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”.
Interesting 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.
Unrelated 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.
Yeah, I was gonna say I have 7 accounts. A lot of free ones labeled “vacation” “house projects” “emergencies”
Exactly, and everything is automated so a percentage of my paycheck gets automatically sorted into each one. It’s great.
grr, I hate you guys. You make me feel so disorganized! Why hadn’t I thought of this type of thing?
It’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.
I’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.
If 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.
I do. It’s in GICs at 5.25% interest. The bank wants me to switch it to mutual funds with a 2% management fee.
I closed my accounts at TD years ago because I was tired of sales pitches every time I went into the bank for any reason.
