We have BoA for preferred rewards and the joint checking account that comes along with it. The other day a rep from a local BoA branch called my spouse out of the blue. Obviously a sales call. I know BoA bankers are compensated for cross selling products, or referring them to Merrill AUM advisors, and I've read that they target people who they can see get large deposits and/or have more money in their accounts.
Is this a BoA thing, or common among banks? Our local bank has never done this. (I guess Wells Fargo didn't even try to upsell customers, they just opened accounts without their knowledge to get the commissions...)
I handle the family finances, but that may not always be the case. What can be done to mitigate the risk of predatory banks and brokerages from trying to upsell your family members or put a hard sell on them for expensive products?
I have less of a concern about Fidelity than I do about banks.
Is this a BoA thing, or common among banks? Our local bank has never done this. (I guess Wells Fargo didn't even try to upsell customers, they just opened accounts without their knowledge to get the commissions...)
I handle the family finances, but that may not always be the case. What can be done to mitigate the risk of predatory banks and brokerages from trying to upsell your family members or put a hard sell on them for expensive products?
I have less of a concern about Fidelity than I do about banks.
Statistics: Posted by MCST — Thu Aug 29, 2024 8:00 am — Replies 11 — Views 499