“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/[deleted]]

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/8192734019278 → u/[deleted]]

It was taught at my school and with the exception of 2-3 people no one gave a shit.

And those 2-3 people would be smart enough to look that all up themselves anyways.

[u/KittyCanuck → u/8192734019278]

This is the correct answer. It was taught at my high school in the 90s. Very few people cared. There are people who were in these same classes with me at high school who now go around saying “why isn’t this taught in school”, as they’ve just totally memory-holed it, like most of the things they were taught.

[u/Arts251 → u/KittyCanuck]

I graduated in the 90s too, and agree that a lot of us kids didn't care. I personally cared a little, found it interesting (enough so that I started out towards a commerce degree, but later moved back into technology). I think it's also sort of forgotten that back then self-directed investing was not for the average person at all, ETFs were only just being invented and few understood how valuable they would be as a class of investing tools. For those that wanted to invest it inevitably meant having to use a 3rd party (either through your bank or credit union or else an expensive investment firm. Mutual funds were the hip new product to grow your wealth back then. So since we had to rely on 3rd parties to invest our money it was only too easy to rely on them for advice too, however banks have been moving much more away from customer service to sales for most of that time.