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Postal banking could help the USPS and underserved communities

July 7, 2023

READ FULL ARTICLE AT » https://finance.yahoo.com

There was a time when you could deposit money into a savings account at a United States Postal Service (USPS) location.

Even though the Postal Savings System was discontinued in 1967, there are some who would like to see the system return.

Revenue-generating ideas related to financial services might help the USPS get closer to sustaining its service.

Postal banking could also help reach unbanked and underbanked people in rural and urban communities. On April 15, 2021, Sen. Kirsten Gillibrand (D-NY), Sen. Bernie Sanders (I-VT), Rep. Alexandria Ocasio-Cortez (D-NY), Rep. Bill Pascrell (D-NJ) and Rep. Marcy Kaptur (D-OH) asked Congress to address this through the implementation of postal banking pilot programs.

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