The body representing Canada’s big banks has slammed proposals that Canada Post should offer banking services in order to shore up its business. The Canadian Bankers Association says that there is no justification for a Crown corporation to offer retail banking services.
There is no official proposal from the postal service to move into banking however the Canadian Union of Postal Workers believes that it should. In March, the CUPW published a fact sheet claiming that the banks are failing to meet the needs of a “growing number of Canadians” and highlighting municipal and consumer support for the idea.
The CUPW fact sheet details a number of services that could be provided by a Canada Post postal bank, including loans and mortgages.
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