Bank of Montreal Rotten Score Breakdown

The Financial Consumer Agency of Canada announced that Bank of Montreal paid a $4 million administrative monetary penalty on April 22, 2025, after more than 101,000 customers were improperly charged monthly-plan fees between 2010 and 2024. BMO refunded more than $3 million to affected customers. Under the applicable statutory process, payment of the penalty deemed the bank to have committed the violation. Primary source: https://www.canada.ca/en/financial-consumer-agency/news/2026/01/fcac-announces-an-administrative-monetary-penalty-paid-by-the-bank-of-montreal.html

On August 8, 2023, the U.S. Commodity Futures Trading Commission ordered Bank of Montreal to pay a $35 million civil monetary penalty for failing over a period of years to preserve business communications conducted through unapproved channels such as personal texts and WhatsApp, and for related supervision failures. The CFTC order states that BMO admitted the facts in the order. Primary source: https://www.cftc.gov/PressRoom/PressReleases/8762-23