Banks say there’s no need for Canada Post to open the teller window
OTTAWA — The lobby group representing Canada’s big banks says there’s no need for Canada Post to expand onto their turf because Canadians already have an abundant choice of financial services.
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.
In a brief to the federal task force reviewing Canada Post, the bankers association says some proponents of postal banking are “disregarding the facts” about Canada’s highly competitive and accessible financial services sector.
While Canada Post itself has said little about getting into banking, the Canadian Union of Postal Workers has strongly promoted the idea.