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Banks MUST stop FALSE advertising
September 3, 2021
8:59 am
KamWest
Toronto
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This blatant false advertising by the big banks has got to stop.

THIS IS NOT A HIGH INTEREST SAVINGS ACCOUNT

I am so tired of seeing this crap. When I worked in the car industry the regulatory board had specific advertising rules and if you broke those you lost your right to sell cars.

How can we continue to allow the banks to blatantly state an untruth in their advertisements. This is a savings account, no more and no less.

I am thinking of getting a group together and opening up an online petition to stop crap. Would there be any support from forum members here?

Does anyone else think this is pure deception?

September 3, 2021
9:23 am
cristunity
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I understand the point, and I'm sure there are some folks out there -- seniors, maybe some new Canadians as well -- who believe they are doing intelligent things with their money because it lives in a so-called HISA.

Should there be a minimum threshold that must be met before banks can slap the "H" onto an ISA? Yes. Will it ever happen? I don't see how. They can just argue that .10% *is* high compared to the 0% they (and other FIs) pay on some accounts.

This kind of crap happens in all industries. Hell, even the pitch "on sale" is bogus (have you ever tried buying something that isn't technically available for sale?).

September 3, 2021
9:58 am
Norman1
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One needs to understand the legal line between false claims and marketing hyperbole. Otherwise, one can end up wasting lots of time and end up going nowhere.

It is similar to the distinction between collusion and simply not competing. Under competition laws, it is illegal to collude but not illegal to not compete.

September 3, 2021
10:00 am
Dean
Valhalla Mountains, British Columbia
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KamWest said

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Fortunately, 95+% of people will Laugh at that ... and the FI will look Stupid.

And it's yet a another good example of . . .

    Dean

sf-cool " Live Long And Prosper " sf-cool

September 3, 2021
10:05 am
Loonie
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I suggest raising the issue in public forums with candidates for federal election. Banks are federally regulated. Consumer protection is provincial, but I think feds can have a role.
However, I think it's an uphill battle to regulate the use of "high".
Still, it would be great if a journalist picked it up.
All laws can be tougher if there is a will to do so.

September 3, 2021
10:10 am
gicjunkie
Ontario
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By definition it is probably this bank's HISA.
And, yes Dean, it is laughable.

September 3, 2021
1:17 pm
Loonie
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Speaking of false advertising, a friend of mine had an appointment at TD today to convert RSP to RIF. It takes over an hour to do this as they waste so much of your time, and he was not allowed to do it remotely or by mail.

He asked how long a transfer out would take as he might do one before end of the year. He was told he should make the request by Dec 1 in order to get it done this year. This is a TDDI account.

What a joke. I don't know anyone who has managed to get their TDDI account transferred within a month, let alone at the end of the year when they are "busy". It took spouse about 2 months even after assets had been sold off, and some have taken longer. I recommend starting in June if anyone asks me.

September 3, 2021
2:49 pm
BestBankerEver
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@kamwest

To a "bank" that offer might be high interest1sf-cool

Also the average "bank trained" employee would not even know about HISA at Oaken, PT or the MB credit unions. But truly "believe" they are the best place to invest.

It is this web site that showed me and encouraged me branch out and even dump my advisor.

September 3, 2021
2:50 pm
BestBankerEver
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Loonie said
Speaking of false advertising, a friend of mine had an appointment at TD today to convert RSP to RIF. It takes over an hour to do this as they waste so much of your time, and he was not allowed to do it remotely or by mail.

He asked how long a transfer out would take as he might do one before end of the year. He was told he should make the request by Dec 1 in order to get it done this year. This is a TDDI account.

What a joke. I don't know anyone who has managed to get their TDDI account transferred within a month, let alone at the end of the year when they are "busy". It took spouse about 2 months even after assets had been sold off, and some have taken longer. I recommend starting in June if anyone asks me.  

Took me about 5 minutes on the phone with both Hubert and Oaken to do!!

September 3, 2021
3:22 pm
Loonie
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Yes, Oaken and Hubert are efficient.
To be fair, this was an investment account so perhaps slightly more paper work, but, still, no excuse for making it into so extraordinarily inefficient.

September 3, 2021
3:26 pm
topgun
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BestBankerEver said

Took me about 5 minutes on the phone with both Hubert and Oaken to do!!  

My conversion last year was automatic Dec 7th. I needed to send a document stating minimum withdrawal December 2021 and bank account information.

Have a Great Day

September 3, 2021
4:36 pm
COIN
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I would not pick this issue to wage a fight. Instead, we should do/say something about the ridiculous business practice of Simplii and Tangerine to offer their best rate to some but not all their clients. That is why I like DUCA and Manulife because they offer the same rate to ALL their clients.

September 4, 2021
10:32 am
KamWest
Toronto
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I actually did what I needed, I moved out...

-TSFA
-RRSP
-Savings Account
- x2 GIC's

Same for my wifes and my mothers (I manage her affairs)

I know it does not mean much but it was a considerable amount of money that left Simplii and if everyone did the same then they would finally get the point.

I made the decision to leave my chequing account because sometimes you need a big bank for CRA access or something but I keep only a couple of thousand in there.

September 4, 2021
1:12 pm
Kidd
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KamWest.... welcome to canada, the land of NO accountability.

Ever see a subway commercial? Man, that sandwich could feed a family of 4. Ever buy a subway sandwich? It's nothing more than an over priced snack, the meat is soooo thin, it's transparent. CANADA.

5aaa6ae420b1c.jpg

September 4, 2021
2:12 pm
Dean
Valhalla Mountains, British Columbia
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.
Truth be known, TD (and many others) play the same game . . .

    - TD Every Day Savings Account: @ 0.010%
    - TD High Interest Savings Account: @ 0.050%
    - TD ePremium Savings Account: @ 0.100%

Source Link https://www.td.com/ca/en/personal-banking/products/bank-accounts/account-rates/

Like my Daddy said; "You can't judge a book by it's cover." ... or it's name. sf-wink

    Dean

sf-cool " Live Long And Prosper " sf-cool

September 4, 2021
2:26 pm
Winnie
Ontario
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I completely agree with KamWest. False advertising!

I closed my Simplii "High Interest" Savings Account, TFSA and RRSP. Same for my spouse.
Our joint Simplii chequing account is still open with average balance a few cents only.

September 4, 2021
3:58 pm
dougjp
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They are truly professionals in the art of hypocrisy, after many years of dedicated practice. Practice makes perfect! They even can do it with a straight face. Test it out at your local branch, see what I mean. sf-yell

I wish there was a way to figuratively hit them on the side of the head and wake them up to reality, a.k.a. customers.

"Tell a man that there are 400 billion stars and he'll believe you. Tell him a bench has wet paint and he has to touch it." ~ Steven Wright

September 4, 2021
4:02 pm
HermanH
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No more false than the 'World's Best Dad' mugs. sf-laugh

September 4, 2021
5:21 pm
Loonie
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HermanH said
No more false than the 'World's Best Dad' mugs. sf-laugh  

Well, it's certainly a "mug's game" trying to deal with some of them!sf-wink

dougjp said
They even can do it with a straight face. Test it out at your local branch, see what I mean. sf-yell

  

Yup, I've had that experience. The most skilled can sit there with utter sincerity and tell you bold faced lies! Honestly, it took my breath away. Gotta hand it to them, it's an amazing performance!

I did have one, at CIBC, last year, who was decent and respectful. I could hardly believe it.

September 5, 2021
11:55 am
Bill
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Ridiculous idea imo, to ask for regulation or law for when "high" begins!

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