My 2 Sense My 2 Sense

My 2 Sense

BMO Investorline has a severe customer service problem

The Monkeys Run Amok

Without Prejudice - March 17, 2012
Connie Stefankiewicz
Ms. Connie Stefankiewicz - President and CEO of BMO InvestorLine
I am a disgusted customer of BMO Investorline because it seems virtually impossible to get accurate information out of BMO Investorline in regards to T5's for tax purposes.

I initially called in February to be told that by law I would not receive them until Feb.29th .(Not true)

I called again on March 1st asking where my T5's were and was told, “Oh, they legally don't have to LEAVE us until Feb. 29, ( true ) so you should have them in 5 working days. ( Not true )

I called again on March 15 th and asked where they were and was told they went out on the 29 th of Feb. ( Maybe true )

I checked the Investorline website only to see that if there were any problems to check at my local bank. ( Not true -see next paragraph )

So I went to my local BMO bank and asked both their investor person and the manager what to do. They both said they could do nothing as they had no authority to look at my Investorline account and no one to call to expedite this matter. They told me I had the right to demand Investorline send my T5's by courier.

I phoned Investorline back on Friday the 17th and demanded to have them couriered out. I was told they would go out on Monday and I'd receive them on Tuesday, the 20th . ( Not true )

I called back on Wednesday the 21st to be told they went out the previous day and they finally arrived on Thursday the 22nd . UPS was not given the buzzer number for me so I didn't get delivery until the next day when I had to go to the UPS office. I also received a letter in the mail from Investorline that day.

Oddly in the letter I received a T5 for ONE of my two outstanding stocks, but not for the right amount and nothing for the other stock.

And in the letter I got in the mail there was a copy of a T5 for my BMO stock which I'd already received and printouts of my trading transactions. A lot of good they'd do. Unbelievable. (Oh...and the BMO stock did nothing over a year; a moribund stock.)

So I phoned Investorline back yet again and demanded to talk to a supervisor. Finally I reached an intelligent caring young man who told me that what I was missing was not a T5 but two T3's as my stocks were somehow considered mutual funds and the bad news is that they were not in THEIR hands until March 15th and they were not obliged to send them to me until March 31st.

Allowing for 2 weeks to arrive, given BMO Investorline's proven lack of performance in the distribution of documents that would mean April 15th at the earliest. The tax deadline is April 30 th and as we all know accountants and bookkeepers are up to their ears then so this is not acceptable.

So, I called today to find out if BMO Investorline had received my T3's as it is 12 days after the 15th. The same young man told me that in fact the T5 I received for the one stock was all I'd get, as that was all that was taxable. And I would be receiving a T3 for the other stock and it was on its way. Not holding my breath.

Ah, but today, March 28th, another T5 arrived for the second stock so I phoned the young man back and was told that he was mistaken, there would be no T3's arriving, that the T5's were all I needed to complete my taxes. At this point I need a T(ylenol)3 just for the damn headache.

Is there any logical reason why the first person I spoke to at Investorline wouldn't have the information I got today and saved all that grief and misinformation? Is there any reason why a dozen phone calls and 2 visits to my local bank failed to come to the correct answers? And the T5's which were SUPPOSED to go out on Feb. 29 th and be in my hands in 3 business days, took a month to arrive.

So well done, Connie, looks like you're getting bumped upstairs just in time. No time to deal with pesky little folks like myself and have to take responsibility for both an ignorant an incompetent department.

At any rate, in the interest of providing some solutions:
  1. The knowledge and communication skills of the Investorline phone helpline is ridiculous. New monkeys with correct information need to be hired.
  2. They need to tell the truth to their customers, not as they know it, but as it actually IS.
  3. This correct information about taxable benefits, appropriate documents ie T5's, & T3's should be:
    a. Online
    b. Available at my local bank
    c. Available to the BMO Investorline call center.
  4. They need to send documents out with anyone OTHER than UPS.
  5. They need to get ALL T5's and T3's out to their customers early in March so they can get their taxes prepared.
  6. In short, they need to care more about their customers than their annual bonuses.

NOTE: Ms. Connie Stefankiewicz - President and Chief Executive Officer of BMO InvestorLine has been bumped upstairs effective April 1st, so we at congratulate her on dodging this bullet and we hope she got a big fat raise from Bill Downe. If you wonder why we hold her personally responsible, it is because the Buck Stops with the Boss.

Just my opinion,

Courtney Smith

NOTE TO READER: If you have a complaint about something and write the bank, be sure to only use the real names of the bad guys. If you use the names of those good guys who clear up the mess and help you, the bank will go after them. The bank ALWAYS blames and shoots the messenger. It's how they avoid feeling bad for being fuckups.

IF you have the same problem with this as I do, feel free to email: and we'll add your comments on this page. Feel free to write, email or phone BMO as well.

Click to read about the BMO employee turnover Click to find out how not to get a loan at BMO