Canada's Bank of Montreal will refund a total of $7.1 million, including interest, to about 28,000 mortgage customers who overpaid penalties on certain mortgage pre-payment and early-renewal transactions, the bank announced on Friday.
The bank said it identified an inconsistency between in the way some mortgage contracts explained how interest penalties were calculated and the way the calculations were actually done.
Some customers paid less than their contract called for, but the bank said it would not attempt to recover the funds they should have paid.
Customers who want more information or who believe they may have been affected but who have not received a cheque by June 23, should contact the bank's dedicated customer service line at 1-866-895-3760.
Bank of Montreal shares traded Friday at $61.62, down nine cents, at the Toronto Stock Exchange.
Source: Toronto Star
