The idea that Post Offices should become a ‘ People’s Bank’ is a good one but like many bandwagon schemes supported by politicians seeking populist support from an angry and disillusioned public, it has not been thought through properly.
In particular, there seems to be a call for ‘social inclusivity’ and ‘support for the financially ‘distressed’. This is totally bonkers. I do NOT want my bank to be socially inclusive or part of the DSS – I want it to be run properly, securely, answerable to regulation and be independent of political influence.
Making the Post Office the “people’s bank” could secure its future and help those not served by banks, a coalition of MPs and interest groups is arguing.
They are due to outline plans for a Post Bank, offering a wide range of financial services at its branches.
Unions say it would help those without bank accounts while business groups say it could create as many as 11,000 jobs.
I agree with the above that Post Offices could offer a wider range of financial services than hitherto and that they would be locally focused. That is good. However, the idea that it could create more jobs is very dubious. If Post Offices were to offer ‘banking’ services they will need professional management installed ie.people who have worked in banks not more postmasters and mistresses. The current staffing of Post Offices are not trained as banking staff.
A much more appropriate solution to this would be to merge Credit Unions with the Post Office . However, if this were to be done the current model of UK Credit Unions will have to be completely rethought as they are not suitable for anything at the moment (too Victorian era and penny ante) let alone capable of providing a proper banking service to local business as is done in the USA.
We call on the Welsh Assembly to send a deputation to the USA to try and learn how to implement the American Credit Union system into Wales. We must not re-invent the wheel.
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