Fact Check: Is BMO a good bank?

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