BMO Investorline Review

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BMO InvestorLine customer reviews, complaints, feedback from clients, account pros and cons. Is broker safe to invest?

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BMO InvestorLine Customer Reviews

by Susan, 4/2/2019

Pros:

Cons: Too many fees

Highway robbery with fees charged for trading. A couple days ago I got charged a yearly maintenance fee on my account for another $100.00 + $15.00 gst. Pissed. I have emailed them twice, no response yet. And I was supposed to get a credit when I moved my funds over from another bank...no credit ever happened. Their fees are way too high!!! I'm considering transferring to another financial institution!!!

by mbisso64, 4/2/2019

Pros: Wish I could give zero stars

Cons: Idiotic security rules, platform programmed by amateurs and retards

I have been using the same tablet for the last 3 years to login to my investorline account. But everytime I move away from my home router, the stupid system requires that I receive and enter a new code to "add" my device to the trusted device list, even though I have added this tablet many, many, many, many times to this so called list. The problem, is that there server is grabbing the MAC address of the router where I am, and not the tablet itself. So my list now includes hundreds of routers from places I will most probably never go again, like Playa Del Carmen in Mexico. And now that I am on vacation in the Dominican, without my phone, I can't receive their damn code so I have no access to my account. To make matters worse, their idiotic web site tells me to login to my account to send them a web weblink and inform them of this.... Hello, MacFly, anybody home? I need to login to tell you I can't login... BRILLIANT! Fire the programmers, or at least return them to the asylum.
Stay away from this so called broker.

by Jaspreet Sethi, 3/28/2019

Pros: A large Bank behind, online and mobile platform

Cons: law compliance, Complaint handling mechanism, good business ethics very hard to find.Discriminate and victimise clients.

I am unable to give them any star at this moment as they got completelly exposed to me . They have no complaint handling mechanism. After I asked Mr. Vikas Munjal on May 07,2018 that under which authority they sold equity from my REGISTERED RSP account and asked him for Ombudsman phone number.? They (which includes Mr. Steven, Sheryl Doyon , Nadia Fallavollita etc.) started doing their best to cause financial losses, mental stress etc. Though Mr.Munjal begged me for 10 days to give me the response in writing about my question . till today i.e. after more than 10 months there is no response from BMO investorline on that. They defaulted for above more than seven times which is completely unlawful on their part. The BMO investorline Vice President (Business operations ) Sheryl Doyon insists that they cannot maintain a Registered RRSP account without the unsolicited overdraft facility knowing it fully well that any Registered RSP account is a cash only account. I do have recording of her statement which can be sent on request. I have never seen such defiance of Canadian financial regulations.

by Mathew, 3/5/2019

Pros: No Additional charges

Cons: Will tell you one thing, then after the time expires, say another

Don't expect a Bonus.

Opened up an account with them about 5 months ago with their "Free $200 bonus". Went INTO the store, to insure that all the terms and conditions for the credit were explained to me. I was told that 2 direct deposits of $500 needed to be made, and that a form needed to be filled out. "So there are no minimum per month charges, anything else I need to do? Wow that's easy". I was told there was not, but you need to wait 4 months to get your credit. I'm like sure, seems like a long time but whatever.

5 months later I call them and I'm like, everything alright? "Sorry you have to make 10 card transactions within 90 days to qualify for this bonus" "I'm sorry what? I specifically asked if this was the case, and was told I had to do absolutely nothing but make those deposits and go into the branch to fill out paperwork"

So just a fair warning, banks that will employee BLATANT bait and switch techniques should not be trusted with your money.

by Ahmad, 11/26/2018

Pros: None

Cons: Everything

Unfortunately I have a GIC with BMO. I received a letter indicating that BMO will no longer mail the annual statements. However, these statements are not available online. The ONLY way to get these statements is by mail.
I called the bank to get my statements by mail. The agent told me, I have to call them every year to request a paper statement. I could not even request my 2018 statement today, because I have to call them "in February" (after the statement is ready).

I am happy we switched banks. Once this GIC matures, I'll be very happy that I won't be dealing with this bank anymore. this bank has given us nothing but grief for many different types of things.

by J. Horrocks, 11/2/2018

Pros: NONE

Cons: Absolutely terrible customer service, long wait times, and you have to beg for their approval to access your own money

Obstructionist attitude, Slow and poor attention to customers needs. They do their best to make withdrawing or transferring money cumbersome, slow and next to impossible. They show no respect for customers. Trading fees are too high. They have a very big petty dictator approach to customer service. They rarely keep their promises.In fact they lie more often than not. If you run a business you can count on them to make every effort to tie up your money unnecessarily. Absolutely horrible organization to deal with.

by Evan, 10/16/2018

Pros: NONE!!!!!

Cons: EVERYTHING!!!

Always an issue with these people. Transfer funds into TFSA takes forever!!!!! Now today I am dying to trade my stock and the website says I have to update personal info. Email, address etc.....Then locks me out!!!! I have been waiting for an agent at their call centre for exactly 2 HOURS 10 MINUTES!!!! STILL NO ANSWER FOR ANYONE!!! Incredible. I am moving!!!!!!

by Onewarmguy, 10/15/2018

Pros: Good website

Cons: Terrible Service!

Terrible service just TERRIBLE!. 3 Weeks to get money into or out of account, Minimum 50 minutes! on hold when calling, new offerings don't show up for 2 - 3 days after IPO. Totally unacceptable level of service from a respected financial institution. The delays have already cost me significant money. I've already set up an account with Q...trade, the difference is like night and day.

by Richard Ink, 9/25/2018

Pros:

Cons: Waited for an hour and 1:54 mins for the call to be answered and was told that its a known issue and I should have known better

Pathetic Customer Service. They answered call after 1 hour and 54 mins, the agent said that I should have known better ????? Was looking to place a trade on TRUL. TD and other brokerages have the symbol there and I was able to do it smoothly on TD and scotia platform, but BMO seems to not care about their clients or their customers money. Moving my accounts away from this pathtic experience

by susan, 9/21/2018

Pros:

Cons: accidentally gave you 5 stars should be 0 stars so I have to review 4 more time to get you down to where you belong. frazzled 53 minutes

accidentally gave you 5 stars should be 0 stars so I have to review 4 more time to get you down to where you belong.
frazzled 53 minutes

by Will, 9/19/2018

Pros:

Cons: App issues/ delays, phone wait time, investment agents not keeping their word

I've been banking with BMO for 10 years, and I was pleased with the bank until I started getting into investing. When I opened a TFSA with Investorline, i found many issues. It takes them 5-7 business days to transfer funds from an existing TFSA with direct banking to Investorline. This is simply unacceptable, other banks like TD & RBC this takes at least 24 hours. Why is there two apps for BMO when other banks only have one ( TD & RBC) I'm sure there are others banks that don't have two apps.

The online transfer will only complete a full transfer of your TFSA to TFSA, you can't make a partial transfer online, you have to print the form and fax it to them, I've communicated this to them and they don't seem eager to make the changes.

Agents advise you they will amend your transfer and only transfer the amount you request, only to find out all of your funds have been transferred over, no follow ups or phone calls from them to explain.

I was on hold for over an hour half today, and had to give up due to the app having issues and being unable to exercise the warrants I had bought, as a result I had to sell at a loss. People are investing a lot of money and the wait time is just ridiculous for a bank of this magnitude.

I'm writing this for those who plan on opening a investment account with BMO, please do your research. It's not because you have a regular account with them that you should open a investment account, please visit other institutions, as this platform has let me down too many times, i'm having all my investment holdings transferred to another institution (RBC or TD).

by BMO 20 year client, 9/8/2018

Pros: They used to be terrific 10 years ago

Cons: 3rd world at best- Mickey mouse trader like secretaries

Without going into too much detail, lets just say EVERYTHING - your reading here is BANG ON. 500% This is PRIME example of when Banks are profitable the bottom line is good...the bigwigs at the top pass you off to the small fish at the bottom. Pretending to care, pretending to be sincere and actually listen as if somehow in time your input will make a difference. In reality....they are true professionals at blowing smoke up your _______s. They'll spend hours and weeks writing back long winded emails thanking for your feedback...4 years later...same thing. NOTHING changes. But hey...they are making millions and billions of dollars and if the little guy gets trampled...so what. These people are the elephant of Gorilla in the room. Their social media platform review disappeared as we read really bad reviews there and they probably did not have anyone that had enough common sense that could provide any service....who knows... They could make even more money all the have to do is move this offshore to a 3rd world call centre paying staff $12 a month instead of paying the same less skilled people here answer the phone. Call in 5 times ask the same question get 5 different answers. Even our banker acted as a liaison on our behalf and had issues communicating and of course.. you know when internal problems happen...it then becomes a political rats nest rather than stepping up and helping the customer. They'll spend all the necessary time to make you feel heard while doing nothing and the more upset you become they have a wonderful way of making you feel like:Sorry this is what we have done, we appreciate your feedback and ultimately if your not happy your free to find another brokerage. The question is how much do they want to cannibalize their banking and other products? Its like the left hand couldn't care less about the right hand. We have been banking with them for over 20 years!? So much for customer loyalty. We forgot they are doing us a favour just like the rest of the people here. So stop complaining whats wrong with all you people huh? ( ^ ^ ) must be you. That's BMO investorline.

by BMOInvestorlineClient_2012, 8/27/2018

Pros: It was a good platform

Cons: System Issues, Investment $ value disappearance - reappearance unexplained - UNACCEPTABLE

Recent glitches July, August 2018 have increased in numbers of incidents. Right after closing my cash account will show thousands of dollars less than actual, and then drift in value, so one has no idea if it is a real situation in the last few minutes in the market, or an error. Each time it is an error, as some of the US stocks are showing up with incorrect closing numbers. Drastically different. Sorry, no time for this nonsense. Recommend anyone with 7 figure, or 6 figure accounts find new platforms. Customer Service is pathetic (some years ago they were great) - they keep asking the same silly questions as if they are speaking to a newbie. BMO, you have systems issues, and also major gaps between mobile platform and computer/laptop version. Have been an Investorline client since 2012, will change in next 4 weeks. Also have been a banking client since 1975..yes.. but will change that too. Unreliable.

by Sakura, 7/26/2018

Pros:

Cons:

website crash very often in the middle of trading. Frustrated!

by peterbuilt, 6/29/2018

Pros: still bigger and could get better

Cons: 3 week delay on all their papermail, this is unacceptable

I was informed on june 20 that my accounts were all compromised in the huge May 27 breach. I still haven't received a new debit card ; which was supposedly in the mail. Waiting for some response to changing Investorline acct. as it is also at risk. God knows how bad this can get with their already poor grasp of customer service....Leaving People waiting when they are under pressure is just their modus operandi. they don't have it together and in a crisis are not functioning.

by anonomous, 6/26/2018

Pros: the administration staff was nice on the phone

Cons: The investor was not professional

I was told over the phone that if I did not transfer my funds from Canadian to US dollars by the next day they would call me and be charging me interest. I had enough funds in my account but it was Canadian. When I inquired about the exchange rate or other possibilities of transferring american into the account from another bank account the broker was very impatient and unprofessional towards me and unable to give me an answer about how good their rate was. later i got an automatic warning added to my account about the exchange when I did a trade. I am not pleased with the services.

by crisilton, 5/26/2018

Pros: Good cash incentives to move, good local planners

Cons: Flawed sales process, unclear advantages, higher fees, no free commission ETFs

I was a happy Investorline customer for several years up to 4 years ago at a preferred level. While I did not have a huge amount in my accounts I still had enough to be invited to preferred Calgary Investorline customer events in the form of workshops, events, and updates. As well I had a personal Calgary contact who I could call whenever I had any issues. Concierge service yeah!. Then all of sudden this disappeared. Seeking lower fees, with commission free ETFs, I switched to Virtual Brokers. Have been with them happily ever since. Recently it took me two weeks to transfer funds from VB to another provider, which I found to be unacceptable. So when a local BMO planner suggested I take a look at the Investorline platform, and receive a small cash incentive (roughly 10 bps of account value) I was willing to take a serious look at the BMO offering. Then things began to fall apart. A flawed sales process forced me to call the Calgary Toronto Sales Manager, who then said he would have to run my eligibility by yet another Manager. Come on guys, I am not travelling to the moon, I am just looking for better service! Smelling odors of the retail car industry sales practices was an instant deal killer. Never promise the customer one thing, then give them another and then yet another. Have you never taken an effective sales course? Bottom line, BMO Investorline is ok, but there are likely better platforms. Check out broker comparison tools online for more details. Money Sense and Rick Carrick of the Globe and Mail have done great comparisons and rate BMO with only a middling grade. If BMO wanted to, it could easily beat the others, in the meantime they will miss out on increased market share thru muddled sales practices, and less than optimum platform / pricing.

by Francis Chan, 4/30/2018

Pros:

Cons: unprofessional

When you requested them to wire fund, they just ignored you until you
warned them with legal action after a couple of weeks.

by URSULA, 4/18/2018

Pros: NONE BEWARE OF THE SCAMES BY B.M.O.

Cons: BMO SCAMED SENIOR IN FEBURARY AND MARCH 2017

NO MARGIN CALL WAS EVER MADE BY BMO AND THE CO. SOLD 4.200 SHARES OF AN ACTIVLEY TRADING
SECURITY ON THE T.S.E FOR $60 000 $. TO COVER A MARGIN OF $1.500. IN 12 TRANSACTION SALES MADE FOR 20 SHARES AND AN OTHER ONE FOR 24 SHARES . THIS IS FRAUD BY B.M.O.
DO NOT OPEN AN ACCOUNT AT B.M.O. BE WARY OF THE SCAMS BY B.M.O. TO INCREASE COMMISIONS.

by Greg F, 4/11/2018

Pros: None

Cons: Unreliable platform, bad CS

The BMO platform is unreliable. Frequently displays ‘technical issues, please call’ messages. When markets experience high volume, the time that active traders really need a stable and reliable platform, Investorline is sure to misfire. By the time you get a phone call in you are very likely to have lost your price window. Interface is very dated. Quote screen is very limited. My experiences with customer service were not pleasant. I get the feeling even the agents are not impressed with their system. Found myself being rudely talked over on more than one occasion while they made excuses for poor system performance. Frustrations so frequent I had to find another broker. I continued to trade on the lumpy BMO platform while waiting for the account to transfer. I received trade confirmations for my last 3 sell orders. When my transfer to new broker came through, these sell orders it became apoarent that the sells had not actually executed even though I received confirmations. 20% loss on that alone. Beyond that I missed many prices while system screwed up while the market ramped up or down quickly on news or market conditions. Very disappointed. Regrets galore.

by Madeline, 2/16/2018

Pros: Cannot see any advantage to having BMO manage my funds. Costly and ineffective.

Cons: Seem to be asleep. Saw no movement in my mutual funds managed by BMO after several years. Paid for management and so no returns for those fees.

Awful service. Online service never works and how are we to trade over the phone when we cannot research or see the stocks, quotes, research, etc.? Awful, awful, awful service. Online NEVER WORKS. Always having technical difficulties. Want to go to another bank. Not worth the inability to carry out transactions - VERY FRUSTRATED CLIENT!!!!!!

by Joe C, 2/5/2018

Pros: Real Time quote for Gold members, web site for trades is well done.

Cons: Phone call waiting time is unacceptable, 35-40 minutes.

Like mentioned in the broker Cons, the wait time to talk to a representative is too long. I called many times and often hung up because it was in excess of 40 minutes. Even after weeks passed, it was the same issue but I needed to transfer shares into my TFSA account so I had no choice to wait. Several weeks passed, same issue, I had to transfer shares to me RESP account, I had to call since there is no way to transfer shares with their internet site.

by long suffering customer, 1/22/2018

Pros: none, same as every other brokerage

Cons: constant problems with sign-in security, unwarranted account suspensions, long wait times on phone to resolve their software problems......

Here I am again, utterly disappointed and frustrated with BMO' online brokerage accounts service. I also see my last entry from the beginning of January 2018 plus a few other peep's complaints have disappeared from this site. After waiting on the phone the last time for over one and half hours, it appeared things were finally straightened out with access to one of my accounts. Everything certainly worked well after my last convo with the knowledgable attendant. Here we go again.......my account has been suspended from trading for "my protection"......can only view my holdings, but not trade. WTF, nothing changed, password still the same!!!! I don't have another hour to spend waiting on the phone again! Sitting here waiting ....while my phone passes the 31 minute wait mark, and I am being told that "my patience is greatly appreciated". DO NOT sign up with BMO Investorline, save yourself a lot of aggravation and frustration. Find another brokerage!

by Nevin Blumer, 9/14/2017

Pros: Online platform for trading, equity and ETF screener service

Cons: Terrible customer service

This very unprofessional group of representatives suspended not only my trading but even viewing my account . My crime? I did not submit a Materials Change form when I moved from Vancouver to Ottawa area, even though I had already supplied new contact information to agents before I left. I was never told I needed to do this extra step, no email, no call, no mylink notice, but they arbitrarily not only suspended trading, they even denied me from viewing my account via log-ins. Even after I had submitted by email+ scan they continued to suspend my account because of their incredibly poor system of sharing information . You don't suspend an account over a small process but even if you do, do not deny customers the right to see their account informatin. I also deal with RBC Direct Investor and they never asked for such a form nor did QUEST Trade, but I know that if they did have such a requirement, they would have informed me before taking such drastic measures. I would suggest you save yourself the headaches from this terrible service and go with RBC or Scotia Bank instead for your blue chips and Questtrade for your specs.

by Bmoinvestorline sucks, 8/30/2017

Pros: They speak English

Cons: Can't do basic math

Absolutely horrid. Called him three times to ask for average dollar cost average in on the stock purchase got three different answers all were wrong. Took three days for a manager to call me back but it wasn't a manager it was an assistant manager. I was coerced into telling him the story thinking that I would be heard they were most generous and offered me a discount of three dollars off on my trades. Lol. This company is Third World 100%. Even after reading the reviews here to this person on the phone they were entirely consistent with my own experience. I too am trapped with a bunch of clowns but in time this will cost them over $1 million dollars.

by 10 YEARS BMO INVESTOR, 8/28/2017

Pros: TERRIBLE. LIKE 3RD WORLD

Cons: 3rd world. Worse than Walmart

DISGUSTING. Like 3rd world. No one does anything there.

by ALFRED WOLF, 8/3/2017

Pros:

Cons: CHEATING WITH INVESTOR MARGIN ACCOINT.

SOLD 4200 SHARES OF PVG.T AT $ 15.00 FOR $60.000 AND CONVERTED TO SEVEN ODD LOTS
TO INCREASE COMISSIONS.
MARGIN WAS $1.500 .

NO MARGIN CALL WAS EVER MADE.

by pl, 5/2/2016

Pros:

Cons: Lousy RUDE staff at the phone

Rude when you call them even when you are giving them business.

by Rick, 9/25/2015

Pros: None

Cons: Slow, uninformed, arrogant.

None of the managers have any idea what is going on. The kids just do what they want. Discount broker with discount employees. There has to be someone better out there.

by Manny, 2/28/2015

Pros: The website, very interactive, very informative

Cons: They do not have support staff to accommodate their business

Just signed up for BMO TFSA trading account. First time using their trading services as I have been with TD for over 20 years. Online, I like their site, very interactive, very informative and some great features. However, when you call them from support or questions that when things went wrong. They do not have support staff to accommodate their business/clients. I have called three times, so far each call has averaged more than 7 mins of waiting times and I have had to hang up twice due the length of wait. In one case, I lost money given the stock I wanted to trade kept going up while I waited…. The worst scenario for an online investor. Hope they will change things soon to address this. Never had such an issue at TD when it came to support staff.

by Aubrey, 6/13/2014

Pros:

Cons:

Well, I needed access to my BMO InvestorLine account to make some trades today as the market is moving. However, I can’t log into it, and when I called them, no one picked up. After 45 minutes of this, I called the BMO telephone banking number and was told that it should be up within 90 minutes. In the world of trading, this is totally unacceptable.

by Craig, 5/8/2014

Pros:

Cons:

BMO investorline is a subpar service at best. I am a active trader and regularly trade MSFT 10,000 share blocks at a time. Sometimes it takes 2 minutes to fill the trade. Not a good service for an active trader.

by salmonpointsam, 3/3/2014

Pros: linked to my BMO accounts

Cons: Absolutely no customer service perspective, amateur management.

I've maintained an Investorline account for several years with a cash account as well as RRSP's, LIRA's and TFSA's. The operation is hopeless. Their IT people are worthless as the site is generally unavailable on high volume days and elements like the streamer and level 2 quotes are unreliable at best. The staff are poorly trained and ooze a level of unearned arrogance with their approach. Some relevant information, like margin requirements for debentures, are inaccurately displayed on user facing pages and few staff know how/where to get the correct info. I'm still there due to my understanding that a portfolio transfer will take 6 to 8 weeks, a period of inactivity that is unacceptable. I'm trapped in an awful operation. I hate it!



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Leading Brokerage Review Websites About BMO InvestorLine


"BMO InvestorLine consistently ranks well across reviews although not necessarily earning top spot in some of the major reviews. With pricing now in line with several bank-owned peers, they may turn their attention to improving their educational, promotional or platform offerings as they continue to try and compete with other brokerages."

SparxTrading.com

"BMO Investorline has rave reviews (top ranked bank-owned online broker by Globe and Mail, #1 in customer email responsiveness, and an Ipsos Reid poll stating that they are the best in customer service). ...I guess BMO Investorline is targeted towards people who have HUGE portfolios. ...Too bad the commission is so high. I would classify myself as more of a swing trader, so I think that the commissions I would incur would eat my portfolio alive."

YoungAndThrifty.ca

"BMO InvestorLine has been rated one of the top of discount brokerages in Canada and offers competitive pricing (if you have more than $100,000) with an excellent online trading platform and research material. The web trading platform is easy to use and navigate."

MoneySmartsBlog.com

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About BMO InvestorLine

Established in 1817 and based in Canada, BMO Financial Group serves more than 11 million personal, commercial, corporate and institutional customers in North America and internationally. Our operating groups – Personal and Commercial Banking, BMO Bank of Montreal in Canada and Harris in the United States; Private Client Group, our wealth management business; and BMO Capital Markets – share one vision: to be the bank that defines great customer experience.

  • Stocks: $29 if account less than 50K, $9.95 if over 50K or making over 30 trades per quater.
  • Options: $9.95
  • Mutual funds: $43
  • Minimum to open: 5,000 for TFSA, $0 for RRSP. Minimum balance for best or discounted commission is $50,000.

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BMO InvestorLine reviewed by former and current clients. BMO InvestorLine customer reviews: 33. Rating: 2.