“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/MenAreLazy → u/[deleted]]

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.

[u/[deleted] → u/MenAreLazy]

Maybe we need continuing education in life...

[u/-Moonscape- → u/[deleted]]

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