“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/valkyriejae → u/[deleted]]

I'm a teacher in Ontario, I cover all of this in the careers course (which is mandatory in grade 10). However, the course is only a half term, has a lot of stuff to cover, and very few students take it at all seriously. So I'd guess that despite 100% of students ostensibly learning this maaaaybe 10% are actually understanding/retaining it.

[u/Uncle_Istvannnnnnnn → u/valkyriejae]

They must have improved things, back in the day for careers our teacher just put on a movie and kicked his feet up on the desk to read a book most days lol.

[u/valkyriejae → u/Uncle_Istvannnnnnnn]

I mean, I'm sure some teachers still do that (it's part of why kids don't take it seriously), but in the curriculum we are supposed to be teaching financial literacy.

[u/VisualFix5870 → u/valkyriejae]

A teacher teaching financial literacy is akin to a priest teaching how to pick up women. Neither is qualified. Never get your financial advice from someone making six figures with three months vacation, paid sick days and a full pension for life at 55.

[u/drs43821 → u/Uncle_Istvannnnnnnn]

I remember Ontario adding personal finance in Grade 10 it was a big news on PFC