TD Bank Employees Admit to Signing Customers Up for Unnecessary Services

If you didn’t think you needed that product or service a bank employer was pushing, there’s a chance you were right along–and that they knew you didn’t the product or service either.

According to a recent CBC News article, Toronto Dominion (TD) bank employees push unnecessary products and services on customers in order to meet “high sales revenue goals” because many are afraid of losing their jobs if they do not.

The CBC reports that hundreds of current and former TD employees wrote to the news outlet’s investigative news segment Go Public to describe a toxic environment that they say is “poisoned” and has “zero focus on ethics.”

The CBC has revealed some troubling facts, as some employees reported breaking the law out of desperation to earn points towards sales goals they’re required to meet every three months (if they do not meet the goals, they say their jobs are on the line).

While it appears TD does have a code of ethics that employees are supposed to abide by, it seems that ambitious sales targets prompt some worried workers to work outside of policy. A teller told the news outlet that he has increased customers’ lines of credit by “a couple thousand dollars” without telling them just to get sales revenue points (which is a violation of the federal Bank Act). Other employees admitted to increasing people’s overdraft protection amounts and Visa limits.

While that’s certainly a problem, the issue runs even deeper, with some employees reportedly suffering from anxiety and depression because of the pressure to sell more and more.  

Naturally, some customers have picked up on the sneaky tactics–sometimes noticing monthly fees associated with accounts they never consented to sign up for and demanding answers from the bank.

Scarily enough, the CBC also reports that financial advisors are investing client funds in unsuitable accounts to meet sales targets. Others admitted they lied about the risks inherent in investing in certain products.

Experts told the CBC that tactics like this can be particularly harmful for more vulnerable customers, such as those who are more elderly.

Some people have even suggested that the federal government examine the issue and act accordingly.

What do you think, Mississauga? Have you ever been affected by what you believe to be an unnecessary upsell?