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Are banks doing “Tied Selling”?

This may be my most controversial post yet. The concept of “Tied Selling”, as defined by Investopedia is:

  • Tied selling is the illegal practice of a company providing a product or service on the condition that a customer purchases some other product or service.

How close does that sound to “Multi-Product Rebate”? For example, see how RBC promotes it:

  • The more you bank with us, the more you save. It’s our way of saying thanks! With the MultiProduct Rebate you could enjoy monthly savings of up to 100% of your monthly fees depending on the type of account you hold and the number of eligible products you have with us.

Just to be clear, I am NOT trying to imply that “tied selling” and “multi-product rebate” are the same. To be fair, the difference I see is that Tied Selling involves “adding” a product or service; while Multi-Product Rebate involves “subtracting” a fee.

I will leave it at that. More importantly, I would love to open this topic up for discussion. How you feel about this practice? Please share in the comment section below!

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