Postal Service Launches Banking Pilot With Hopes to Expand in Early 2022
The U.S. Postal Service has launched a pilot program to offer customers financial services, an unexpected first step toward realizing a longstanding progressive goal of postal banking.
USPS is testing the program at just four post offices on the East Coast. It will enable individuals to deposit payroll or business checks of up to $500 onto a single-use debit card for a flat fee of $5.95. The offering is far short of the much more comprehensive suite of financial services many advocates and left-leaning lawmakers have sought for years, but still takes USPS in a surprising direction under the leadership of embattled Postmaster General Louis DeJoy.
Postal management worked with the American Postal Workers Union to set up the pilot. APWU has also long advocated for postal banking, including by negotiating it into a previous collective bargaining agreement.
It would be nice if customers could refuse bulk rate business mail before it ends up in our mail boxes. By that I mean refuse it at the post office. Don’t bother bringing it out!