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Fact Check: Is BMO a good bank?

Fact Check: Is BMO a good bank?

Published May 10, 2025
by TruthOrFake
±
VERDICT
Partially True

# Is BMO a Good Bank? ## Introduction The claim regarding BMO (Bank of Montreal) as a "good bank" encompasses various aspects, including customer sat...

Is BMO a Good Bank?

Introduction

The claim regarding BMO (Bank of Montreal) as a "good bank" encompasses various aspects, including customer satisfaction, service quality, and product offerings. Evaluating this claim requires a thorough examination of user reviews, expert analyses, and the bank's overall reputation. This article will analyze available sources to provide a comprehensive overview of BMO's standing in the banking sector without reaching a definitive conclusion.

What We Know

BMO is a significant financial institution with over $265 billion in assets, ranking as the 13th largest bank in the United States as of December 31, 2023 5. The bank offers a range of services, including checking and savings accounts, loans, and credit cards. Customer reviews of BMO vary widely, indicating a mixed perception of its services.

  1. Customer Ratings: According to WalletHub, BMO has received 1,847 user ratings, though the specifics of these ratings are not detailed 1. Bank Branch Locator reports a customer satisfaction rating of 2.9 out of 5 stars based on 514 votes 2. Trustpilot reviews show a more negative sentiment, with many users expressing dissatisfaction with customer service and account management 38.

  2. Expert Reviews: Bankrate and Forbes Advisor provide expert analyses of BMO's offerings, highlighting both advantages and disadvantages. For instance, Bankrate discusses the bank's competitive product offerings but also notes potential drawbacks in customer service 47.

  3. Consumer Affairs: This platform indicates that BMO is a legitimate, FDIC-insured institution, suggesting a level of trustworthiness 6. However, the reviews on ConsumerAffairs also reflect significant customer complaints, particularly regarding service issues.

  4. Better Business Bureau (BBB): BMO has a low customer review rating of 1.04 out of 5 stars based on 423 reviews, indicating substantial dissatisfaction among customers 9.

Analysis

The evaluation of BMO as a "good bank" is complicated by the diversity of sources and the mixed nature of customer feedback.

  • Source Reliability:

    • User Reviews: Platforms like WalletHub and Trustpilot provide user-generated content, which can be subjective and vary widely based on individual experiences. While they offer insights into customer sentiment, they may not represent the overall customer base accurately.
    • Expert Reviews: Sources such as Bankrate and Forbes are generally considered reliable due to their established reputations in financial analysis. However, potential biases exist; for example, these sites may have affiliations with financial institutions or receive advertising revenue from them, which could influence their assessments 47.

  • Customer Complaints: The high volume of negative reviews on platforms like ConsumerAffairs and BBB raises concerns about BMO's customer service and operational practices. Many complaints focus on issues such as account management and responsiveness, which are critical factors for evaluating a bank's quality.

  • Methodology: The methodologies used by different sources to gather and present data vary. User review platforms often rely on voluntary submissions, which can lead to skewed results if only dissatisfied customers choose to leave feedback. In contrast, expert reviews typically involve more structured evaluations but may still reflect the reviewers' biases or experiences.

What Additional Information Would Be Helpful?

To further assess whether BMO is a good bank, additional information would be beneficial, including:

  • Detailed breakdowns of customer complaints and resolutions.
  • Comparative analyses with other banks in similar categories.
  • Insights into specific banking products and their performance over time.
  • Surveys or studies that quantify customer satisfaction across various demographics.

Conclusion

Verdict: Partially True

The claim that BMO is a "good bank" is partially true, as the evidence presents a mixed picture. While BMO is a legitimate financial institution with a wide range of services, customer satisfaction ratings are notably low across various platforms, indicating significant dissatisfaction among users. Expert reviews highlight both competitive product offerings and notable drawbacks, particularly in customer service.

This verdict acknowledges the complexity of evaluating BMO's overall quality. The diversity of customer experiences and the potential biases in expert reviews contribute to the uncertainty surrounding the claim. Additionally, the reliance on user-generated content can skew perceptions, as those with negative experiences may be more likely to leave reviews.

Readers are encouraged to critically evaluate information about financial institutions and consider their own needs and experiences when assessing whether BMO or any other bank is a suitable choice for them.

Sources

  1. BMO Bank Reviews: 1,847 User Ratings - WalletHub. Retrieved from WalletHub
  2. BMO Bank Reviews & Complaints - Bank Branch Locator. Retrieved from Bank Branch Locator
  3. BMO Harris Bank Reviews | Read Customer Service Reviews of www.bmoharris.com. Retrieved from Trustpilot
  4. BMO Bank Review 2025 | Bankrate. Retrieved from Bankrate
  5. BMO Bank Review - U.S. News. Retrieved from U.S. News
  6. BMO Bank Reviews - ConsumerAffairs. Retrieved from ConsumerAffairs
  7. BMO Review 2025 - Forbes Advisor. Retrieved from Forbes
  8. BMO Financial Group Reviews | Read Customer Service Reviews of www.bmo.com. Retrieved from Trustpilot
  9. Reviews - BMO Bank N.A. Retrieved from BBB
  10. BMO Bank Review: Analysis of Services, Fees, and Customer Experience - Business Insider. Retrieved from Business Insider

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Fact Check: How nuts is Mark Carney? Perhaps nuttier than you think. Have a read of this piece in the Financial Post, by Matthew Lau. "Having left his gig as UN Special Envoy for Climate and Finance to lead the federal Liberal government, Mark Carney is now in a position to focus his and Greta Thunberg’s global climate crusade squarely on Canada. The crusade, Carney boasted back in 2021 while in his previous role, is worth many trillions of dollars. As he told CBC News at that year’s UN climate conference, “We have banks, asset managers, pension funds, insurance companies from around the world — more than 45 countries — and their total resources, totalling US$130 trillion” dedicated to transitioning the world’s economy away from fossil fuels. That dollar figure is higher than global GDP. Last month, Carney laid out Canada’s required contribution to his climate ambitions: “Canada must invest $2 trillion by 2050 — about $80 billion per year — to become carbon competitive and achieve Net Zero. However, investments in decarbonisation currently run between $10–20 billion annually.” The implication is that another $60-70 billion a year will need to be wrung out of Canadian businesses and consumers, either through direct taxation and government spending or with regulatory browbeating to push Canadians’ savings and investments into global warming initiatives. Carney has made no effort to hide his agenda to browbeat businesses into joining his and Greta Thunberg’s climate crusade. In a 2021 interview he declared, “We need a sustainable economy, and is your business aligned with that? Are your hiring practices consistent with that? Are you developing people in a way that’s consistent with that? Ultimately, what’s being asked of businesses when it comes to climate is, do you have a plan for net-zero? Canada has a legislated objective for net zero alongside another 130 countries.” “A Swedish teenager,” Carney continued, referring to Thunberg, “can figure out the carbon budget and that we have less than 10 years and you have to get to net-zero to stabilize it and if you’re a company and you have purpose, well, what’s your plan? And all these plans need to come together.” This is utter insanity: under Justin Trudeau Canada suffered rapidly declining business investment and now his successor wants the country’s business leaders to take financial planning directives from Greta Thunberg. While the federal government barrels down the road to net-zero impoverishment for Canada, everyone else is looking for the exit ramp. In January, six of the largest U.S. banks — JPMorganChase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley — quit the Carney-led net-zero banking alliance. Canada’s Big Six Banks — RBC, TD Bank, BMO, Scotiabank, CIBC and National Bank — have quit the initiative as well. Even Europe is beginning to back off on government piling climate obligations onto businesses in the name of fighting global warming. As the Wall Street Journal reports, the EU is watering down its climate accounting policies “amid pushback from member states and companies within the bloc over the new rules, which they say would have increased costs and reduced the competitiveness of their business.” Specifically, regulations previously scheduled for this year would have forced companies “to report in detail on their environmental, social and corporate-governance performance while making significant cuts to the emissions from within their supply chain.” The EU is now dropping, weakening or postponing many of these climate regulations, so that businesses will be able to better “grow, innovate, and create quality jobs.” This is effectively an admission that piling climate obligations and environmental reporting mandates onto businesses prevents them from growing, innovating and creating good jobs. Unfortunately, Mark Carney is all about climate obligations and reporting mandates. The road Canada is currently marching down for climate-related financial disclosures is based on a framework proposed by a task force Carney initiated in 2015. His aforementioned Thunberg-praising interview was not with an environmental journalist, but with Pivot Magazine, which is published by CPA Canada, the accounting industry’s national association. “We cannot get to net-zero without proper climate reporting,” he insisted, speaking of the need for “one core global standard” for climate accounting and reporting. A global climate reporting standard to help push trillions of dollars — yes, trillions with a “T” — from Canadian workers and taxpayers into Mark Carney and Greta Thunberg’s climate crusade? After a decade of Justin Trudeau’s ruinous policies weakening Canada from coast to coast, there could be little worse for the country and its economy than a Liberal government led by Mark Carney." The Financial Post

Detailed fact-check analysis of: How nuts is Mark Carney? Perhaps nuttier than you think. Have a read of this piece in the Financial Post, by Matthew Lau. "Having left his gig as UN Special Envoy for Climate and Finance to lead the federal Liberal government, Mark Carney is now in a position to focus his and Greta Thunberg’s global climate crusade squarely on Canada. The crusade, Carney boasted back in 2021 while in his previous role, is worth many trillions of dollars. As he told CBC News at that year’s UN climate conference, “We have banks, asset managers, pension funds, insurance companies from around the world — more than 45 countries — and their total resources, totalling US$130 trillion” dedicated to transitioning the world’s economy away from fossil fuels. That dollar figure is higher than global GDP. Last month, Carney laid out Canada’s required contribution to his climate ambitions: “Canada must invest $2 trillion by 2050 — about $80 billion per year — to become carbon competitive and achieve Net Zero. However, investments in decarbonisation currently run between $10–20 billion annually.” The implication is that another $60-70 billion a year will need to be wrung out of Canadian businesses and consumers, either through direct taxation and government spending or with regulatory browbeating to push Canadians’ savings and investments into global warming initiatives. Carney has made no effort to hide his agenda to browbeat businesses into joining his and Greta Thunberg’s climate crusade. In a 2021 interview he declared, “We need a sustainable economy, and is your business aligned with that? Are your hiring practices consistent with that? Are you developing people in a way that’s consistent with that? Ultimately, what’s being asked of businesses when it comes to climate is, do you have a plan for net-zero? Canada has a legislated objective for net zero alongside another 130 countries.” “A Swedish teenager,” Carney continued, referring to Thunberg, “can figure out the carbon budget and that we have less than 10 years and you have to get to net-zero to stabilize it and if you’re a company and you have purpose, well, what’s your plan? And all these plans need to come together.” This is utter insanity: under Justin Trudeau Canada suffered rapidly declining business investment and now his successor wants the country’s business leaders to take financial planning directives from Greta Thunberg. While the federal government barrels down the road to net-zero impoverishment for Canada, everyone else is looking for the exit ramp. In January, six of the largest U.S. banks — JPMorganChase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley — quit the Carney-led net-zero banking alliance. Canada’s Big Six Banks — RBC, TD Bank, BMO, Scotiabank, CIBC and National Bank — have quit the initiative as well. Even Europe is beginning to back off on government piling climate obligations onto businesses in the name of fighting global warming. As the Wall Street Journal reports, the EU is watering down its climate accounting policies “amid pushback from member states and companies within the bloc over the new rules, which they say would have increased costs and reduced the competitiveness of their business.” Specifically, regulations previously scheduled for this year would have forced companies “to report in detail on their environmental, social and corporate-governance performance while making significant cuts to the emissions from within their supply chain.” The EU is now dropping, weakening or postponing many of these climate regulations, so that businesses will be able to better “grow, innovate, and create quality jobs.” This is effectively an admission that piling climate obligations and environmental reporting mandates onto businesses prevents them from growing, innovating and creating good jobs. Unfortunately, Mark Carney is all about climate obligations and reporting mandates. The road Canada is currently marching down for climate-related financial disclosures is based on a framework proposed by a task force Carney initiated in 2015. His aforementioned Thunberg-praising interview was not with an environmental journalist, but with Pivot Magazine, which is published by CPA Canada, the accounting industry’s national association. “We cannot get to net-zero without proper climate reporting,” he insisted, speaking of the need for “one core global standard” for climate accounting and reporting. A global climate reporting standard to help push trillions of dollars — yes, trillions with a “T” — from Canadian workers and taxpayers into Mark Carney and Greta Thunberg’s climate crusade? After a decade of Justin Trudeau’s ruinous policies weakening Canada from coast to coast, there could be little worse for the country and its economy than a Liberal government led by Mark Carney." The Financial Post

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