Banks say no to Canada Post banking business

[tay]

The lobby group representing Canada’s big banks says Canada Post should not be allowed to expand onto its turf as a means of generating needed revenue.

The Canadian Bankers Association says there is no public policy objective or existing gap in the marketplace that would warrant a Crown corporation becoming a retail bank.

While Canada Post itself has said little about getting into banking, the Canadian Union of Postal Workers has strongly promoted the idea.

Postal services in many other countries provide banking services, and Canada had such a system from shortly after Confederation until 1969.

The union says while thousands of towns and villages across Canada do not have a bank, many of them have a post office that could provide financial and banking services.

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Big banks say no way to Canada Post getting into banking business - National | Globalnews.ca

 

[Danbones]

What about all those banks that have no towns or villages?
Is nobody worried about them?
I say a land without banks for a bank without lands

sure the union employees get to be bankers
and then its BAILOUT TIME!!!

 

[TenPenny]

Canada Post should stick to their knitting.


If CP wants to do a deal with an existing bank to have small offices, like the PC bank does, that's one thing, but CP should not be in the banking business.

 

[lone wolf]

Why not? The banks have infiltrated the insurance racket ... and are moving into government....

A window sash slammed on the pinkies might remind them of greed - theirs

 

[Corduroy]

The Canadian Bankers Association says there is no public policy objective or existing gap in the marketplace that would warrant a Crown corporation becoming a retail bank.[

If there's no room in the marketplace for a Post Office bank, then what does the Canadian Bankers Association have to worry about?

 

[bill barilko]

If Canadian Tire can have a bank then anyone can do it!

 

[lone wolf]

If a bank deposit can vanish as quick as First Class mail then I wouldn't be banking with them anyhow

 

[damngrumpy]

It was only a few years ago the banks went into the insurance business remember
So why not have the post office go banking I like the idea and would be a customer
give banks some run for their money and give more power to credit unions too

 

[IdRatherBeSkiing]

It was only a few years ago the banks went into the insurance business remember
So why not have the post office go banking I like the idea and would be a customer
give banks some run for their money and give more power to credit unions too

As long as the Post Office is a government corporation it should not be competing with private ventures. We have laws on the books protecting the post office from competition (for example a competitor cannot beat the post office for price). To make the entry into the market fair, you would need to remove all these protections and let them compete as a private enterprise. But philosophically they should not be expanding into the private sector ... unless of course they were sold off and made private.

 

[Kreskin]

The Post Office would go broke in a flash trying to compete in that business.