Have you ever been to a big bank and been advised by a teller to open nine separate accounts? It's unlikely, of course, but it did happen to one person, according to the Retail Remuneration Report released on January 17. A teller convinced a customer to open nine accounts in order to hit a sales target, and a separate teller then closed the unnecessary accounts and was reprimanded by the manager for doing so.
Tellers, who are generally seen as people who customers can ask for advice, are being treated more as salespeople by the big banks. If they do not hit targets, they fear for their jobs, according to an article from The New Daily on January 18.
Here at CAPE, we will never offer you products that we don't believe will benefit you.
Here at CAPE, we will never offer you products that we don't believe will benefit you. Your interests are our interests, and we certainly won't ask you to open new transactional accounts or take out another insurance policy simply to meet sales targets.
Why do the big banks push so hard to meet sales targets?
Just like most banks, the big four – Commonwealth Bank, Westpac, ANZ and NAB – drive for profits so they can remain financially viable and provide profits to the shareholders. Shareholders require sound performances each year, and can become unsettled if performances drop.
At CAPE, however, we're a customer-owned bank, and when we succeed, so do our customers. As much as we invest money so that we can make a profit and keep operating at optimum levels, we will never offer poor financial advice or inform you to open new accounts when it is not necessary to do so.
Why is it such a problem?
The problem with bank tellers selling products to consumers is that people trust bank employees. That's why we're so likely to listen to their advice.
"We know that people are getting a raw deal in banking, whether that's paying too much for a credit card or being mis-sold complex financial products that have a devastating impact on their lives," said Erin Turner of CHOICE to The New Daily.
"We need more transparency, at a minimum."
If you're charged monthly account fees for a number of unnecessary accounts in your name, over time you could spend a lot. That's an avoidable cost – you just need to bank with the right people.
So you never have to deal with tellers who are only working to meet their own financial targets, bank with CAPE. Get in touch with our team today.
