BMO fined $4-million for overcharging customers on discounted plans

Bank of Montreal has been fined $4 million by the Financial Consumer Agency of Canada for overcharging customers on discounted plans. The violations occurred between 2010 and 2024, affecting 101,091 customers. The bank has issued refunds totaling over $3 million and donated $600,000 for unrefundable amounts. BMO has reported the issue to the agency and reimbursed customers proactively. The penalty reflects the bank's negligence in preventing and detecting the error, despite receiving over 500 customer complaints.