Credit Unions caught in up-selling to clients | General financial discussion | Discussion forum

This is not really news, unfortunately.
There are distinctions to be made, however.
I have dealt with all of the major banks in my lifetime, several smaller ones, trust companies, and a number of credit unions.
In my "test case", the banks were the far most aggressive and gave me the most misleading information (otherwise known as 'lies"). Most of the CUs have done nothing whatsoever to attempt to upsell. Only one CU has done this, and it was only after I asked for an opinion. I rejected what they proposed and that was the end of it.

That said, we can probably expect more of this in the future. If you read, for example, some of the statements from Meridian about their future, expansion plans, ambition to start a bank etc., it is obvious that "wealth management" is where they intend to make new income. They won't be able to do that unless they get more of us to invest in things we are not currently invested in. I've read similar statements from other financial institutions, and those probably included other CUs although I no longer remember specifically.

I don't pretend to understand the intricacies of how these companies work, but I suppose that interest rates for depositors will depend to some extent on how well these FIs do at expanding their "wealth management" side.