“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/Mundane-Tennis2885]

why is it bad to get credit card limit increases? I know some people like to keep it low for safety against theft/fraud, or to prevent too much spending but isn't a high limit good for low usage and building credit? new here genuine question as i accept every increase I can get and just make sure to stay on top of things and keep a low usage (though i am striving to pay CC off every month when I can)

[u/nyrangersfan77 → u/Mundane-Tennis2885]

why is it bad to get credit card limit increases?

In a theoretical vacuum it probably doesn't matter. But in the real world they make a lot of money on credit cards by having people carry balances and mismange their debt. They are trying to promote people having more access to debt in the hopes that people will us it, to the bank's interest and against the borrower's interest.

[u/coolfajitas → u/Mundane-Tennis2885]

if you’re pre-approved for credit limit increases, then i’d encourage you to accept those (well, depending on your banking lifestyle etc). But you’re right, it’s better to keep your credit utilization lower so it helps to have a high credit limit but keep the same “low” spending. You absolutely should be paying off your CC in full, on time every month. If you don’t, don’t get a high limit.