Faced with fewer letters to deliver and awash in red ink, Canada Post should start to offer banking services, a new study suggests.
The report by the Canadian Centre for Policy Alternatives was written by John Anderson, former government affairs director at the Canadian Cooperative Association.
Anderson argues that the decline in the number of branches over the past decade and the rise of what he calls fringe financial institutions, such as ING Direct and PC Financial, show the need for a government-owned FI. He believes competition from the post office would drive banking fees down. An opinion survey done on behalf of the Canadian Union of Postal Workers suggested there is public support for the idea. ◊