Blog and Resources

Postal banking will serve Canadians better than the big banks

"Canadians are well-served by their banks” - that’s what a spokesperson for the Canadian Bankers Association said in response to a news report that the federal government’s finance committee will hold new hearings into banking practices in Canada. The call for these hearings was prompted by investigative reporting by the CBC that found widespread evidence that bank employees were being pressured to “upsell” customers with services they did not need. The reality is that’s the tip of the iceberg. The truth is that Canada’s big banks have worked to block alternatives that would better serve Canadians. At the top of that list is postal banking, which could take the form of a publicly-owned alternative to the for-profit banks. It would provide more accessible banking to millions of Canadians. Postal banking would also be a profitable expansion of Canada Post - a win-win if ever there was one.

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A blow to Bay Street, a boon for cooperative banking

Ever since postal workers launched our campaign to bring back #ABankForEveryone, we've heard from many Canadians expressing their support, encouragement or skepticism. We also heard lots of questions: Who is going to foot the bill? What would this mean for postal workers? And, a really common one: "Wouldn't a postal bank compete with my cooperative bank?" The case for postal banking really resonates across Canada. Outside of large cities, bank branches are few and far between, and in some remote areas, people are even forced to book a helicopter ride to get to their bank (how much would that cost?). The numbers speak for themselves: in the decade preceding 2012, over a thousand bank branches closed nationwide with Ontario and Quebec suffering the highest number of closures.

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Dear Liberals: isn’t it time we had a bank for everyone?

On May 5th, the federal government announced its formal review of Canada Post. This is a welcome move, fulfilling the election promise made by Prime Minister Justin Trudeau to revisit the issue of cuts to door-to-door mail delivery. It’s also heartening to see that this review will examine the full scope of the postal service’s operations. Public Services Minister Judy Foote has indicated “all options” will be looked at, including postal banking. This is a great opportunity to expand a vital public service that connects us all.

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REDACTED: Canada Post report shows postal banking is “win-win strategy”

In the winter of 2014, Blacklock’s Reporter, a small news outfit based in Ottawa, released an explosive story. For years, Canada Post management had been quietly putting together a well-documented report on postal banking. The report, which ran over 800 pages long, included a section entitled, “Banking: A Proven Diversification Strategy.” Its conclusion left little room for doubt: postal banking was “a win-win strategy” that would secure the future of the postal service while providing accessible banking services to all Canadians. As new challenges cropped up, Canada Post needed to diversify. What better way forward than to follow dozens of countries where postal banking had already found success?

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In Northern Canada, a taste of postal banking

For some Canadians, going to the bank takes several days and a helicopter ride. That’s why pilot projects that put banks in the post offices have been met with open arms. Rural Canada needs postal banking.

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Time’s up for payday lenders

Your car breaks down. Your dentist has bad news. Your daughter goes on a school trip and you get a bill in the mail. Holiday shopping emptied your account. Your credit rating is low and the big banks shut you out. When the money runs out, who do you turn to?

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It’s time for a better bank

We’ve all been there. You can’t find any of your bank’s ATMs and so you pay extra fees to use a different bank machine. You find yourself in a rural community where the nearest bank is dozens of kilometres away. You miss a paycheck and the bank hits you with a large overdraft fee. You need to send money to your family and need to shell out extra to get it there. Here’s the truth: it doesn’t have to be like this and the solution is far simpler than you may think. Imagine a bank that’s always around the corner, from downtown Vancouver to rural Newfoundland and Labrador. Imagine a bank designed to serve all Canadians, no matter what their income might be. Imagine a bank that invests in your community instead of lining its owners’ pockets. Sounds impossible, right? It’s not. That bank is the reality in France, Great Britain, Brazil, New Zealand and many countries around the globe.

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