Cross Country Checkup·Updated

Do you trust the banks to put service above profit?

A CBC investigation into high pressure tactics by banks to sell services has resulted in streams of e-mail from employees of all the major banks saying it's common practice. Where do you draw the line between selling needed services and chasing profits? With guest host Susan McReynolds.
Steam rises from the top of the TD Canada Trust office tower in downtown Toronto on Monday, January 19, 2009. (THE CANADIAN PRESS/Nathan Denette)

A CBC investigation into high pressure tactics by banks to sell services has resulted in streams of e-mail from employees of all the major banks saying it's common practice. Where do you draw the line between selling needed services and chasing profits? With guest host Susan McReynolds.

CBC News' Go Public found out this past week that employees from all five major banks feel they have been pressured into a hard-sell approach that ignores the real needs of their customers, and maybe even breaks the law.

We know that all businesses work hard to sell what they offer, but there is an expectation that some businesses are held to a higher standard... and bankers, doctors, and dentists to name just three, are among them. We might assume that they work for the best interests of their clients and put service ahead of profit. But do they?

The banks build on this expectation by advertising trust and good old-fashioned service. Canadians were proud of their banks during the 2008 recession when financial institutions around the world were going under, Canadian banks were looked to as examples of stability and prudence.

Strong profitable banks are good for Canadians... but have they allowed their drive for profits to overshadow their responsibility to provide service?

​Our question: Do you trust the banks to put service above profit? (Should you trust any business to do that?

Guests

Erica Johnson
Senior Investigative Reporter with Go Public
Twitter: @cbcErica

David Lewis
Assistant professor at Ryerson University's Ted Rogers School of Management

John Lawford
Executive Director and General Counsel for the Public Interest Advocacy Centre, a non-profit organization that provides legal and research services on behalf of consumer interests. 
Twitter: @CanadaPIAC

What we're reading

CBC.ca

National Post

Globe and Mail

Toronto Star