Just bank with Tnagerine, none of these issues and everything is free of stupid banking fees that most people are used to
TD bank employees admit to breaking the law for fear of being fired
- Thread starter yung_dood
- Start date
J
jazzbox
This is not technically correct Skyrider. In 2008, the Canadian government implemented a insured mortgage repurchase program whereby the government injected liquidity into the banks by purchasing insured mortgages from banks. In exchange, financial institutions received a cash payment to ensure liquidity and credit provision to consumers and businesses. Putting the program into perspective, in November 2008, the estimated value of outstanding residential mortgages in Canada was $900 billion. Through the IMPP, the Canadian government facilitated the purchase of up to $125 billion worth of these mortgages. Did this save the bank's bacon? Not sure ..but probably helped and they did ask for it. Ultimately for the government it might have saved the government from potential bailouts if the bank's liquidity problems had undermined their viability. That said, I certainly would love a government program that would buy back from me my insured mortgage should I hit economic problems and needed some liquidity.
Being informed is good. It's coming via emails, snail mails, phone calls, branch visits, online banking. All unrequested. What's next. Unsolicited house calls ;
What's bad is, for examples, when they tell you to keep your phone on (so they can annoy you even more) & sign you up for things you didn't agree to or turned down.
On the plus side, with online banking becoming so popular, bank lineups are minimal.
Has anyone been arrested? Anyone going to jail for these company-wide and head office sanctioned, illegal schemes?
Reason I'm asking is that also last week, Cannabis Culture was subjected to raids all across the country. So to me it seems that the nation's law enforcement officers are once again going for the easiest low-hanging fruit while leaving the real, big-money corporate fraud committing criminals alone.
Squeeze, as in eke out their profit, in new and creative ways. Not high pressure sales tactics.
Corporate fraud has always received a more lenient treatment. Sometimes the waters are cloudy with regards to this.
The drug raids are not "low hanging" fruit as you say. This comes from these dummies pushing their own agenda, going to far and being right out there in your face with advertising and selling in store fronts. They believe that the Liberals are moving too slow with legalization, something which I don't believe the Liberals will follow through with. The law is on the books and it is quite clear.
With something like TD scandal, if the allegations are found to have merit. If it's found after an investigation, that the so called wrong doing wasn't egregious in nature, and TD has shown that any abnormalities in how they conduct business have been remedied. They will probably get away with a fine. There are very few times corporate officers are tried and convicted. A lot of time and money can be wasted unless there is a clear cut case of wrong doing.
I don't think anyone is reporting that these practices are approved by management or head office.
Going back to the OP
Aside from tellers being paid relatively low, they don't even receive commissions from these upsells, just "points" towards their and their managers' sales stats. It's absolutely pathetic. Many people think getting a job at a bank is good and respectable but unless you're higher up it's a shitty job that doesn't pay well.
Aside from tellers being paid relatively low, they don't even receive commissions from these upsells, just "points" towards their and their managers' sales stats. It's absolutely pathetic. Many people think getting a job at a bank is good and respectable but unless you're higher up it's a shitty job that doesn't pay well.
Some of the comments in this thread make me laugh. You folks DO realize the banks are BUSINESSES right? They're not some not-for-profit entity there to help you sort out your finances. They're there to make money. Lots of it. So don't be surprised when they want to upsell you. That's called business.
Now if they're breaking the rules to do so, that's a different matter. But don't be aghast that they might actually try to sell you something you don't really need. Cuz that never happens in our society...
Now if they're breaking the rules to do so, that's a different matter. But don't be aghast that they might actually try to sell you something you don't really need. Cuz that never happens in our society...
Sounds like shifting blame to me. These employees broke the law, then whine because they were "pressured" into it. How about have some balls and do the right thing!? Most businesses have sales goals. How are banks any different?
I DO blame TD's management somewhat for this, if only because the lack of oversight allowed their employees to take advantage of customers.
I have accounts with TD, but keep a close eye on them. Haven't seen any shifty behaviour yet.
I DO blame TD's management somewhat for this, if only because the lack of oversight allowed their employees to take advantage of customers.
I have accounts with TD, but keep a close eye on them. Haven't seen any shifty behaviour yet.
Agree. Tellers don't get the big paydays. It's the traders and the brokers in the bank who make the big bucks. My broker told me that every broker in his bank is expected to generate minimum $1 million in annual revenue.
Many employees don't know their labor rights and are fearful for getting terminated. Everybody's got to eat somehow. You also have to consider the impact to your career if you decide to be a whistle-blower. You'll likely never working in the financial services industry ever again.
That's why TD has to constantly be up-selling people on things they don't necessarily need. It costs them to maintain those extended banking hours, network of ABM's, cash back cards, etc.
Its not just TD. All the banks do it. If the employee does not push product they lose their job. Banks are just fast-food outlets for financial products. They consistently damage the financial lives of the grass roots customer who is usually not aware of what is being done, or who thinks they must accept it. This is a huge issue which has been suppressed for many years. There is no check of suitability. Just push, push ,push. People are overcontributed to tfsa's, sold rrsp's they don't benefit from and given more credit when they cannot handle what they have.
What is really interesting is that the media are not picking this up. The banks are huge advertisers and they are able to keep this out of the papers and TV simply by threatening to pull their accounts.
A class action suit was launched today against TD and the other banks will be nailed soon.
This is a huge issue and only CBC is airing the message.
What is really interesting is that the media are not picking this up. The banks are huge advertisers and they are able to keep this out of the papers and TV simply by threatening to pull their accounts.
A class action suit was launched today against TD and the other banks will be nailed soon.
This is a huge issue and only CBC is airing the message.
Right, but guess what, banks in Canada made billions on loans alone last year, so how much more profit$ do they need until we start calling it "greed"????
