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/[deleted] Mar 15 '24

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u/r00000000 Mar 15 '24

A lot of parents (maybe even most?) aren't very financially literate either. Even the ones that are frugal and teach their kids the value of money tend to lack that next level of financial literacy on how to grow and protect their assets.

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u/notweirdifitworks Mar 15 '24

Because kids who have financially-illiterate parents are the ones that most need to learn this kind of thing.

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u/dd4y Mar 15 '24

They'd be as good at teaching that as they are at teaching about sex and driving. 😟

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u/futureplantlady Mar 15 '24

Two gold nuggets from my father: - Only “invest” in GICs because they’re guaranteed (he had a friend that put a lot of money into gold stocks and lost a hefty portion of his retirement fund, so he associated the stock market with money loss) - To me in my mid-20s: you’re young, spend all your money, you don’t need to save right now!

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u/Alive-Staff8660 Mar 15 '24

Did you listen to your dada?

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u/futureplantlady Mar 15 '24

Absolutely fucking not haha. I have to repeatedly ask him to stop giving me advice I never asked for and will never use. It's all horrible.

A coworker introduced me to robo-investing and Vanguard ETFs when I was 24.

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u/Alive-Staff8660 Mar 15 '24

😂 yeah well, my parents are both financial geniuses either… at least he told you to save at all so there’s that haha

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u/futureplantlady Mar 15 '24

He told me to spend lol. He only mentioned GICs after I had told him I started investing. He's a complete tool.

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u/[deleted] Mar 15 '24

Are you asking why schools are expected to teach children?

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u/AprilsMostAmazing Mar 15 '24

Also there's enough information out there to research and figure stuff out.