It’s as nasty as it sounds and we don’t do it.
Rules against “Coercive Tied Selling” make it illegal for you to be talked into buying something that you don’t want or need in order to get something that you do want. For example:
You are told that in order to open a savings account you must also open a Registered Retirement Savings Account. That’s tied selling and we’ll never do that.
In fact, Coercive Tied Selling is illegal in Canada because it’s unfair to you. Section 459.1 of the Bank Act states that banks may not "impose undue pressure on, or coerce, a person to obtain a product or service from a particular person, including the bank and any of its affiliates, as a condition for obtaining another product or service from the bank."
If you have any questions or feel that you have experienced coercive tied selling at Zag Bank, we want to know about it. Please call us at 1-844-ZAG-BANK (1-844-924-2265) and we will look into it right away. (Learn more about our client feedback process here).