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Table of Contents The way Postal Banking Works Postal Banking and the Unbanked Current Situation of Postal Banking Proposals Frequently Asked Questions The Bottom Line Personal Finance Banking What is postal banking? Making financial services available at the post office can aid many Americans By Kat Tretina Updated April 28, 2022 Reviewed by JeFreda R. Brown Fact checked by Skylar Clarine In postal banking, your local post office offers some basic financial services, much like a commercial bank. Postal banking is widespread in much of the world and was once within the United States. There are some who believe that the return of this service could be an affordable solution for the country's large people who are not banked. The most important takeaways Postal banking is a common practice in other countries , but it hasn't been seen in the United States for decades. Many believe that returning it could help make banking services at a low cost accessible to those with low incomes Americans. About 7.1 millions American households don't have checking or savings accounts.1 Minimum fees and fees for accounts frequently hinder customers from opening accounts. People who are not banked rely on stores to get basic financial services, such as checking cash or making payments on bills that can be costly. How Postal Banking Works With postal banking, the post office in your area acts as a bank branch. For example, it might offer check cashing processing for bill payments, and even small loans. Presently, U.S. post offices don't typically offer the services mentioned above, but they might sell postal money orders, which is a convenient option for people who have to pay a bill or to make a secure transfer of money to someone else but don't have accounts with a checking account. Recipients can also cash money orders at the post office. In the past, post offices were not as limited. From 1911 until 1967, from 1911 to 1967, the U.S. had a Postal Savings System, where Americans could put their money into banks that were government-backed and yielding interest. As commercial banks increased their rates of interest on savings accounts, demand to use accounts from the Postal Savings System declined, and the program was shut down in 1967.2 Postal Banking and the Unbanked Within the U.S. in 2019, the most recent year for which figures were available in 2019, more than 5% in households (about 7.1 million in all) were not banked, which means that nobody in the household is a member of a savings or checking account at a bank or credit union.1 For those who live in these households, banking services such as cashing a check can be prohibitively costly. According to a study conducted in 2019 conducted by the Federal Deposit Insurance Corp. (FDIC), most unbanked households are low-income and don't have access to a bank or credit union due to reasons such as: Account minimums are too high. The most often mentioned reason was that the household did not have enough funds to meet the banks their minimum balance requirements. Lack of trust. Many people stated that they don't believe in banks' ability to manage their money. Fees. Unpredictable (and often exorbitant) charges, such as overdraft charges and monthly account fees and withdrawal fees--block some individuals from opening or keeping accounts.3 With no access to a check or savings account, households that are not banked turn to services like check-cashing shops as well as payday loan centers to conduct financial transactions like cashing paychecks and paying utility bills. In one check-cashing store located in California, for example, fees can vary from 1.79% to 14.99 percent of the face value, depending on the nature of the check.4 Postal banking advocates argue that the system of banking through the post office would not just allow people with low incomes to cash their checks at lower costs, but also keep them away from lenders who are predatory. The possibility of going to an office in the post for small loans can help them stop relying on costly alternatives like payday lenders.5 Current Status of Postal Banking Proposals In 2014, banking on postal mail was a hot topic due to a white paper released by the U.S. Postal Service Office of Inspector General. The paper noted that unserved households spent more than $2,400 per year for interest and fees from financial institutions other than the Postal Service, and that postal banking could reduce that dramatically.6 The white paper opened up discussions about alternatives for underserved Americans. In 2020, Sen. Kirsten Gillibrand (D-N.Y.) was the sponsor of a bill, the Postal Banking Act, which would allow the Postal Service to provide basic financial services. The bill was co-sponsored by Sen. Bernie Sanders (I-Vt.) and Sen. Jeff Merkley (D-Ore.).7 In October 2021 The Postal Service, in partnership with the American Postal Workers Union, launched a small pilot post-banking program for four towns. In select areas, postal offices will provide services such as cash checking as well as bill payment as well as ATM withdrawals. It is known that the Postal Banking Act and the postal banking pilot program have met with significant resistance from the Republican the leadership of Congress as well as those in the financial industry. In a statement, the American Bankers Association (ABA) issued a statement saying, "The American Bankers Association has long been a vocal against postal banking and has previously noted that it might be viewed as a government-backed bank that competes with tax-paying banks, and could pose risks that USPS is not suited to manage." The ABA claims that, rather than it being the Postal Service, the answer to the issue of people who aren't banked should be found in its branches. "It's easier than ever to create a bank account in this country, including Bank On-certified accounts, which are now in operation in more than half of U.S. bank branches, and come with low fees, no overdraft fees as well as robust transaction options like a debit card or prepaid card, and bill pay online," the ABA says.8 How do you define postal banking? Postal banking refers to providing basic banking services in local post offices. This could include things like cashing check or bill pay as well as small loans. What are the benefits of banking via postal mail? Advocates say that postal banking could offer financial services to millions of Americans who are not currently banking and offer them a lower-cost alternative to expensive check-cashing stores as well as payday loan providers. What is the argument against postal banking? A large portion of the U.S. private banking industry claims it is that the U.S. Postal Service is ill-equipped to expand banking services to other offerings and that a lot of banks are now offering low-cost services that can better serve the currently unbanked population. The Bottom Line Postal banking is increasingly cited as a possible solution for families with limited incomes that do not have access to traditional banks or credit unions. While postal banking has gained some traction in Congress in the past few years, it faces significant opposition from banks. If postal banking does not become widespread the majority of people will still rely on banks and credit unions (or check cashing stores or payday loan purveyors) for banking services. Sponsored Reliable, Simple, Innovative CFD Trading Platform Are you looking for a trustworthy CFD trading service? As Germany's No. 1 CFD provider (Investment Trends 2022) Plus500 is a CFD licensed provider that is protected by SSL. The platform allows you to exchange CFDs on the most popular markets in the world and take advantage of the endless opportunities for trading. Pick from more than 2000 financial instruments and get live, instant quotes. Find out more about trading with a reputable CFD provider . Try a free demo now. 86 percent of retail CFD accounts are unable to make money. Article Sources Related Articles A teller talks to two bank customers. Banking Banks: Overcoming language barriers Handing over credit card Strategies Advantages as well as Cons Prepaid Tax Refund Debit Cards Woman stands in the front of ATM Financial Literacy How to Move from Unbanked or underbanked to Banked Businessmen Banking Black-Owned Banks by State Banking 101 Financial Literacy Banking 101 Construction using the word "bank" Banking Hispanic American-Owned Banks by State Partner Links Related Terms Unbanked Definition Unbanked refers to people who don't use banks or financial institutions in any way. More What is a Banking Desert? A bank desert is an area without any branches of banks in the area. Find out why banks that are deserted are a concern for consumers. More Underbanked Underbanked refers specifically to individuals or families that have a bank account but often depend on other finance services for managing their financial affairs. More What is the way commercial Banks work, and why Do They Matter? A commercial bank is a financial institution that accepts deposits, provides savings and checking account services and offers loans. more What Is a Checking Account? Here's Everything You Need to Learn The checking account can be described as a liquid account that is held by the financial institution that accepts withdrawals and deposits. more What is banking, the different types of Banks and How To Select the Right Bank for You The term "bank" refers to a financial institution licensed to receive deposits as well as provide additional services like mortgage loans and individual retirement accounts. More If you liked this article and you also would like to collect more info pertaining to Payday Loans Near Me (www.evolutionflt.com) kindly visit our web page. |
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