Hidden cameras reveal how big banks are upselling you (Marketplace)

One time when I wanted to learn how TFSAs and RRSPs work, I booked an appointment with an RBC financial consultant thinking I would get educated about the basics.. The only thing the guy did during the whole time was try and sell me a specific mutual fund. Didnt bother explaining to me why I should buy it, all he told me was to trust him.. These "advisors" are basically glorified salespeople.

As Canadians, what are we going to do about it? Nothing? That sounds right.

Many years ago I worked for a big bank as a teller. I remember a client with a very big outstanding balance on a credit card on which he could barely pay the minimum. I suggestde him to take a credit line (with much lower interest) and pay off the credit card balance. My supervisor and the branch manager called me and critisized me for working against the interest of the bank. I was told that the best I could do is to suggest a low interest visa (still much higher than the interest on the credit line). The client got this as an offer. I was also given as a bad example at a team meeting and the manager had to intervene to correct this 'error' . This made me leave... still happy about that :) and a great lesson learned - not to trust banks!!! Thank you for bringing up this subject!

I was an Account Manager at RBC, everything in this investigation is 100% accurate. I wish you had interviewed me I could have told you stories I witnessed that would make your hair stand on end at what was going on in the bank

This is the kind of journalism this country needs! Bravo!

I worked at RBC for two years. The sad thing is that bank employees who will do anything to make a sale (including lie, like the guy who said the mutual funds will make at least 10% interest) are the ones who get promoted. RBC was the worst company (and the only bank) I ever worked for. The big banks are evil and must be kept in line by strict monitoring.

Bank advisors role should be renamed to salesman. Because that's their role and knowledge level.

I went to CIBC one time and the lady (supposed financial advisor) wanted me to invest into a mutual fund and when I questioned her why I should choose this over an ETF, she was like what is an ETF? I had to explain her what it is. I mean who is the financial advisor really?

I am former bank employee . Selling is everything. It is foundation of banking in Canada that copied from US banking business model . You sell even if you are bank manager . You will never get promoted if you do not sell enough . My co worker worker 30 years in banking and never got promotion and remained as teller . Those who sell will reach branch manager position in 2 or 3 years , I know a guy who jumped to management position and he was only 27 years old started from bank teller 3 years prior . You get huge points after enough meeting quota and targets . My coworker went cruise trip to several countries because of meeting huge sells targets . You have to meet branch manager each week to do performance review which is basically meeting your sales goals . You have to sell even as branch manager . Even if you go to insurance or wealth and corporate division still you are getting this high paid positions cause you are monumental in upselling and cross selling . Bank CEO even bank of Canada recent and past CEO did the same when they were tellers and branch managers etc . This is full blown scam but we must change this . Pressure is immense to sell for employees .

Mother worked at TD and it’s all about up sell, cross sell, predatory debt pushers…

Working at CIBC was a nightmare. High pressured sales over and over again.

hey CBC, you should do an undercover about these delivery companies and their pressure on employees to meet the target. this at times forces driver to drive fast which is dangerous for the driver and the people on the road

Holy crap, marketplace is such an invaluable show for Canadians rn

Wow real journalism from cbc for once Nice to see

I worked for one of those organizations. I was let go because I couldn’t meet my targets. The job made me miserable because of the sales pressure. My manager at the time couldn’t care less about treating customers right but cares more about the sales target.

If the Banks broke the law, then the police need to get involved

Telling a client they are eligible for a credit limit increase, a line of credit, and a no-income check credit cards are not inherently bad things. The pressure on sales is unfortunate, the lack of responsibility is embarrassing.

I worked at RBC in customer service. It’s the worst job I have ever had. Your bonus is based on your sales. If you have no sales, you dont get much of a bonus for just being good at customer service. I was terrible at sales because I refused to up sale people for stuff they didn’t need. They teach you how to sell to people and pitch products…

Speaking from my experience as a former employee of several Canadian banks, we were coached to look for sales even when a client passed away and families are coming to settle their finances! The pressure from top is no joke!

This is why you need to question everything