Time to take a stand against Canadian banks

Back in September I wrote about how students needed to be careful when dealing with their banks, as there are multiple hidden fees banks don’t tell us when we sign-up with them.

Last week the truth about the big banks of Canada came out. Employees of these banks anonymously spoke out to Go Public — a investigative news segment on CBC — about the behind the scenes efforts from the banks to get the most out of their customers by pressuring their employees.

Monday morning CBC posted another article stating that bank call centre staff are being pressured to turn customer inquires into upsell pitches.

Employees from Canada’s five biggest banks (RBC, BMO, TD, CIBC and Scotiabank) said that “they feel pressured to upsell, trick and even lie to customers to meet unrealistic sales targets and keep their jobs.”

This is an extremely major issue when it comes to the health and wellbeing of the employees of these banks and a major problem for customers that have been completely left clueless regarding what they’re truly dealing with. These employees speaking out is a cry for the Canadian government to investigate their biggest banks.

These days it has become tough for people to find a well-paying job and keep said job. Then being able to afford a home in this market is also tough and gets even tougher when banks are adding high interest rates on mortgages.

For university students, with tuition already continuing to grow and other financial needs from living rent, food and other necessities, being lied to by your bank is only negatively impacting us more. For the 2016/2017 academic year, Canadian full-time students in undergraduate programs paid, on average, $6,373 in tuition fees — that is 2.8 per cent higher than the 2015/2016 average, so every dollar for a student matters.

The CBC article also stated an employee at a bank in Waterloo, Ontario was instructed along with other staff members to tell international students looking to open a chequing account that they would need to also open a “student package”, which included savings account, credit card and overdraft. In 2010, there were over 100,000 international students studying at Canadian universities — that’s 100,000 people who came to Canada to get an educated being exploited of by banks.

It’s time for the Canadian government to investigate into how banks are being operated. For one, employees shouldn’t be pressured or bullied to lie and upsell to customers just to keep their jobs. A banks job is help their customers financially, but instead Canada’s five big banks are hurting their employees mentally and emotionally, as stated in the CBC article.

Secondly, the Canadian government must do right for the public. People shouldn’t be paying higher interest on mortgage, opening extra bank accounts, paying fees that are unnecessary or any other nonsense these banks are telling their employees to pitch to their customers.

It’s time to take a stand against these banks as they are taking advantage of the people already struggling to get by with paying their bills, mortgages, tuition and other necessities. This starts with our government.

 

 

 

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