BMO Faces $4M Penalty for Failing to Disclose Banking Fees

The Financial Consumer Agency of Canada (FCAC) has fined Bank of Montreal (BMO) $4 million for violating consumer provisions in the Bank Act. The bank failed to accurately disclose fees to over 100,000 customers, leading to erroneous charges between 2010 and 2024. BMO has issued over $3 million in refunds and directed a charitable donation of $600,000 to settle the remaining balance. The FCAC emphasized the importance of accurate financial information for informed decision-making.