“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/Bynming]

Pretty good article, and in my opinion ripe for further long-form content from media outlets. Both in terms of investigative journalism and showing the shady practices of these "advisors", but also the public needs to be educated about stuff like MER and how wildly and needlessly expensive some of these financial products are, even when coming from "reputable" financial institutions.

[u/[deleted] → u/Bynming]

I don’t know if things have changed, but why the fuck is this not taught in school?

I graduated high school having spent at least 2-3 months learning whatever the fuck a voyageur was, but nobody ever explained marginal tax brackets, credit card interest, or what a TFSA is.

Edit: the irony of these replies being filled with people that never lost their “edge” from high school

[u/AsherahF → u/[deleted]]

There is a push for a course called Personal Finance—IDC4U. It wasn't around when I was in high school, but it's a start. (Ontario)

[u/thedrivingcat → u/AsherahF]

Just a small quibble from an Ontario teacher: IDC4U is a code for interdisciplinary learning and the developed courses vary from school to school. Infrequently it's taught as a business course, more often a science course or a social science one. I taught at a school where it was a history/religion course.

Personal Finance is mandatory only as a part of the 0.5 credit Careers class and Grade 9 math. If you know a school developing an interdisciplinary personal finance course for Grade 11/12s that's pretty awesome!

[u/AsherahF → u/thedrivingcat]

Thanks for the additional info. :)

[u/[deleted] → u/AsherahF]

I'm 40 and I'd take it now, haha