Fri. Jun 21st, 2024

Gillibrand reintroduces Postal Banking Act, hopes to close gap for underbanked

March 31, 2022
2022 03 31 at 5.58 PM


WASHINGTON — Nearly 1 in 5 American adults either lack bank accounts or lack the kind of accounts they should have access to, and Sen. Kirsten E. Gillibrand is working to bring banking back to the U.S Postal Service.

On Wednesday, Sen. Gillibrand, D-N.Y., announced the reintroduction of her Postal Banking Act, which would reestablish postal banking, in which post offices offer checking and savings accounts, small loans, ATM access and debit cards to patrons for a small or no fee.

Postal banking started in 1911 but was phased out in the 1960s.

“The Postal Service has nearly 31,000 locations across the country, in each and every community from rural towns to inner cities, and each one of these locations can serve as a public, nonprofit bank,” she said during a press conference Wednesday.
Notify of
Inline Feedbacks
View all comments
Share this
Would love your thoughts, please comment.x