A retired couple claims that a Bank of Montreal Financial Advisor’s advice cost them nearly $50,000. The couple wanted to transfer some savings from an American retirement savings account to a Canadian RRSP. However, financial planners at two other big banks advised against the transfer, indicating that the couple would lose a huge chunk in taxes in Canada and the United States. After receiving this information, the couple proceeded to stop by a BMO branch in Bellville, Ontario, where they knew the branch manager.

CBC recently reviewed the financial advice that banks provide to its customers. According to the CBC report, the financial advisors at the bank provided atrocious advice.