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(CBC)   Yes, and? Employees of major Canadian banks admit that they are all duping customers so if you thought your local bank employee was your friend, well, you're really kind of dumb... hate to break it to ya   ( divider line
    More: Obvious, Bank, sales targets, full-blown panic attack, Financial adviser, Scotiabank financial adviser, TD insurance broker, Financial services, CIBC small business  
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1145 clicks; posted to Business » on 15 Mar 2017 at 10:04 PM (30 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

13 Comments     (+0 »)
View Voting Results: Smartest and Funniest
2017-03-15 08:39:22 PM  
Duh. The market is only so big and there are only so many potential customers so all you can do is try to squeeze more profit out of the customers you have. At least the big banks are more organized in how they do it my old credit union used to call me constantly to try and sell me a credit card I already had which is why I went over to TD. I still get calls from TD but at least when I say I don't want or need something they come back with something else the next time.
2017-03-15 11:17:54 PM  
If you still bank at one of the big five in Canada you're a sucker. There's a lot of alternatives out there with no banking fees.

Ask yourself two questions:
1) Do I really need to carry cash?
2) Do I really need a teller?

If you answer yes, maybe it's worth the $10 a month. If no, go bank for free somewhere else.
2017-03-15 11:32:28 PM  
Employees from all five of Canada's big banks have flooded Go Public with stories of how they ANY BUSINESS feel pressured to upsell, trick and even lie to customers to meet unrealistic sales targets and keep their jobs.
2017-03-15 11:34:57 PM  
@Flogster hits the nail on the head.  There are at least two great options for free banking in Canada, and fark the Canadian banks and their yuuuge asset management fees.  Get an account with a decent (5 minutes of googling will find you a top rated one with low-to-no-fees for what most people need) discount brokerage and buy ETFs in an asset allocation that suits your needs and save big.

I think there are just a lot of folks who still think "most business are nice and looking out for the customer, especially the banks, they're regulated etc." in Canada.  The naive cattle, they.

There are always the credit unions but as RTOGUY points out, many of them are just as bad or worse, and most are being gobbled up by larger credit unions (some, ironically due to "too-consumer-friendly" business styles that have led them to not make enough profit to make up for loan losses) who are not acting the same way as banks.

On the bright side, we have one of the world's most stable banking systems coontil that bubble bursts anyway; while taxpayers will largely be on the hook for the insured mortgages, the overall meltdown in the unsecured credit market is going to cause a bloodbath for them anyway).
2017-03-15 11:36:24 PM  
previous comment, meant to say, Re: credit unions "who are NOW acting the same way as banks."
2017-03-16 12:53:13 AM  
2017-03-16 03:24:41 AM  
Sad to hear that Canadian banks are acting like the ones down here in the U.S. ( eg. Wells Fargo).
2017-03-16 06:52:48 AM  
Does it need to be said again?  No one goes to work for a bank to make the world a better place.
2017-03-16 08:30:54 AM  
Former BMO employee speaks out
2017-03-16 09:10:52 AM  
Small. Local. Credit Union.  Yeah, they're still finding a way to screw me, but at least they smile
while doing it.
2017-03-16 09:17:45 AM  
The "You are not my friend, stop trying to manipulate me into buying unnecessary services" conversation with my banker was fruitful.
2017-03-16 10:24:28 AM  
Never trust a business that spends $29 a tile for marble flooring just so you think they are stable and trustworthy.
2017-03-16 10:27:39 AM  
I think everyone's missing the much, much bigger point here:

Banks are businesses you trust with your money.  ALL OF YOUR MONEY.  If that trust isn't there, the banking system collapses.  That's a big farking deal.
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