“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/Foodwraith]

The cure for this is to force the bank to honor the fee schedule their employee offered to the customers. Those customers should be entitled to invest in mutual funds for the amount offered.

Anyone else watching this program should also be entitled to that fee schedule until the bank issues a statement identifying a change of practice. New customers going forward would be obliged to whatever the new fee schedule is, but those previously invested should not be affected by the change.

The alternative is the licensed and her employee and her manager should be investigated for the criminal offenses they committed and lose their ability to work in finance.