AKA “surprisingly, oligopolies are there to make money and care about their customers just enough not to pee on their faces while someone else is looking”.
Jeredin ( @Jeredin@lemm.ee ) 23•3 months agoI’m shocked, shocked I tell you!
lightnsfw ( @lightnsfw@reddthat.com ) 22•3 months agoOMG having a sales target causes people to push the things that help them meet their sales target? How could we possibly have predicted that?
KevonLooney ( @KevonLooney@lemm.ee ) 12•3 months agoInteresting article, but nowhere near what Wells Fargo was doing. They had institutionalized their fake account openings. The average customer had 8 accounts (including checking, savings, credit cards, mortgages, etc.). That’s obviously too many.
cygnus ( @cygnus@lemmy.ca ) 9•3 months agoUnrelated to the topic at hand, but I have something like 11 accounts with Tangerine (they’re free). It’s convenient for budgeting for different things.
dom ( @dom@lemmy.ca ) 4•3 months agoYeah, I was gonna say I have 7 accounts. A lot of free ones labeled “vacation” “house projects” “emergencies”
cygnus ( @cygnus@lemmy.ca ) 2•3 months agoExactly, and everything is automated so a percentage of my paycheck gets automatically sorted into each one. It’s great.
lobut ( @lobut@lemmy.ca ) 4•3 months agogrr, I hate you guys. You make me feel so disorganized! Why hadn’t I thought of this type of thing?
cygnus ( @cygnus@lemmy.ca ) 6•3 months agoIt’s mostly out of laziness! I’m a big fan of “set it and forget it” approaches to life. It also helps keep track of finances and prevents splurges you can’t afford. If I have $300 in my “travel” account, I’m not going to go on a $1500 trip.
setVeryLoud(true); ( @isVeryLoud@lemmy.ca ) 1•3 months agoTangerine rocks, but their customer service can be… Hilarious.
zqwzzle ( @zqwzzle@lemmy.ca ) English3•3 months agoSo… we should allow them to keep going until it gets that bad?
ImplyingImplications ( @ImplyingImplications@lemmy.ca ) 8•3 months agoI’m lucky to have a lot of savings. I regularly get calls and emails from Scotiabank telling me to buy mutual funds and increase my credit limit. I always figured that if someone contacts you saying they have an offer that will make you a lot of money, they’re lying. CBC seems to confirm that.
GreyBeard ( @greybeard@lemmy.one ) 6•3 months agoIf you have a notable amount in savings, investing it in some way is generally a good idea, but I agree with not trusting your bank to steer you right.
ImplyingImplications ( @ImplyingImplications@lemmy.ca ) 4•3 months agoI do. It’s in GICs at 5.25% interest. The bank wants me to switch it to mutual funds with a 2% management fee.
blindsight ( @blindsight@beehaw.org ) 2•3 months agoAll-equity mutual funds net fees will, on average, return more than 5¼%. (Should be about 7-8% on average). That said, that comes with a lot of volatility (value fluctuations) and you can expect sometime in the next 50 years to have a year that’s down as much as 50%, but over the same 50 years it will outperform any GIC.
They’re still a terrible product, though. An ETF will do the same, but be worth about 3-4× as much after 50 years due to mutual fund fees eating most of the compound gains.
Anyway, the ethics of mutual funds are why I quit the finance industry before even really getting started in it. I did financial analytics as a co-op student for one of the major banks in the mutual funds group and had the skills and connections to make a career in finance, but I couldn’t stomach making a career working on financial products that are predatory.
YurkshireLad ( @YurkshireLad@lemmy.ca ) 5•3 months agoI closed my accounts at TD years ago because I was tired of sales pitches every time I went into the bank for any reason.
Avid Amoeba ( @avidamoeba@lemmy.ca ) 3•3 months agoNot just oligopolies.