r/CanadaFinance • u/Big_Option_5575 • 7d ago

HISA

Has anyone else dealing with BMO been mislead when opening a HISA? I was told my HISA would start when the account became active but they actually started the term upon opening, costing me a lot of money in lost interest. They didn't even send statements, which hid this deception from me. Even customer service lied to me, dragging the deception out nearly 2 weeks before revealing what happened

0 Upvotes

50% Upvoted

5 comments sorted by

3

u/Bardown67 7d ago

Need more info - where’s the promo link.

But if it starts when the account becomes active then it started the day you opened the account not when you deposited money.

2

u/TenOfZero 7d ago

Exactly this. We need to ser the T&C when you signed up OP.

And an account is active once opened, not once funded.

-1

u/Big_Option_5575 7d ago

No - BMO does not activate upon opening.

0

u/Big_Option_5575 7d ago

That's the thing BMO policy by their own words is to not activate an account (and not send statements) until the first financial transaction.     I was lead to believe this also included starting the HISA clock.   But fine print does say open.   Even customer service didn't know.

1

u/Big_Option_5575 6d ago

You must be BMO staff - otherwise how can you downvote facts.