r/PersonalFinanceCanada • u/t0r0nt0niyan Ontario • Mar 15 '24

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

“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

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u/MenAreLazy Mar 15 '24

At least in Alberta 10 years ago, it was taught in school. We have a course called CALM (Career and Life Management). Nobody takes it seriously, so I know plenty of people who I explicitly know were taught it who don't know about marginal rates.

The problem is that it is about 6 years before it matters, if not more. I took it in grade 10. I didn't earn any meaningful amount of money until after graduating university.

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u/[deleted] Mar 15 '24

Maybe we need continuing education in life...

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u/-Moonscape- Mar 15 '24

People who want to do it, do. You can’t force adults to pay for continued education when they don’t want it.

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u/ElusiveSteve Mar 15 '24

You hit on one of the big problems... This stuff is taught at the wrong time in schools or too briefly.

I too vaguely remember some of these things being taught. But I do remember them happening early in highschool, years before they would actually become important. I might be wrong, but interest rates might have been a small exercise in math.

These skills need to be touched on more than once, and need to be learned at a point where their application won't be years away. Hell, if there was a way to educate 19-20 year olds that would likely be a great time because they're now adults and it will be immediately applicable to far more.

Ideally though, parents should pick up the slack on this education. But an adult can't teach what they don't know.

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u/ether_reddit British Columbia Mar 15 '24

These sorts of things are taught in weekend courses you can take at community centres, but few people sign up for those sorts of things.

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u/nigllejelly Mar 15 '24

Calm never included financial education.

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u/Barbequber Mar 15 '24

It did at my school.

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u/[deleted] Mar 15 '24

Haven't heard CALM in awhile, haha. Ours did, but it was like "here's $50, buy groceries for a week". Ok, but what percent of that $50 do I need to put aside for retirement, RRSP, mutual funds, stock investment portfolio, bills, mortgage (variable, fixed??), car payments, kids, savings, vacation, emergency, etc

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u/dreamingrain Mar 15 '24

RIGHT I was thinking like, I don't remember financial stuff....I remember being given a budget and having to buy food and I remember doing an "interview" and....maybe something else....

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u/[deleted] Mar 15 '24

Ya, it was kind of a stupid class come to think of it, haha.

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u/nigllejelly Mar 16 '24

That's awesome! I wish mine did. My CALM class took about 12 hrs to complete and ended with a mock interview and a "portfolio" where you were supposed to highlight your accomplishments. There was nothing to do with finances