Title: Thousands Of Canadian Bankers Admit Lying To Customers To Boost Sales Post by: Hydrogen on March 15, 2017, 07:51:39 PM Quote Several days after shares of Canada's TD Bank tumbled following reports that its employees were engaging in practices similar to those which led to a major scandal at Wells Fargo, which cost CEO John Stumpf his job and led to bonus clawbacks and numerous terminations over the practice of "cross-selling", employees from all five of Canada's big banks have flooded CBC's "Go Public" whistleblower hotline with stories of how they too feel pressured to upsell, trick and even lie to customers to meet unrealistic sales targets and keep their jobs. In nearly 1,000 emails, employees from RBC, BMO, CIBC, TD and Scotiabank locations across Canada describe the pressures to hit targets that are monitored weekly, daily and in some cases hourly. "Management is down your throat all the time," said a Scotiabank financial adviser. "They want you to hit your numbers and it doesn't matter how." The deluge is fuelling multiple calls for a parliamentary inquiry similar to that which followed the Wells Fargo revelations, even as the banks claim they're acting in customers' best interests, CBC reported, adding it has agreed to protect their identities because the workers are concerned about current and future employment. An RBC teller from Thunder Bay, Ont., said even when customers don't need or want anything, "we need to upgrade their Visa card, increase their Visa limits or get them to open up a credit line." "It's not what's important to our clients anymore," she said. "The bank wants more and more money. And it's leading everyone into debt." A CIBC teller said, "I am expected to aggressively sell products, especially Visa. Hit those targets, who cares if it's hurting customers." A financial services manager who left BMO in Calgary two months ago said he quit after having a full-blown panic attack in his branch manager's office as she threatened to stifle his banking career because he hadn't met sales targets. "It was like the only thing they cared about at BMO," he said. "If you weren't selling, you weren't worth having around." He claims his manager once told him not to tell clients who wanted to invest more than $40,000 that the markets were down, because putting their money into GICs wouldn't earn the branch as much sales revenue. He said she also told him to attach high interest rates on mortgages and lines of credit and to not tell clients those interest rates are negotiable. He said he was "pressured to lie and cheat customers," but refused to do it. As CBC adds, the revelations about other banks came pouring in after Go Public revealed last week that front-line staff at TD were under pressure to sell customers products and services they may not need and that some employees were breaking the law to hit their sales revenue targets. Those stories, experts say, prompted the largest drop in TD Bank shares since the financial market downturn of 2009. http://www.zerohedge.com/news/2017-03-15/we-are-all-doing-it-thousands-candian-bankers-admit-lying-customers-boost-sales Banking is fast becoming a predatory industry rife with unethical practices aimed at boosting profits by the misery and suffering of people. Could cancelling bank accounts or boycotting banks be reasonable reactions to these types of practices? What are everyone's thoughts on this? Title: Re: Thousands Of Canadian Bankers Admit Lying To Customers To Boost Sales Post by: HabBear on March 16, 2017, 04:12:07 AM Same thing happened with Wells Fargo in the States.
http://www.huffingtonpost.com/entry/wells-fargo-fraud-republicans_us_57e4192be4b0e80b1ba0d583 (http://www.huffingtonpost.com/entry/wells-fargo-fraud-republicans_us_57e4192be4b0e80b1ba0d583) The reason it happens is two fold: (1) the products these bankers offer are easily obtained with out their help and without the need for a brick and mortar bank, thus the bankers have to do anything possible to try to sell these products. (2) the banks bonus the bankers for selling these products and create a highly competitive environment so that if the banker isn't meeting the quotas they could be fired. Since most of these products don't cost the customer anything it creates an environment where bankers who are at risk of falling below the sales requirements are left wanting to falsify the sales. The funny part is that the bonuses paid for these products are dollars...not thousands of dollars or hundreds of thousands of dollars. This is isn't Wall Street pay, it's Main Street pay. Title: Re: Thousands Of Canadian Bankers Admit Lying To Customers To Boost Sales Post by: n0ne on March 16, 2017, 04:28:20 AM During the same time Canadian citizens were warned of scammers running around the country with the name of bitcoin. So fraudsters involving in such activities were asked to be informed to the public. What they does is contacting the people who apply for jobs and other ads and explaining about the virtual currency and making them buy to profit out of it. This too had become a major issue around the city of dehrun.
Title: Re: Thousands Of Canadian Bankers Admit Lying To Customers To Boost Sales Post by: Kakmakr on March 16, 2017, 05:26:14 AM These bankers are a bunch of @!#$%ers and they are under pressure from their investors to make huge profits and to increase their dividends. I once saw a row of stalls for the different banks, promoting credit cards to first year students at a big university.
These students have no work and they are given huge credit to spend. ^wtf^ In the end, the parents have to pay the bills. ^grrrrrr^ Title: Re: Thousands Of Canadian Bankers Admit Lying To Customers To Boost Sales Post by: VapeOil on March 16, 2017, 02:45:14 PM Holy fuck so this is why my bank is calling me incessantly. Sometimes 4+ times per day. I have been hanging up on them now.
Title: Re: Thousands Of Canadian Bankers Admit Lying To Customers To Boost Sales Post by: codingmaster on March 20, 2017, 10:40:50 AM Well, advertising is mostly about lying or telling twisted truth.
Title: Re: Thousands Of Canadian Bankers Admit Lying To Customers To Boost Sales Post by: Discovery 17 on March 20, 2017, 10:48:21 AM Advertising is legalized fraud. I never watch commercials. It helps me not to buy unnecessary things and services. I buy only what is decided.
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