Personal Finance

'I will do anything I can to make my goal': TD teller says customers pay price for 'unrealistic' sales targets

  • Last Updated:
  • Jun 1st, 2017 8:01 am
Deal Addict
Feb 10, 2013
4782 posts
1326 upvotes
Richmond
geokilla wrote: http://www.cbc.ca/beta/news/canada/brit ... -1.4023575

Didn't see it on the forums... Hopefully the government will do something about this. First we thought it was only TD, but it's all 5 banks. I don't know who I can bank with anymore at this stage. They all own the smaller banks on the market too, whether it be MBNA, PC Financial, Tangerine, etc.
try a credit union. they aren't owned by the big 5.
Deal Fanatic
User avatar
Dec 8, 2007
5550 posts
2220 upvotes
Have any senior executives gone to jail yet?

Lol.
Hydropwnics wrote:"TodayHello is a certified hustler and original gangster."
Deal Addict
Feb 22, 2016
4745 posts
4409 upvotes
http://www.cbc.ca/news/business/banks-s ... -1.4030981

Since outbound telemarketing is all but dead (only scammers, duct cleaners, and timeshare sales from India still use it significantly... and sadly somebody must be falling for it), the banks have turned customer service into boiler-room telemarketing sales. "Oh, you're stranded in a foreign country and your wallet was stolen? What say we raise your limit first so the guy who is using your card can buy more stuff..."

Cue the first wiseguy to say "Scotiabank sucks, sell those shares" because they weren't mentioned in this article in a negative way (negative for the customer, positive for the shareholder)...
Member
Dec 7, 2007
380 posts
391 upvotes
zobi123 wrote:

Pretty biased reporting in regards to the guy who invested $1 mil. To be fair, it looks like he was paying around 0.5% annually in fees (which is extremely cheap for managed money) and there is no discussion of his risk profile. Sure he may have underperformed the market - but he may have also told his advisor that he didn't want the risk associated with equity investment. Had they actually substantiated his claims that he was being ripped off with facts and evidence I'd be a little more aghast at the circumstances. Instead it just reeks of "big banks are bad" without any substance.

I'm all for investigative reporting - but this smacks of headline chasing and nothing close to investigative.
Deal Expert
Jan 7, 2002
29710 posts
29128 upvotes
Waterloo, ON
toolioiep wrote: Pretty biased reporting in regards to the guy who invested $1 mil.
And the second clip was exclusively about RBC.
I'm all for investigative reporting - but this smacks of headline chasing and nothing close to investigative.
Unfortunately the meaning of the word "nuance" consistently eludes the "investigative reporters" at CBC. Then again, if they understood stuff like risk profile, they wouldn't be working at CBC. They too could get an entry level job at one of the banks' brokerages and they too could be "VPs" ;)
veni, vidi, Visa
Sr. Member
Mar 3, 2015
699 posts
95 upvotes
Scarborough, ON
I haven't visited BMO branch at teller service for 1.6 year, last week I visited BMO Downtown toronto to deposit a cheque and this lady teller was so aggressive and won't take "NO NO" for and answer offering credit card application also yesterday the other BMO in east York similar case but this time she wanted to access my RDSP account which I didn't accept but aggressive too.
-most of these new tellers are working with no benefits and are replacement to Canadian workers.
-the culture of Canadian banks are now driven by greed and abuse of its employees which means the loser is Consumer.
Deal Expert
Oct 6, 2005
16872 posts
2557 upvotes
zobi123 wrote:
The guy has a $1MM+ to invest and doesn't know that wealth people have inflated titles? A "vice-president" in retail wealth is basically a Sr. Individual Contributor, maybe even less so in some cases.

As for his poor performance - most bank mutual funds do suck - but it's pretty clear in the prospectus.
Deal Expert
Jan 7, 2002
29710 posts
29128 upvotes
Waterloo, ON
Canada’s big banks on defensive over allegations of aggressive sales practices
Allegations of aggressive, and in some cases illegal, sales practices at several of Canada’s biggest banks have put top executives on the defensive at annual meetings this spring, with Scotiabank’s CEO [Brian Porter] telling shareholders on Tuesday the reports are “largely unsubstantiated.”...

Porter’s comments came on the heels of similar remarks made by TD Bank’s CEO last week, who said that less than 100 of the complaints the bank received last year had compliance concerns....

[Bank of Montreal CEO Bill] Downe said he has a “high degree of confidence” in the bank’s employees and that the bank has “rigorous disciplines” in place to make sure that top-level executives are aware of what’s happening on the sales floor.
veni, vidi, Visa
Deal Fanatic
User avatar
Dec 8, 2007
5550 posts
2220 upvotes
Of course CEOs are going to deny 'til they die. lol.

What's the alternative? Apologize? "Hey guys you got us!"
Hydropwnics wrote:"TodayHello is a certified hustler and original gangster."
Deal Expert
Jan 7, 2002
29710 posts
29128 upvotes
Waterloo, ON
TodayHello wrote: What's the alternative? Apologize?
Spin.

(E.g.: "We're reviewing our practices and will make any necessary changes."
Translation: "Business as usual until the feds or a class-action lawsuit dictates otherwise.")
veni, vidi, Visa
Deal Addict
User avatar
Sep 1, 2013
1338 posts
376 upvotes
Mississauga
There's one benefit to this series of bad headlines for the banks: at least we're unlikely to see any fee increases this year. They have enough consumer anger to deal with, they probably won't want to give CBC any more ammo.
Deal Expert
Jan 7, 2002
29710 posts
29128 upvotes
Waterloo, ON
Former staff to blow whistle to MPs about bank practices
The House of Commons finance committee will kick off hearings into the practices of Canada's big banks on Monday with testimony from former bank employees ready to blow the whistle on some of the things they have witnessed...

The hearings come in the wake of a series of stories by CBC's Go Public in which bank employees described questionable practices by some of Canada's biggest banks. The employees have alleged things like pressure on employees to meet ever-increasing sales targets, signing clients up for services without informing them, and forging signatures and initials...
veni, vidi, Visa

Top