Thousands Of Canadian Bankers Admit Lying To Customers

[Y_Participant 4591]

“We Are All Doing It”: Thousands Of Canadian Bankers Admit Lying To Customers To Boost Sales

From Tyler Durden @ ZeroHedge
http://www.zerohedge.com/news/2017-03-15/we-are-all-doing-it-thousands-candian-bankers-admit-lying-customers-boost-sales

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.

Some examples:

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.

Full story here

[BlacqueJacqueShellacqueParticipant 6890]

Whatttttt? Bankers lie?

I’m both shocked and outraged at the notion of these fine citizens are nothing but moral.

Goldman Sachs’ Blankfein on Banking: ‘Doing God’s Work’

Bloodsuckers.

[Y_Participant 4591]

BlacqueJacqueShellacque wrote:

Whatttttt? Bankers lie?

I’m both shocked and outraged at the notion of these fine citizens are nothing but moral.

haha – it’s all coming out now after years and years of bulls~~~ting.

[KevinStylesParticipant 2580]

I don’t trust banks anymore period after the whole 2007/2008 thing that happened in the US. Think i’m gonna keep my cash in my mattress.

And did they learn nothing about what happened here a decade ago that we still haven’t recovered from? Or maybe they did, they just learned how they could do it themselves.

[Y_Participant 4591]

KevinStyles wrote:

I don’t trust banks anymore period after the whole 2007/2008 thing that happened in the US. Think i’m gonna keep my cash in my mattress.

There used to be a time when the banks in your town or state looked after you. Now its kill or be killed. Remember when you put your money in there it becomes legally their money. Seriously.

[It’sallbsParticipant]

Y_ wrote:

KevinStyles wrote:

I don’t trust banks anymore period after the whole 2007/2008 thing that happened in the US. Think i’m gonna keep my cash in my mattress.

There used to be a time when the banks in your town or state looked after you. Now its kill or be killed. Remember when you put your money in there it becomes legally their money. Seriously.

No it’s much worse than that Yumbo. You deposit $10,000 they lend out $100,000 (often more than that) and charge interest on money that does not exist. It’s called fractional reserve banking/lending and if only it was only 10 times the amount.

So there is never enough money in the system at any time to pay back all the principle nor the interest.

Of course as interest rates have been low banks earning potential declined. Their derivatives trading became ever more reckless resulting in the top 6 banks being exposed to an amount approximately 22 times larger than the GDP of the entire world.

Then of course there is the wonderful world of credit default swaps.

Bankers are scum.

http://www.leavemeansleave.eu

[Anonymous 25]

They call it “cross selling”

A stupid idea. You grow a business by having a good reputation and treating customers fairly

That’s what happens when you let the marketing department have too much power in a business

[thisistheguy123Participant 2063]

I absolutely hate banks, not because I think they’re not needed, but because they gamble with $$ that isn’t really theirs to gamble with

Their services suck, they charge way too much (although my accounts are now $2 a month for unlimited), etc, etc.

Bankers are some of the worst of the worst in this current society

[Can’t Stump TrumpParticipant]

thisistheguy123 wrote:

they gamble with $$ that isn’t really theirs to gamble with

I’m shocked, shocked to find there’s gambling going on here!

Women are better at multitasking? Fucking up several things at once is not multitasking.

[Anonymous 0]

Keep in mind what Icelanders did to the banksters. They suffered for it when they withdrew what little they had left. My mother’s family really does keep their gold under the mattress. They won’t trust currency ever again. Those Icelanders are some of the most unforgiving people in the world. Yeah, I’ve had a few drinks. Maybe I shouldn’t post any more tonight.

[WOTGMParticipant 32]

I am not shocked at all about this, honestly I wouldnt be surprised if fiat money was no longer present in the near future. Cryptocurrency is the future gents!

[MrMeParticipant 651]

I really wanted to test this investing in the stock market via my ”friendly” bank’s trader.

Gave them a small 5000$ test 2 weeks ago and asked them where the money is so I can keep an eye on the graphs (mostly S&P 500).

In 2 weeks, the S&P 500 went up so I told myself: hey cool lets go to the bank to see where’s that 5k$ at.

Balance : 4 990 $

I said to the bank’s trader, take all that money out of there. If the economy is doing great and im losing some of my investment, imagine if the economy was bad.

[LEO THE WISEParticipant 249]

what did you expect,

It’s BANKSTERS their name. They already screwed us with the subprimes in 2008… So far heads did not litteraly fall of corpses so they kept doing the same s~~~.

You can only trust yourself (to some extent) the others you have no idea what are their motives, their goals… If you are in between their paycheck or raise I am pretty sure you can say bye bye to your money.

Leo the wise : Giving to all men their needed uprise My MGTOW YOUTUBE channel, first vid : https://youtu.be/Xt-tJgVUGuI

[WestcoasttrendkillParticipant 234]

Our system modeled around Central Banking is based on fraud. Our system is 100% rotten to the core. It’s designed to steal and rob every last piece of wealth in all forms. The insidious part is that it is designed to last generations (think frog and the boiling pot). It permeates everything else in our society like what brings us all here. The scam of marriage and the concept of wealth extraction are symptoms of this disease.

Understanding concepts like intrinsic value and usury are the first step towards financial freedom.
Might I suggest watching the series Hidden Secrets Of Money

[Anonymous 0]

MrMe wrote:

I really wanted to test this investing in the stock market via my ”friendly” bank’s trader.

Gave them a small 5000$ test 2 weeks ago and asked them where the money is so I can keep an eye on the graphs (mostly S&P 500).

In 2 weeks, the S&P 500 went up so I told myself: hey cool lets go to the bank to see where’s that 5k$ at.

Balance : 4 990 $

I said to the bank’s trader, take all that money out of there. If the economy is doing great and im losing some of my investment, imagine if the economy was bad.

Most of the people working at a bank branch, i.e., customer service reps, tellers and people who sit in fancy cubicles don’t actually make very much money unless they sell, sell, sell. They provide us with free advice while being paid by the bank, so of course, they are going to act in the best interest of the bank and will do whatever is required to keep their jobs.

It is important for you to understand how, the person sitting across from you at the bank branch in a business suit, is getting compensated.

We as bank investors and bank clients have to be savvy when it comes to dealing with banks. Instead of letting some middle-man money manager “manage” your money and take a healthy percentage out of your earnings, it is better to learn about investing and be your own money manager. A university degree in finance isn’t needed for you to manage your own personal finances.

Open up an account with a discount brokerage. Invest in low-MER high-risk high-growth index funds. Have some play money set on the side to invest in the stock market if you wish. See if your company does employee share matching and invest in it. See if your company has a pension plan and become vested asap. Take advantage of tax-free accounts. Buy some precious metals – gold and silver. Keep in mind, this is a long-term approach to financial success, not short-term. In the long-term, say 25 — 30 years of a committed effort, along with the magic of compound interest, you can succeed with money through your own effort. No greasy middle-men needed.

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