Thoughts on TD Bank’s Aggressive Sales practices – March 10, 2017

I was not happy to hear earlier this week about accusations that TD Bank has been overly aggressive regarding selling goals for tellers. I was also surprised.

I have been a TD customer for almost 30 years and I have not experienced Tellers or other bank staff trying to sell me anything. Then again, I rarely have to visit the branch. The only sales pitches I got were by mail for credit cards and for the occasional lower interest deal on a loan. Actually, I have been amazed over the years that the full service brokerage side has never once approached me, a discount broker customer with a larger balance, and tried to get me to move to the full service or private banker or what have you side. Possibly they are prevented from doing that by regulations.

Despite my own good experience, I think it is a BIG DEAL when CBC indicates that several tellers initially contacted them to “go public” about high-pressure sales goals and when CBC today indicates that hundreds of TD employees have now emailed in and indicated that they too were subject to high pressure sales goals — with some even indicating they broke laws to meet sales goals.

TD’s reaction today appears to be one of complete denial. They point to a code of ethics that all employees must follow. Well, having a code of ethics is just “talking the talk”. Actually having a culture that truly follows that code is “walking the talk”. This kind of denial reaction on TD’s part is the sort of response that cost the Wells Fargo CEO his job last year.

I suspect that this story is far from over.