Post administrations around the world, including Canada Post, have seen traditional mail volumes decline in recent years. Many post offices have added or expanded financial services to lessen their dependence on declining mail volumes and revenues. Postal banking could help Canada Post make money, all while increasing its ability to provide public postal service and create decent jobs in communities throughout Canada.
Canada Post has the largest retail network in Canada. Postal banking could offer inclusive access to many of the services offered by the big banks, money lenders and pay-day loan outfits.
Through our campaign, the Canadian Union of Postal Workers (CUPW) and the Canadian Postmasters and Assistants Association (CPAA) are working together to help promote the idea of postal banking.
We see postal banking as a much-needed financial solution for millions of people in under-serviced Indigenous communities, towns and villages in rural and urban areas. And we are not alone.
Two-thirds of Canadians support the idea, as do hundreds of municipalities, ACORN, the Universal Postal Union, and even former presidents of Canada Post. Most federal parties have also indicated some level of interest. To top it off, Canada Post conducted a secret four-year study on postal banking that indicated that adding this service “would be a win-win strategy” for the corporation.
We think it is high time to create a new postal bank. As an outcome of the upcoming government review of Canada Post, we want a recommendation to add financial and banking services to Canada Post or a task force to further examine the issue.
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