Why You Shouldn't Bank with BMO Harris

Before I get started, let me clarify one thing: I am not one to go on social media and blast a company. I am not one to get on the phone with a representative and curse them out or tell them off in any way. In fact, I have even received gift certificates and such because I am so easy to deal with (or at least that's what I am told at the end of the conversation).

Needless to say for anyone who knows me, it takes a lot to get me riled up. One bank has found a way to achieve this honor, though.

Before we discuss the ineptitude of BMO Harris, let me tell a quick (or not-so-quick) backstory on why I am dealing with this bank in the first place. Also, I should clarify that any legal discussion included in this post is how I know and have been told the law; I am not a legal writer nor do I have any type of background in state or federal law.

It all started two years ago when I was living in Dallas, Texas (I now live in my hometown, St. Louis, Mo). I bought a Kia Soul and was financed through BMO Harris. Everything seemed fine at first; I signed up for automatic bill pay and never even talked to anyone at the bank except for the initial conversation of how I wanted to set up payments.

An important piece of information here is that Texas is not a title-holding state. This means that the lien holder (BMO) keeps the title until the car is completely paid off.

Fast forward to last summer (2014). I moved back to Missouri (a title-holding state) a few months before and I am looking to get Missouri plates on my vehicle. This is when I find out that I'm supposed to have my title, as I had notified BMO that I had moved back to Missouri and, legally, they had 10 days to send me my title. This was never done, and by some miracle in DMV mishaps, I am awarded Missouri plates without them seeing a copy of my title.

RIP Joliet, the 2013 Kia Soul

Fast forward one more time to a little over a month ago (July 2015). I get in a car accident and my Soul is deemed totaled, meaning my insurance company would provide BMO with a check to pay off most of what is remaining on my car, with a little remainder coming from my personal banking account. The insurance company is dumbfounded that I don't have my title, as I had completely forgotten about how I'm supposed to have my title. Instead of me going about getting it, they simply send BMO a power-of-attorney form, complete with my signature, to obtain the title so they can continue with doing what they need to do. This was in mid-July.

Meanwhile (and don't worry, we are quickly approaching the point), I buy a new car on July 31 and am provided with temporary plates that are good until Aug. 29. After I receive confirmation from my insurance company that they have paid what we agreed on the Kia Soul, I go into BMO on Aug. 11 and pay the remainder. I am told by the personal banker that there is a one-day waiting period on the check, then five business days for processing. Fine, whatever, the car is getting paid off, that's all I care about.

I then go into the DMV on Aug. 20 (seven business days after going into BMO) with all information needed to transfer plates, including a tax waiver from my insurance company so that I don't have to pay the astronomical sales tax that comes with buying a car. The male attendant has trouble finding the car within his database and discovers, basically, that the car has not gone through the proper process of being registered in Missouri. He gets on the phone with Jefferson City and everyone seems to be confused about why I was allowed to get plates the previous year. Quickly realizing that the state had made a mistake, the official on the phone tells the DMV representative that as long as they can just see a copy of the original title (which anyone who has dealt with government knows that they always ask for original documentation), they will accept my sales tax waiver and I can go about my business. The rep tells me this and asks me to call the insurance company to obtain a copy of my title.

I call the insurance company and I am quickly told, despite receiving the power-of-attorney form over a month prior, that BMO still has not sent over the title. With my annoyance levels quickly rising, I call my local BMO branch and am told that "this will take some digging" and they will call me back when they find my title. I couldn't believe that response; what, do they have a giant filing cabinet filled with everyone's titles and it hasn't been alphabetized? Again, trying my best to remain calm, I ask the representative how in 2015 a copy of my title can't be obtained by a simple click of a button? She has no answer for me and tells me a banker will call me back in about 10 minutes.

So here I am, on my hour lunch break from work at which I'm already looking at 55 minutes gone in my lunch, without a title and nowhere to turn. I tell all of this to the DMV representative and he gives me a fax number for the DMV and to have them fax it right over so I can be on my way. He was also flabbergasted at how crazy this process has been as transferring plates is typically a very quick process.

I receive a call 15 minutes later telling me that my car has not been paid off yet, so they cannot release the title. I explain to the banker that I paid it off Tuesday of the previous week. She says there is no record of it. This makes me start to fly off the handle. She then begins to tell me about the five business day waiting period, and I tell her how this is the seventh business day. She literally starts counting the days out loud and stops when she gets to the sixth day and says, "Oh." She decides to call me back after she does more digging. She tells me it could take more than an hour, so I should just leave the DMV. As I am fuming pissed at this point, I go back to the DMV rep and tell him that I had to get back to work and I couldn't wait around any longer. I get all of my information back from him, but today was a wasted day.

Let's remember that the state government has basically admitted they made a mistake and are willing to show mercy. This is the same government that everyone says is unfair. However, the friendly bank is the one giving me the most trouble.

About two hours after speaking with the banker, she calls me back and explains that the payment I made was given a rush request and that it should be processed by the end of the day or even Friday morning, meaning I will get my lien release and title at that time. Keep in mind, this is a title holding state -- I should have my title anyway! I tell her, again, that the state only wants a copy. They literally just need proof that the car has existed at some point in time. She starts again with the waiting period and tells me that she would be willing to send an official BMO letter that states they have the lien on the car. I doubt this would fly with the government, so I just remind her that I should already have my title anyway, so what's the holdup? I'm basically given the runaround again and decide there is no getting through to these people. I finally just agree to let it go for the day and hope for a better outcome tomorrow.

I finally get a call at 4:13 pm on Friday that says the payment has been processed and I can stop in for my lien release and title before 5:30. Realizing I had a ton of work to do and I wouldn't make the DMV before 5:00 anyway, I ask about weekend hours. The representative informs me that I can stop in anytime between 9:00-noon on Saturday and it will be ready for me. Feeling that this hassle is almost over, I agree and start to feel better about the situation.

My new Ford Escape; name TBD.

I make sure to be up early to get everything done I need to accomplish before the bank opens, because I wanted to get in there as soon as the door is unlocked. I walk in at 9:15, am greeted with a nice personal banker and I tell her about how Belinda (the representative's name) told me to stop in to pick up my lien release. She rummages through Belinda's desk and finds nothing. She decides to call Belinda and there is no answer. She tells me that I just need to stop in on Monday. I tell her how long of a process this has been and I just need to get my lien release; I work for a living, like most people, and I can't continue taking time away from work to settle what should be a quick process. She says I don't really have an option and it's just what I'm going to have to do. On my way out, I tell her how ridiculous this is and she really has no answer. I storm out and waste another day with this entire process.

Let's recap what I have learned from banking with BMO:

• They were legally obligated to provide me with my title within 10 days of me moving to Missouri last year, yet they never did.
• They were given a power of attorney by the insurance company to release the title in July, yet never did so.
• They can't seem to find even a copy of my title, although I'm supposed to have it anyway.
• Even if they could find my title, they refuse to release it until the car is paid off. Releasing the title and paying off the car should not be related to each other in any way.
• They tell me to come up and finally get the title, and when I do, I am told it cannot be found.

This adds up to a company that does not seem to care about the law, its customers or accomplishing anything in a timely manner. I have dealt with Bank of America, US Bank, Vantage Credit Union and others; this is by far the worst experience I have ever had. What I am requesting from them is not a monumental task; however, they have turned it into one. In no way do I endorse BMO as a reputable company, and urge anyone who is considering a checking account, savings account or a car or house loan to look elsewhere.

This was an outrageously long post and I question whether anyone actually took the time to read this. However, if this can stop one person from banking with BMO Harris, I have done my job.

/end rant