Over the last couple of weeks, employees at Canada's 5 big banks have spoken out in the media about pressure to upsell customers, saying that sales expectations are forcing them to use what they consider unethical practices. Employees from each of the banks have flooded Go Public (CBC) with stories of how they feel pressured to mislead, trick and even lie to customers to meet unrealistic sales targets, drive profits and keep their jobs.
As one of Canada’s largest credit unions, Meridian helps more than a quarter million Members grow their lives and businesses. We are 100% owned by our Members (employees are Members too!) and always put the interests of our people over profits.
All Canadians expect and deserve excellent, reliable financial services at a fair rate. And while all financial institutions need to be profitable to remain sustainable, with Meridian, meeting the needs of our Members and communities always comes first. Our employees have the training, ability and power to make decisions on the spot because they know you and your circumstances best. We look for ways to save you money and anticipate events before they become an issue. We don’t push products, but instead offer our Members proactive and innovative banking solutions with their best interests at heart.
Concerns regarding the sales practices of Canada’s biggest banks are unsettling. Like all Canadian credit unions and caisses populaires, Meridian operates on a business model that enables our organization to be profitable, but not at the expense of its employees or Members. We don’t operate under the pressure of quarterly profits to drive results.
Through our Commitment to Communities, Meridian reinvests at least 4% of our pre-tax earnings to build prosperous economies and resilient communities by:
- Improving financial literacy with a special focus on local entrepreneurs;
- Investing in local organizations, businesses and activities that make our communities strong;
- Ensuring that our employees lead healthy, safe and balanced lives; benefit from and take ownership of our success; and are supported in donating their time, skills and resources to their communities;
- Creating a healthier environment by improving our environmental impact in the community; and
- Supporting a strong cooperative sector.
These recent assertions in the media highlight the need for greater competition in the financial services sector. To learn more about the Meridian difference or to try us out, visit us at a branch or call 1.866.592.2226. We look forward to meeting you!