Post Office could bring banking to forgotten communities
24th May 2012
Billy Hayes, CWU general secretary, commented:
"Bringing credit unions and the Post Office together makes
great business sense and would build on the strong trust of each
"This new research reinforces the case for
trusted banking services to be available in communities across the
country. We think a Post Bank would meet these needs and be well
placed to bring a comprehensive range of banking services to local
businesses and customers in their communities.
"The post office network is an ideal retail outlet for
banking services as the postmasters who run them are well trained
business people with strong community ties.
"We believe that credit unions and a Post Bank could help to move vulnerable households away from dependence on loan sharks and payday loans which attract high interest, instead giving them access to regulated and trusted banking services. At the same time, such a link-up would secure jobs in the Post Office and help to maintain the country-wide post office network.
"We now urge the Post Office to engage with representatives
of credit unions in order to build a stronger relationship that
would benefit some of the most disadvantaged people in our
CWU is part of the Post Bank Coalition along with the
Federation of Small Businesses, National Pensioners Convention, new
economics foundation, public interest research council, Unite the
Union, and other observer and supporting organisations.
The Post Bank Coalition is calling for a publicly-owned bank to be established in the Post Office to bring a range of trusted banking services to business and communities and to help protect the post office network.
Read the Consumer Focus report:
Credit where credit's due.
For more information visit the CWU's Post Bank campaign.