I am not anti the Post Office, I believe it is an important social resource but, actually no, it is a bigger BUT than that.
We talk of financial exclusion, and fairness with money, value for the Tax payers, and it comes to light the the Post Office Card Account (POCA) from Post Office Limited (POL) operated by J. P. Morgan (Europe) Limited is costing us a fortune, (Originally I put a figure of a £1 per transaction which I got from a Government department, however as of the 23rd March 2010, I have been provided with an updated figure) 50p per transaction) compared to a single penny average to pay it into a back account.
As if that is not bad enough but it turns out that some of these accounts have thousands of pounds in, which is in the coffers of J P Morgan which they are getting without having to pay interest and get a fee to look after, and which they are lending back to our Government at commercial rates. Now that is good business if you can get it.
Then, we are told that Post Office Counters staff are encouraged to sell financial products to benefit claimant’s using the POCA, savings products, such as deposit account, well that is good, until you realise this are Bank of Ireland Products, these deposits are technically held offshore backed by the Irish Financial Guarantee Scheme, it is utter madness.
Britain needs a UK Universal Bank Account, and yes, it would be right in my view for the Post Office to be Point of use, but the money needs to be held here, show on our countries assets. This is not me be xenophobic, it is me being realistic, surly, it would be better than the Bank of England \ HM Treasury \ FSA was the controller, than an overseas regulator.
Social fairness and justice is an ideal, and by empowering those people who need help to help themselves improves society. How can it be just that an 81 year old lady is receiving NO interest on a £4100 balance on a POCA card, that is sitting there doing nothing for her.
In the last war, war bonds were made available, why can we not have national bonds that pay a coupon, that are as simple to buy and sell at every post office. Let people choose Health\NHS, Education, Green Energy or MOD etc, and buy bond in what they want to invest in – it might just surprise the Government, how many would take the offer up.
CSL - John Kirby 