Personal Finance

Anyone else find TD and other banks doing inappropriate actions with your account?

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  • Sep 20th, 2017 1:37 pm
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Deal Addict
Jan 20, 2016
2028 posts
1013 upvotes
Houston, TX
Ilovejaneandfinch wrote: I doubt the people interviewed are lying. Maybe it is not happening to everyone, but clearly it is happening. It happened with these employees and happened to me. So no doubt, it happens.
There is a BIG difference between claim that's its a system or occasional thing. CBC claims that's a system based on THREE TD former employees...from what, 30 thousands?
Once again, in my 7y experience with TD I NEVER had this things. I do had some "protection/insurance" sells when applying to NEW CC etc. but never when calling about some troubles.
Make the face great again
Deal Guru
Nov 7, 2012
11562 posts
148 upvotes
abercombie and finch
asa1973 wrote: There is a BIG difference between claim that's its a system or occasional thing. CBC claims that's a system based on THREE TD former employees...from what, 30 thousands?
Once again, in my 7y experience with TD I NEVER had this things. I do had some "protection/insurance" sells when applying to NEW CC etc. but never when calling about some troubles.
THREE? Um no. More like a THOUSAND.

It would not make the news if 3 people complained to the media about work.

Hmm there is a fire drill in this library now.....
blahhh
Deal Addict
Jan 20, 2016
2028 posts
1013 upvotes
Houston, TX
Ilovejaneandfinch wrote: If anyone will keep disputing that what the banks are doing is wrong, then see this!
http://www.cbc.ca/news/business/td-bank ... -1.4019822

Why defend the banks and bash the media? From what I am seeing, it needs to be the other way around!
You're really do not understand difference between
made up bogus accounts
and sale you some service?? or just pretend??

If you got smth you do not like, you can a) cancel it b) switch to another institution, it's not an USSR with single bank in a country

I'm not saying TD is an ideal bank, but like democracy, it's what we have for a moment
Make the face great again
Deal Addict
Jan 20, 2016
2028 posts
1013 upvotes
Houston, TX
Ilovejaneandfinch wrote: THREE? Um no. More like a THOUSAND.

It would not make the news if 3 people complained to the media about work.

Hmm there is a fire drill in this library now.....
Really, can you quote a phrase saying about 1000 TD employees saying about their inappropriate action?
Thank you.
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Deal Guru
Nov 7, 2012
11562 posts
148 upvotes
abercombie and finch
asa1973 wrote: Really, can you quote a phrase saying about 1000 TD employees saying about their inappropriate action?
Thank you.
This is from the banks combined. This thread is not just about TD.
And certainly not just 3 employees Face With Tears Of Joy
Don't know where you got that from.

btw, the library I ended up getting kicked out of by a fire drill, turned out to be a fire alarm, maybe it's burning down, byebye books lol. I thought it was a drill, they just held one a week ago! Now I'm in starbucks!
blahhh
Deal Guru
Nov 7, 2012
11562 posts
148 upvotes
abercombie and finch
asa1973 wrote: You're really do not understand difference between and sale you some service?? or just pretend??

If you got smth you do not like, you can a) cancel it b) switch to another institution, it's not an USSR with single bank in a country

I'm not saying TD is an ideal bank, but like democracy, it's what we have for a moment
Bogus accounts? That was the US. This is about Canada. I am not talking about the US, Philippines or Vanuatu. This is about Canada so that is irrelevant. https://qz.com/795435/the-wells-fargo-f ... -big-bank/
blahhh
Deal Addict
Jan 8, 2006
1686 posts
999 upvotes
Ilovejaneandfinch wrote: I called in for something and she brought up about having the automatic transfer to savings account. It automatically moves a certain amount to the savings account every week and moves a certain amount every time you make a transaction. Clearly they take advantage only to have people lose track of their balances and use more services etc.
When I activate this on my account they told me this way bank thinks you are good saver and helps you when you apply for loans. Is there any draw back transferring loonie/toonie to savings on every intract transcations? If there is I need to cancel this feature on my account.
Deal Addict
Jan 20, 2016
2028 posts
1013 upvotes
Houston, TX
Ilovejaneandfinch wrote: This is from the banks combined. This thread is not just about TD.
And certainly not just 3 employees Face With Tears Of Joy
Don't know where you got that from.

btw, the library I ended up getting kicked out of by a fire drill, turned out to be a fire alarm, maybe it's burning down, byebye books lol. I thought it was a drill, they just held one a week ago! Now I'm in starbucks!
You're jumping between different CBC stories, so it's hard to track your point except you're unhappy with TD

In original post the link was for the article where 3 people saying they had sales target.

Another link to "thousands" saying "hundreds of emails", and then to single employee telling story about sales pressure on him. As usual for media there are mix of different numbers and titles saying different things.

So far your claim about "inappropriate actions with your account" is a bit of stretch to some product bank PROPOSED and YOU agreed but do not like. It's a bit different from silently signing you to 200k LOC or other really inappropriate things (like a story about disputed deposit at branch)
Make the face great again
Deal Guru
Nov 7, 2012
11562 posts
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abercombie and finch
comp_freak wrote: When I activate this on my account they told me this way bank thinks you are good saver and helps you when you apply for loans. Is there any draw back transferring loonie/toonie to savings on every intract transcations? If there is I need to cancel this feature on my account.
Depends on the person. It's a pain in the ass really. If I would like to arrange things perfectly and make a slight miscalculation, then the transfers happen again, guess what happens when the transfer happens and there is not amount needed in the account. OVERDRAFT CHARGE! Another 10 bucks for TD, times god knows how many times it happens! If I want to manage savings etc, I rather move it myself thanks.

Having all these transfer happen, plus overdraft in place, all while people are out living busy lives, there are going to be times where they enter overdraft without expecting it. And a charge that added to the pockets of the bank that otherwise never would have happened. Banks know this and if they are out to squeeze money out of people as the articles said, I am sure that is part of what they are doing. They are not the smiley guys you see on the TV commercials.
blahhh
Banned
Jun 19, 2017
256 posts
180 upvotes
Yup... Ive had my credit card balance increased despite me declining. I called the branch and lost my marbles. Employee got fired.
Deal Addict
Mar 10, 2010
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My wife used to work for TD and CIBC...she was a CSR. The job used to be about providing service to the customer, making sure they were happy. Now it's all about sales targets and referrals to meet with Financial Advisors. She saw people with way too much debt already encouraged to sign up for another Visa or a Line Of Credit. The banks are not out for your best interest, they're out to maximize their revenue. You can argue whether that's acceptable or not, but it's the fact now that they don't care at all about you, just about how they can get more money from you.
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Mar 9, 2007
15620 posts
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Think of the Childre…
The bank teller girl laughed at the screen when she saw my account balance.

WOULD SOMEBODY THINK OF THE CHILDREN!!!
Deal Addict
Nov 25, 2014
1739 posts
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Newton Brook, ON
Ilovejaneandfinch wrote: You would also wonder why they want clients to have it to add to their "sales target" It itself does not directly generate money, only moves it. So must be that they want you to go into overdraft or something else that indirectly causes you to use a paid service. Why else are they pushing it.
Any money on deposit generates money for the bank. The feature is obviously aimed at people who use debit and are lazy/passive about banking and probably wouldn't bother transferring anything on their own. That means the money is going to stay in the savings account, and probably won't be spent because the savings account has a transaction fee. Otherwise, they would just have a chequing account and spend everything in it, never leaving much on deposit.
You need someone with an umbrella not a fork
Deal Guru
Nov 7, 2012
11562 posts
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abercombie and finch
nmclean wrote: Any money on deposit generates money for the bank. The feature is obviously aimed at people who use debit and are lazy/passive about banking and probably wouldn't bother transferring anything on their own. That means the money is going to stay in the savings account, and probably won't be spent because the savings account has a transaction fee. Otherwise, they would just have a chequing account and spend everything in it, never leaving much on deposit.
So there is something. It is because the savings account involves fees to use, just like how overdraft is.

I also read that banks in the US "rearrange" transactions to optimize conditions leading to overdraft charge. I knew overdraft would come up. It is something that can make the bank money so I know banks are out to exploit it.
blahhh
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Aug 23, 2006
3153 posts
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MrWhiteCoffee wrote: Nope..not at all

They offer me these services and add ons usually when I login to easyweb or use atm...I just decline

Key is for people to read
The question they ask me every time I visit the branch. I decline as usual. I tell them I wait till I have enough money and choose investment I want.
Ilovejaneandfinch wrote: That is the same with me. But as described in the article, it seems like it is when over the phone that things turn a little ugly lol
Seems to be confirmed with the news articles about it.

For me the same. When I go in to a Branch, nothing like it happens. When you are face to face, seems hard to push anything because it won't go through. Seems on the phone their tricks work better,
“There are some things money can’t buy, and for everything else there’s MasterCard. Well, get out your checkbooks ladies and gentlemen, because it seems like the entire liberal cabinet can be bought. TRUDEAU: I CAN’T BE BOUGHT...LMAO. Because its 2017
Deal Addict
Nov 25, 2014
1739 posts
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Newton Brook, ON
Ilovejaneandfinch wrote: So there is something. It is because the savings account involves fees to use, just like how overdraft is.

I also read that banks in the US "rearrange" transactions to optimize conditions leading to overdraft charge. I knew overdraft would come up. It is something that can make the bank money so I know banks are out to exploit it.
Why do you keep thinking everything is about overdraft fees? I think you misunderstood me. The savings transaction fee isn't about getting revenue from the fee itself because most people aren't going to pay it. It discourages people from paying out of the savings account. The point of all this is to force people to save, which means keeping more money in the bank which the bank uses to create more money for themselves.
You need someone with an umbrella not a fork

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