file complaints than customers of most other banks.

Corporate Headquarters
Complaints by Product
Complaints by State
Complaints Against BMO Harris
#Financial ProductSub-ProductComplaint IssueComplaint Count
1MortgageOther mortgageLoan modification,collection,foreclosure61
2Bank account or serviceChecking accountAccount opening, closing, or management46
3MortgageOther mortgageLoan servicing, payments, escrow account42
4MortgageHome equity loan or line of creditLoan servicing, payments, escrow account38
5Bank account or serviceChecking accountDeposits and withdrawals36
6Bank account or serviceOther bank product/serviceAccount opening, closing, or management22
7Consumer loanVehicle loanManaging the loan or lease21
8MortgageConventional fixed mortgageLoan modification,collection,foreclosure20
9Bank account or serviceChecking accountMaking/receiving payments, sending money16
10MortgageConventional adjustable mortgage (ARM)Loan servicing, payments, escrow account16
Responses From BMO Harris
#Company ResponseResponse CountTimely Response CountDisputed Count
1Closed with explanation435434 (99.8%)124 (28.5%)
2Closed with monetary relief5855 (94.8%)7 (12.1%)
3Closed with non-monetary relief3535 (100%)5 (14.3%)
4Closed without relief2727 (100%)11 (40.7%)
5Closed with relief1817 (94.4%)1 (5.6%)
6In progress44 (100%)0 (0%)
7Untimely response20 (0%)0 (0%)
8Closed22 (100%)0 (0%)
Complaints over the Past Year