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Canadians trust their banks, but some customers continue to face aggressive selling techniques, according to a new survey conducted by J.D. Power.
Nine per cent of the 8,792 respondents said they felt sales pressure from their bank. Of those customers, 14 per cent said the pressure was “significant,” the survey found.
Less than 0.1 per cent of customers reported an unauthorized account was opened by the bank in the past year. But ten per cent of those surveyed were “surprised” by fees associated with their new account.
Despite the findings, Canadians still expressed trust in Canada’s banking sector. About 81 per cent of retail banking customers either “somewhat agree” or “strongly agree” that they trust their bank to do the right thing, according to the survey,
“When it comes to the most fundamental issues in a retail banking relationship—customers trusting their bank to do the right thing and to act ethically - Canada’s retail banks get a clean bill of health,” Jim Miller, Senior Director of Retail Banking Services at J.D. Power said in a release. “But there are still areas where the perception of overly aggressive sales practices and surprise fees are having a negative influence on overall customer satisfaction.”
The survey was conducted in June after a wave of media reports about aggressive sales policies prompted the Financial Consumer Agency of Canada to scrutinize sales practices at the country’s banks. U.S. banking giant Wells Fargo faced government hearings and agreed to pay millions after admitting to creating millions of fraudulent savings and checking accounts in September of 2016.