June 7th, 2018
June 7th, 2018
According to a press release from the Canadian Postmasters and Assistants Association (CPAA), Canada Post has quietly been building partnerships with private financial technology (fintech) companies. The NDP supports a postal banking system that is operated as a public service. Certain Canada Post locations now allow people to access banking services delivered by private companies such as Scotiabank-owned Tangerine and Paytm, a bill payment mobile app.
"Public services, delivered publicly, benefit everyone. Canada Post, the communities it serves, and its employees all benefit in keeping postal banking public. My motion M166 would protect banking services in rural communities, where many Canadians have lost access to their neighbourhood banks and ATMs," said Irene Mathyssen, NDP Critic for Canada Post.
"The big banks are making billions by charging us some of the highest fees in the world," added Brenda McAuley, national president of the CPAA. "Why shouldn't we invest in our own communities and our own services by banking at the post office?"
Many Canada Post outlets now allow Canadians to open bank accounts, pay their bills, and even pay their taxes. The private fintech companies that operate these services have undue influence on Canadians' finances. Public postal banking is a much safer option for Canadians.
"Canada Post needs to come clean on its plans for delivering this service. We deserve to know whether Canada Post is trying to create a P3 postal banking system, which is a riskier and less stable option than the public alternative," said Mathyssen.