Shopper's Drug Mart Internet Bank | General comparisons | Discussion forum

It's worth noting Shoppers Drug Mart confirmed it has no short- or long-term plans to open up a chartered bank in Canada. Instead, it will pursue partnerships with others in order to offer financial services-like products (i.e., the Shoppers Optimum MBNA MasterCard for starts). Through Canada Post Postal Outlets in many stores, they offer Canadian and international money orders. Beyond that, I could see them offering Western Union money transfers potentially and maybe Tembo Telephone Reconnect service.

I am betting they will not start banking services. I'll hedge it a bit and say that if they were, they could offer banking services through a third-party like DirectCash Bank which trains employees of The Cash Store and Instaloans as to the compliance and KYC verification procedures in opening new DirectCash Bank bank accounts.

Cheers,
Doug