WATCH | Upselling to bank customers: Canada’s big banks more likely to upsell racialized customers, report suggests | Go Public Duration 2:06 A Royal Bank customer says he was pressured into signing up for a chequing account he didn’t need. FCAC says in the report banks "have a responsibility to ensure frontline staff … make recommendations that meet consumers' needs." 'Sell, sell, sell'Undercover shoppers who identified as racialized or Indigenous were offered overdraft protection, which involves monthly fees and accrues interest, at nearly twice the rate as other shoppers. Bank employees are "making this assumption that Black, racialized and Indigenous people are more likely to default or overextend themselves," said Shenaz Hossein. "What [the FCAC] should be thinking about is … why is it that there is so much pressure for them to sell, sell, sell, that it actually compromises the bank's integrity and commitment to taking care of the financial health of Canadians?"

Source: CBC News June 06, 2022 11:07 UTC