Bank of Montreal paid a $4 million penalty over improperly charged monthly-plan fees
Company: Bank of Montreal
Summary
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