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8 Mar


Bank Industry News

Posted by: Tracy Luciani Price

Finally bank greed has been exposed mainstream. We can only hope this is just the beginning because the pendulum has swung way way too far in the banks’ favour and it’s high time it be stopped. This time it is not just an isolated incident that a bank can sweep under the rug, it’s much much bigger.

CBC investigative news unit this week broke a huge story about TD Bank’s efforts to extract as much as they can from unsuspecting customers. TD bank tellers were interviewed and agreed to cooperate with CBC because they were assured they could do so anonymously.

When customers enter their PIN at a teller counter, a gold star informs the teller of ‘opportunities’ to sell the customer products. (CBC)

It actually all started with three TD bank tellers approaching CBC’s GO PUBLIC unit with their story because they couldn’t take it anymore. Since then retired bank employees, laid off employee and some managers have also joined into the fray.

Here are a few of the quotes. One said “We are under incredible pressure to sign clients up for products they don’t need.” “When I come to work I have to put ethics aside and not do what’s right for the customer.” Another said “Customers are prey to me. I do everything I can to make my (sales) goal.”

Elderly customers who trust the bank the most are the most vulnerable the news article points out. One employee said “Here I am setting them up with all these service fees and they don’t have a clue what’s going on.”

CBC also spoke to branch managers who are under the same pressures. No surprise there because this greed is corporate culture. “We’re told that our job is to make them (the tellers) understand that if they don’t achieve their sales ‘goals’ that they are no longer right for this job. I feel bad what they are making me do.”

When (good) managers expressed concerns to their supervisors, they were asked to consider whether they were still “a good fit” for the job, implying that their job might be in jeopardy.

Dear reader, ever time you put your PIN in you are a target to be upsold. That is sales. It’s not new. The problem is that big bank culture today has become sinister. It is one designed to extract every nickle, dime and dollar (in the thousands) out of you.

No doubt all big banks have similar or same business cultures and practices.

This evil juggernaut must be stopped so that we can trust our banks again because we need them. We need to rely on them to look out for their customers’ interests.

We have a long way to go folks. One can only hope that this is the beginning of the end to the invisible tyranny the banks deliver to Canadians one at a time, every second, minute, hour, week, month of the year.

Our voice as consumer (mortgage) advocate for the little guy and all Canadians for the last 12 years has finally been validated by national news.

We speak the truth. We care about you. We look after your best interests always. We get it. We need banks. When it comes to mortgages, it’s time to check your misguided loyalty and explore your options. We are here to help, guide and protect you.