Opinion: What the campaign on postal banking has wanted is a publicly owned postal bank offering full services to all in its more than 6,000 postal outlets.
Just recently, Canada Post, in partnership with TD Bank, has announced that it is launching a new cross-Canada loan program that would be available through any post office in Canada. Canada Post already has a number of partnerships with MoneyGram, CIBC on foreign currency and other service providers.
But is this what the ongoing campaign for postal banking sponsored by the major postal unions — the Canadian Union of Postal Workers and the Canadian Postmasters and Assistants Association — and backed by hundreds of municipalities wanted as an end result? What the campaign on postal banking has wanted is a publicly owned postal bank that would offer full services to all in its more than 6,000 postal outlets, including competitive rates for chequing and savings, investments and mortgages, as well as loans to small businesses. In France, the Banque Postale, one of the 100 largest banks in the world, has also been active with municipalities and non-governmental organization and a Canadian bank could also engage in community development.
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