A new research report from the Canadian Union of Postal Workers (CUPW) states that Canadians would benefit from banking and financial services at post offices.
The report, titled “It’s Time for a Postal Bank for Everyone,” notes that many rural communities have seen their local branches close down, while some areas no longer even have a bank machine.
Specifically, CUPW says that 1,774 bank branches have been closed between 1990 and 2017, a trend that is continuing nationwide. Further, the report states that less than 10 percent of Indigenous communities have a bank or credit union.
CUPW’s solution is to offer banking services in Canada Post offices, which are already available in most of these communities.
“This report underscores what we have been advocating for years,” said Mike Palecek, national president of CUPW in a press statement. “The big banks are abandoning our communities. Canadians deserve accessible financial services and the post office is more than ready and capable of providing them.”
On June 19th, the House of Commons will hear CUPW’s final arguments and vote on a NDP motion, M-166, to study how postal banking in Canada could be implemented.
The full report can be viewed here.