The U.S. Postal Service has proposed a rule amending its mailing standards for business customers looking to mail cash deposits. The proposal would require that commercial cash deposits over $500 be sent using registered mail, the Postal Service’s most secure mail service.
In issuing this proposed rulemaking, USPS stated its goal of meeting the mailing needs of business customers while also providing a safe and secure service. Recent concerns have arisen from mail theft, specifically from USPS dropboxes, which are unattended and more susceptible to burglary. Registered mail, however, must be presented to an employee at a local post office when sent.
The American Bankers Association agrees with the Postal Service’s focus on addressing mail fraud but is concerned by the Postal Service’s short implementation window in seeking to implement this rule effective March 1.