By Paul Vieira
OTTAWA--The Canadian consumer watchdog said Monday it levied a multimillion-dollar fine against Bank of Montreal for erroneously overcharging customers.
The Financial Consumer Agency of Canada said the fine totaled 4 million Canadian dollars, or the equivalent of $2.9 million. Bank of Montreal, or BMO, is the third-biggest Canadian lender by market capitalization.
The agency said for a period starting in 2010 until 2024, BMO erroneously charged for monthly-plan fees that should have been waived or discontinued.
A BMO spokesman said the lender reimbursed its customers upon learning of the erroneous charges, and reported the issue to the federal consumer agency. "We're pleased to have this matter behind us," the spokesman said.
In an accompanying release, the federal agency disclosed the fine was formally levied in April of last year. An agency spokeswoman said the time gap between levying the penalty and public note reflects supervisory and administrative work by regulators.
The consumer agency's largest fine totaled C$6.5 million, against Toronto-Dominion Bank in 2024, over errors on credit-card billing.
Write to Paul Vieira at paul.vieira@wsj.com
(END) Dow Jones Newswires
02-02-26 1806ET
