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Updated by user May 30, 2013

After working with the Better Business Bureau, BMO Harris cut me a check for the refinancing of our loan, and adjust the negative credit bureau marks.

While we would not recommend BMO Harris for a construction loan, we have made the decision to continue banking with them.

Original review posted by user Apr 08, 2013

My wife and I decided to go with BMO Harris because they had a construction loan product that could roll over to a 30 year fixed mortgage, without any re-financing costs to us -- this was a lie, and ended up costing me $1300. But wait, there's more . . . .

Last year, my mortgage lender told me on Monday that I could move out of my house and that he was "98% certain the loan would close next week." On Good Friday he called me to tell me that the loan was declined, and I needed to re-apply. This caused a month delay in starting our construction (one month's rent = $3,000).

During the construction, it took 2-3 weeks to execute each draw (which should take about a week). This delayed my contractor several times during the construction process. I even loaned our builder $15,000 for three weeks to keep work going while we waited on the bank.

Also, during the construction, the bank lost two of my payments during their systems merger (Harris Bank merged with BMO). I could not execute the payments online, or pay via direct debit. They reported the payments as late, and lowered my credit score ~150 points (I am in the process of appealing).

Finally, while promised to me in banker's office during the sales process, re-iterated at the closing (which the banker was present for, and provided a letter), I was told 3 months after our construction close that the one-time close offer was no longer offered, and that it would cost me $1600 to re-finance. After I explained that this was unacceptable (i.e.,. this whole story), they reduced their fees by $300.

I am currently in the process of re-financing with another lender, and plan to close all my accounts at BMO Harris.

A number of times different employees at BMO Harris expressed to me that since the merger there were significant staff reductions, and hence a drop in service.

I would encourage anyone in the Chicago area to steer clear of banking with BMO Harris.

Monetary Loss: $4300.

Location: Glenview, Illinois

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