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BMO Faces $4‑Million Penalty for Long‑Running Customer Overcharges

The Bank of Montreal has been fined $4 million by Canada’s federal banking regulator after an internal review revealed the bank had overcharged more than 100,000 customers enrolled in discounted banking plans. The issue spanned over a decade and affected clients who were supposed to receive reduced or waived fees through specialized programs. According to the regulator, the bank failed to apply fee waivers correctly and did not clearly disclose when discounted pricing would begin. As a result, customers in programs for newcomers, students in medical and dental fields, Indigenous clients, and mortgage‑related plans were charged fees they should not have paid. BMO has refunded millions to affected customers and made additional donations in cases where refunds were not possible. The bank stated that it self‑reported the issue and has since updated its internal processes to prevent similar errors. The fine highlights the ongoing scrutiny of consumer protection practices within Canada...
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Leveraging Higher Interest Rates for Better Savings

When it comes to savings, higher interest rates can significantly benefit your financial goals. The key is to take advantage of these favorable rates and maximize your savings potential. Firstly, consider opening a high-yield savings account with a reputable bank or credit union that offers competitive interest rates. These accounts often provide better returns than traditional savings accounts, allowing your money to grow faster over time. Next, explore guaranteed investment certificates (GICs), as they tend to offer even higher interest rates in exchange for locking in your money for a specific period. While it may require some patience, the increased returns can be well worth the wait. Additionally, consider refinancing high-interest loans or credit card debts to lower-rate options, reducing the overall interest burden and freeing up more funds for savings. By staying informed about the current financial market and being proactive in seeking out the best interest rates, you can make your savings work harder for you and achieve your financial objectives more effectively.





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