Discussions

http://www.cbc.ca/news/business/banks-upselling-go-public-1.4023575  
 
What do you think about bank representatives from the big 5 banking institutions now coming out of the woodwork (many in privacy) to say that in the job they have been pressured if they don't meet daily sales quotas?  
 
I always thought that bank tellers (most very capable and genuine) are hired as a banking representative to handle client's day to day banking business.  
 
Since when are they expected to perform a sales quota?  
 
Has anyone experienced pressure locally at the teller station to sign on to additional credit or banking services?

"Since when are they expected to perform a sales quota?"  
 
Banks are making nil off of interest rates so their business model is changing.  
 
Edited by RandomGuy, 2017-03-15 14:12:12

RandomGuy said ""Since when are they expected to perform a sales quota?"     Banks are making nil off of interest rates so their business model is changing.     Edited by RandomGuy, 2017-03-15 14:12:12"

I'm taking this as healthy sarcasm, Random Guy  
 
If the big 5 banking business model is changing with nil profits, that would be a day never seen in my lifetime.  
 
I just hope that people might be aware of the situation.

RandomGuy said ""Since when are they expected to perform a sales quota?"     Banks are making nil off of interest rates so their business model is changing.     Edited by RandomGuy, 2017-03-15 14:12:12"

Right now, the key lending rate in Canada is 0.5%.  
 
On average, 65% of a banks profit comes from interest on all loans, from mortgages, credit cards, LOC's and other types of lending.  
 
Edited by PrimeConvoy, 2017-03-15 16:04:31

While they are often behind the times I've never been up sold anything at my credit union. In fact I recent bought a "vacation" property and they actually found a way to give me a crazy rate. How ever the big bank I deal with is constantly trying to up sell me. They even harass me by text message now! I do agree the tints are changing. Just wait until interest rates go up.

RT Holdings said "While they are often behind the times I've never been up sold anything at my credit union. In fact I recent bought a "vacation" property and they actually found a way to give me a crazy rate. How ever the big bank I deal with is constantly trying to up sell me. They even harass me by text message now! I do agree the tints are changing. Just wait until interest rates go up. "

I have banked with a Credit Union in the past, I wouldn't say that they're behind the times, they just follow a different set of "rules". I've always had a positive experience with CU's.

We have been with Sunrise Credit Union for quite some time and have never been disappointed. For me, they just don''t have that "big bank" feeling when you walk in the doors. We even moved our mutual funds out of RBC to Sunrise after seeing the fees I was paying and realizing the service I was getting. Never will go back to your traditional big bank. Plus its nice to support an institution that is local. My two cents...  
 
Edited by MichaelP, 2017-03-16 09:09:39

I worked at one years ago. This quota - or sales was expected then. At the end of their fiscal, year - you were promised a "bonus" (just before Christmas) depending on what your sales were. I told them right off the start that I would not sell anything unless it was a benefit/savings for the customer.  
 
Despite my high sales - the "supervisor"/manager felt sorry for my coworker & "reallocated" my bonus.  
 
I didn't stay there long. Too unethical.

WCU wants relationships with people!! They don't disclose your interest rate until they write a letter about your relationship with them and if you don't have a c/c with them they encourage you to get one to better your relationship and lower your loan rate!! Not impressed!!! Will be looking elsewhere next time I need a loan/renew mortgage!! Plus the process is 1-2 weeks for a simple loan when it used to take a day or two!! I know it is not personal with the person I'm dealing with, they are just doing their job...PC financial is something I may be looking at vs. this bs after 3 decades of dealing with WCU!!!

Zero cost PC Financial for day-to-day and online banking and low fee TD E-Series Index funds or learn about self managed ETFs for investing/RRSPs.  
 
Stick with multiple brokers and bank shop for mortgage/loan products. Loyalty in this day and age in terms of banking issues is crazy, make them fight for your business it's not hard when everything can and is done online anyways!

never expieranced any kind of upsell of anything while at the tellers station. They may have informed me of a new product but I don't consider that upselling.  
 
what are some examples of upselling that people have expieranced and was it obstrusive or just information on a new product??

I've only ever been asked to open another savings account. If that counts as an up sell. It does become rather annoying every time I'm in there but it's easy just to say no thanks.