Frustrated M&I customers struggle with bumpy BMO acquisition - Bring Me The News

Frustrated M&I customers struggle with bumpy BMO acquisition

M&I Bank customers have threatened to cancel their account with the Wisconsin based financial firm because of technical difficulties, the Milwaukee Business Journal reports. Customers started having issues with their accounts online when the lender officially made the switch from M&I Bank to BMO Harris on Oct. 9.
Author:
Publish date:

M&I Bank customers have threatened to cancel their account with the Wisconsin based financial firm because of technical difficulties, the Milwaukee Business Journal reports. Customers started having issues with their accounts online when the lender officially made the switch from M&I Bank to BMO Harris on Oct. 9.

A BMO Harris spokesman tells the Associated Press it's still working on the technical glitches to convert M&I's IT system to its own technology.

Toronto-based BMO Financial Group announced it reached an agreement to buy Marshall & Ilsley Corp. for about $4.1 billion in December 2010, Bloomberg reports.

Before the acquisition, M&I was the fifth-largest bank in the Twin Cities with more than two dozen branches, the Business Journal notes.

Next Up

Related

Report: MF Global customers getting offers for their claims

The New York Times reports investment firms are jockeying to buy claims off thousands of MF Global customers, which includes many Minnesota farmers. Most of those offers are for 90 percent of face value. It could spell a big change in fortune for Minnesota's farmers and agricultural business owners, many of whom had large accounts on the books with the commodities firm when it collapsed.

New fees have TCF bleeding customers, money

TCF Bank reports a first quarter loss of more than $280 million. More and larger fees are actually producing less money by driving away customers. The bank is still sizing up how many customers it's lost and which fees sent them packing. CEO Bill Cooper promises new solutions to reverse the trend.

Target's Missoni missteps generate customer backlash

Web site crashes at Target.com marred opening day of the discount retailer's sales of Missoni merchandise. Customers who tried to buy items from the upscale Italian designer are finding their orders delayed or canceled. Target is working to straighten things out, but complaints in cyberspace suggest there's been long-term damage.

Frustrated business owner bails on St. Paul expansion

The owner of a popular bakery in Minneapolis won't be cooking up a new location on St. Paul's Grand Avenue. Cupcake's Kevin Vanderaa says he's fed up after the neighborhood association's complaints about a technical issue. Vanderaa also says he received no support from elected officials.