Hidden cameras capture bank employees misleading customers, pushing products that help sales targets

Michelle Jeraline says she's so stressed out by the pressure to sell customers products at TD Bank, it's affected her health. 

The TD employee says she's usually not acting in the best interest of her clients — she's trying to sell them products that will help her meet sales targets and keep her from being fired.

"It's weighing on me," she said. "And it doesn't feel good." 

CBC is not using her real name and has agreed to conceal her identity, because she fears losing her job. And she's not alone.

Marketplace has spoken confidentially to current and former bank employees from all the big banks: TD, RBC, BMO, Scotiabank and CIBC. CBC is concealing their identities because they fear professional repercussions. All expressed similar concerns about enormous sales pressure they say leads to potentially costly or otherwise dangerous financial products being pushed on customers. 

"I had to mislead customers into getting products that they didn't need, to reach my sales target," said a recent BMO employee.

"It's not a customer service … environment," a former Scotiabank employee said. "We're there to sell — and make money for the bank."  

Employees at all the banks Marketplace spoke with described weekly — often daily — meetings with managers, aimed at getting employees to push more products on customers. 

Some branches circulate regular emails, too, they said, listing employee names and how many products and services each person has sold.

"If you're on the bottom … you were scared to lose your job," said the former BMO employee.

The bank employees told Marketplace the pressure to push products and services is especially egregious during these tough financial times, when inflation is up, interest rates are high and Canadians are feeling financially stressed. 

To test the sales culture, Marketplace took hidden cameras to teller wickets and into the offices of financial advisors at the big five banks. 

We were pitched everything from pricey credit cards to lines of credit, given poor advice about debt and misinformation about mutual funds. Hidden cameras also repeatedly caught bank employees breaking the law, according to consumer advocate Duff Conacher.

"What you describe is rampant violation," said Conacher, co-founder of Democracy Watch, referring to the Bank Act, which governs the behaviour of Canadian financial institutions.