BMO Raises Rates For No Reason

Bank of Montreal does it again:  I got a letter from BMO telling me that they were going to raise the rate of my unsecured line of credit.  No reason was given.  It looked simply like a mass insert that was probably sent with everyone's monthly statement.

As I'm making my payment I ask the teller to reset my interest rate back to what it normally was because I hadn't been late on any payments or otherwise done anything to deserve a rate increase.  The teller thought I was speaking Greek and didn't know any answer, which I've come to expect from the front lines of the bank.  She asked her manager to come by and explain.

The reason apparently is that credit card loans carry interest rates of 18% or more so the line of credit interest rate was being adjust to be more similar.  Oh really.  That's some good logic but here is some equally good logic:  Reduce credit card rates.  She just smiled and looked dumb like I had just told a joke she didn't get.

I asked again to have the rate adjusted back and she said she couldn't do it because my loan was originally made at a branch in another province and I would have to talk with someone there.  Oh my stars!  The bank can't access or adjust records from other branches so I have to deal with a branch 5000 kms away.

I get the phone number of the next moron I'm supposed to deal with and call the guy (his name is Jeff something).  Then I call him again.  And again.  He never answers and his effort consists of calling back once at some time when I'm away from my desk.  I call the 800 number to try to find someone who both has a phone and answers it.  They somehow get the Jeff to call me back within a few minutes.  Here is what he has to offer after I give him my story:

"Sorry, this loan is the only product you have with us.  I can't do anything about the rate unless you give us some more business," Jeff explains.

I reply, "I have about $75 thousand in a couple of investment accounts with your bank."

"Sorry, but the records between our investment side and the banking side are unconnected," he offers as if he is making any sense at all.  "You could open a bank account or transfer your mortgage here."

I tried to clue him in.  "Jeff, you used to have all my business.  Mortgage, bank accounts, everything.  You lost it bit by bit because you charged me bullshit fees for no service so I went to banks that gave value for money.  Now you are going to lose this business and piss me off yet again by trying to get a few dollars of extra revenue."

He wouldn't budge.  It didn't matter to him that he was throwing away a few hundred dollars per year in an attempt to get maybe $30 worth of interest.  That is par for the course however with this bank.  They cannot see from the customer's point of view, which is fine with them because they don't give a rat's butt about the customer.  It's surprising that Jeff also didn't care about the bank either.  Jeff personally wouldn't be affected by losing my business, but he proably would be rewarded if he regained my bank account.

Never go to the Bank of Montreal.