this post was submitted on 08 Nov 2024
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Genuine curiosity, why would Canada Post get into banking? Do they have some administrative advantages that would help, or is there no better department?
Postal banking is a thing in many countries. Canada Post did banking from its inception until 1968. The major benefits are that there is a post office in every community, even really tiny ones, and that a Canada Post bank system can offer basic banking services to people who otherwise wouldn't be able to.
This is an advocacy piece, but it includes the history of postal banking in Canada: https://lindsayadvocate.ca/corporate-pressure-ended-postal-banking-in-1968-its-time-to-bring-it-back/
Interesting, thanks for sharing!