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What are people's thoughts about Canada Post getting into banking? They only shut it down in the 1960s in Canada, and it's still being done in other countries, namely Japan.

Reason why I'm curious is that there are obviously underserved communities, and more recently, Scotiabank is pulling out of Grand Manan: https://www.cbc.ca/news/canada/new-brunswick/grand-manan-scotiabank-ferry-blacks-harbour-1.6539874

You can argue that you can do almost everything on-line/credit cards/debit, etc. The key is ALMOST. There's always going to be some edge cases where you want/need cash, and given the fact that postal offices are everywhere, it doesn't seem to have that much of an added burden. What will likely happen is that commercial banks will possibly pull out, leaving the postal banks around.

Personally, it sounds like a good idea, particularly when the government wants to target high banking fees. Having some bare bones account seems reasonable. Or, another option is to partner with Simplii/Tangerine or some other virtual bank to provide brick locations for ATMs/banking services to avoid re-inventing the wheel. Canada post is already partnering with TD for personal loans, so I don't see that big a stretch: Canada Post and TD enter strategic alliance to expand access to financial services for Canadians

For some other points supporting postal banking: Postal Banking
... that's news from July 29, "2021" a year ago so it's after the facts. How is it going now as in year 2022?

Personally, I say it's not a bad idea/niche -first, providing a service for the under-serveds, particularly the rural areas, and 2. a potential to capture share in the (smaller) niche market(s).
 

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one of the challenges is the handling of cash. It’s expensive to administer and ship. I don’t think the government would be unhappy if traditional cash use was minimized.
most retail outlets allow cash back at time of purchase. Traditional branch banking has been dying a slow death for about 10 years….and COVID has sped up the process.

funny, I remember in the early 2000s, TDCT extended hours in the former TD branches and introduced Sunday banking. since the re-opening after COVID, I’ve noticed a lot of Sunday closings and reduced hours. A generational change in a short period.

my last branch (at a major Toronto intersection) saw a reduction of around 40% in in-branch transactions between 2005-2015. That’s a huge number to respond to.
... seems like the big banks only know which way to turn where a few pennies get saved. First, it was branches reduction 'cause there're the ATMs, everyone has gone to digital banking, etc. Then it's back to re-opening branches 'cause the corporates biggies don't know how to spend the profits overflows. Next Covid hits with traffic stagnating (meaning less suckers to pull into the banks for financial planning with their advisors) but the hot housing market keeps sustaining the annual multi-million bonuses (applicable to executives only of course, the minions get a few hundred extra). After that, as with year in year out, let's see which way the wind blows ... in the name of "innovation" (aka reinvent the wheel). At least that's the "trend" (in a nutshell) taking place in Toronto, Ontario, Canada I observed.
 

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^ I think BNS is hauling away their ATM too. Should their power go down, the folks there should be prepared to write IOUs.

Btw, ain't BNS known commonly as an "island" bank, serving market niches, particularly down in South America? I can't recall exactly but their general marketing was in that region. Now if they can't service Grand Manan up here in Canada, NB, I can't imagine what their image is for SA now. I guess it's like they (all the banks) "care".

BNS=Bank of "Nova Scotia" and there's only one Nova Scotia on this planet.
Grand Manan island - located in New Brunswick, Canada.
The irony ... LMAO.
 
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