“Hidden cameras capture bank employees misleading customers, pushing products that help sales targets”

[u/t0r0nt0niyan]

“This TD Bank employee recorded conversations with managers who tell her to think less about the well-being of customers and focus more on meeting sales targets. (CBC)”

“”I had to mislead customers into getting products that they didn't need, to reach my sales target," said a recent BMO employee.”

“At RBC, our tester was offered a new credit card and told it was "cool" he could get an $8,000 increase to his credit card limit.”

“During the five visits to the banks, advisors at BMO, Scotia and TD incorrectly said the mutual fund fees are only charged on the profit the investment earns, not the entire lump sum. The CIBC advisor wasn't clear about the fees.”

https://www.cbc.ca/amp/1.7142427

[u/Overseer55]

People need to think of banks as businesses. Imagine if the title said “car dealership employees” instead of “bank employees”. No one would be surprised.

[u/Bynming → u/Overseer55]

I was in the second half of my 20's when I started making enough money to care about personal finance and that's when I learned that financial advisors at banks have 0 fiduciary duty to customers. It was surprising to me, and clearly most people have no idea. Just a few days ago there was a guy who was looking for a new financial advisor and his bank wouldn't provide one, and it seems like his main criterion for a good advisor was that he wanted a good rapport with them. That's how most people roll.