This just isn't my week, thanks to BMO and RBC

FYI, This is just a rant thread.

*Lets start with BMO. *

So I have one of those free unlimited IGA Air Miles checking account provided by BMO. I opened when it was launched a year ago (I think). I was surprised at the time I opened the account to have a $4000 ATM release limit. Anyways, although BMO is not my primary account, I do often use it whenever I need to make large cash deposits/coins as I have option of seeing a Teller to deal with that (unlike ING/etc).

Fast forward to yesterday. I called a BMO rep, because I wanted to inquire again about my release limit (I had forgotten about the $4000 release limit as I wanted to make an ATM deposit of a cheque for $2500 would not be held). Normally I would have gone to deposit with ING, but I had previously deposited $3500, and thus ING would have held part of it due to my $5000 release limit with ING (anyways, I'll get to that next as that becomes part of my rant with RBC). The BMO rep tells me, you actually do not have a release limit. The ATM can accept deposits up to $100,000. So you can deposit any amount up to $100K and BMO will not HOLD it. I was like great, so there should be no problem with depositing a $2500 Cheque at the ATM right now? She assures me, I am good for any amount (no release limit).

Immediately after hanging up with the BMO rep, I head over to the BMO ATM, and make the deposit. Later on that evening, I intended on making a bill payment for the entire amount of deposit. I go online and find out the entire $2500 is being HELD. WTF, I call back BMO, and they said yes, although the previous rep was correct in that I do not have any release limit, *the $2500 was not a normal transaction for my account*, so they decided to hold it based on that. . The rep said there is nothing they can do about it. I asked to speak with his Manager. The Manager says she will contact the processing center and have them call you so that they can see the contents of the deposit then release it. I reluctantly agreed and ended the call there. Today, I did not receive a call, so I called back BMO. The rep gets in touch with the processing centre and tells me they have to wait for the branch to send the ATM deposit to them before anything can be done. *sigh*. *sigh* *sigh*. Yup, so I am pissed right now. I listened to the original rep who said I should have no holds, then they do hold it. And nothing can be done about it. I just may end up cancelling this account after this ordeal is fixed. Can't do business with companies I do not trust. *And Now RBC... * So as many of you may now, RBC Visa seems to always offer those 0% Balance Transfer cheques. I decided to take advantage of it this month (Some Home Renovations I want done). So I wrote myself a $3500 Cheque from that account and deposited into my ING Account this past Sunday. On Monday, I transferred that amount as a bill payment to my MBNA Rewards Travel card as I planned to use that card to make my reno purchases. That bill payment to MBNA brought my ING Thrive checking account balance to $0. Fast forward to Today. Received notification email from my ING account $3500 has been withdrawn (or reversed) with account balance -$3500.00 . Two seconds later, I receive email saying $1200 Deposit with account balance showing -$2300. And another email Deposit of $50 with account balance -$2250. In seconds I figured that the first withdrawal meant that for some reason the RBC Cheque bounced. I'm thinking WTH, I have a $5K credit limit on my RBC account, which more than takes care of the $3500 cheque. Why is RBC refusing to honour that cheque. I immediately contact RBC. After the rep puts me on hold, they realize that it was some sort of mistake on their end and they apologize. . They said that I can write another cheque and they will be able to honour it no problem. After hanging up with RBC, I am thinking that RBC just *****ed my banking relationship with ING. ING will probably reduce my $5K release limit I've had with them which means if I deposit another RBC Cheque, it will most likely be held. I call up ING and explain the situation to the Rep and ask her if the bounced cheque has affected my account relationship (release limit/etc). She said yes. My release limit has now been put down to $0. (ALL DEPOSITS ARE HELD FOR 5 BUSINESS DAYS). I explain to the ING Rep, that the situation was the fault of RBC. After discussing the issue with her manager, she comes back on and says that if I can get some sort of proof that it was not my fault, then they "may" be able to restore my release limit, but as for now there is nothing they can do until I bring back the balance to $0 and send them that letter. I go ahead and Call RBC Back to see if I can get this letter, and they agreed, but they will be mailing it out to me (*sigh*, but ok). As soon as I get that letter, I am to fax it to ING. I then write myself a second cheque for $3500 from the RBC Account and go back to depositing it in ING to bring my balance to $0. And as the ING rep mentioned, they are holding it (so my account is still -$2250) until Thursday January 31st. By the way, you recall me mentioning the $1200 deposit and $50 deposits that went into my account after the $3500 was reversed by ING. Well apparently, ING went into my ING Savings account and transfered the $1200 to my thrive account. They also went into my US Savings account and transfered the $50 USD I had in there towards my thrive balance. I guess they thought I was trying to screw them, so they went and emptied out my other accounts to rectify the -$3500 balance I had. (I never knew banks could do this, but oh well, I can't really blame ING for that). So to the story, So after depositing my second $3500 RBC Visa Cheque into my ING Account, I later realized something that is going to ***** me over too. I have a payroll Deposit coming into my ING account tomorrow morning, but I also have my weekly "RBC" Mortgage payment being withdrawn from my ING Account every Friday morning as well. Since ING is showing no funds available (since my cheque is being held), I was quickly getting nervous about my Mortgage payment being denied by ING due to insufficient funds being available. (Actually, my Hydro Quebec pre-authorized payment is also expected to be coming out of my ING account tomorrow morning). I quickly call back ING, and explain the original situation (though the rep already saw the notes and knew what occurred). I told the rep that I am expecting a payroll deposit tomorrow morning but in addition, two pre-authorized debits from the above companies. As suspected, the rep says, there is a good chance that those pre-authorized debits will not go through. As ING will most likely use the payroll deposit towards the cheque that bounces which means even after the payroll deposits, there will still be 0 funds available. BUT, the rep took all my information concerning my expected payroll deposit amount as well as the pre-authorized payment amounts that will come out tomorrow (and I have a few - house, auto insurance that will come out on Monday). She sent all that to her Manager, so that they can try to allow those payments to go through. So yup, this is the major drama that has happened to me this week with special thanks to BMO and RBC for their hard work at *****ing me over. I am now thinking about not renewing my Mortgage with RBC. I have tons of products with them from a Day to Day Chequing (its free because I have Visa/RRSP), a US Savings account, Visa, Mortgage, and a Line of Credit. It may be time to cancel all that as I can really not do business with companies I can't trust. Anyways, thanks for reading my rant. Sorry its long, but it is what it is. djino

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