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방문시 요청사항	Table of Contents How Postal Banking Works Postal Banking and the Unbanked Current Status 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 could aid many Americans By Kat Tretina Updated April 28 2022 Reviewed by JeFreda R. Brown Fact checked by Skylar Clarine Postal banking is where your local post office provides the basics of financial services, much like a commercial bank. Postal banking is common in much of the world and was once in the United States. Some advocates are now suggesting that bringing it back could be an affordable solution for the nation's vast unbanked population. The most important takeaways Postal banking is commonplace in other countries , but it hasn't been seen in the United States for decades. Many believe that bringing it back can make low-cost banking accessible to those with low incomes Americans. Around 7.1 million American households don't have savings or checking accounts.1 Account minimums and high fees typically prevent individuals from opening accounts. Customers who aren't banked depend on merchants for basic financial services like bill payment or check cashing and can be expensive. What is the process of Postal Banking Works Postal banking is a type of banking that the local post office also acts as a bank branch. For instance, it could provide check cashing processing for bill payments, as well as small loans. In the present, U.S. post offices are not the only ones to offer these services, though they may offer 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 but who don't have accounts with a checking account. The recipients can also cash their money orders at the post office. Post offices of the past weren't that limited. From 1911 until 1967, there was a time when the U.S. had a Postal Savings System, where Americans could deposit their money in banks that were government-backed and yielding interest. As commercial banks increased their rates of interest on savings accounts, demand of Postal Savings System decreased. 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 in which data were available over 5percent of households (about 7.1 million in all) were unbanked. This means that none of the household has a checking or savings account at a bank or credit union.1 For those households, the most basic banking services like cashing a check can be prohibitively expensive. According to a 2019 survey conducted by the Federal Deposit Insurance Corp. (FDIC), most households that are not banked are those with low incomes and don't have access to a credit or bank union for reasons that include: Minimum balance requirements for accounts are high. The most often cited reason was because the household didn't have enough funds to satisfy banks the minimum balance requirements. Untrustworthiness. A lot of people have said that they don't trust banks to handle their money. Fees. Unpredictable (and frequently excessive) charges, such as fees for overdrafts or monthly account charges and withdrawal fees--prevent some people from opening or keeping accounts.3 In the absence of a checking or savings bank account people who aren't banked use services such as check-cashing establishments and payday loan centers to conduct financial transactions like cashing paychecks as well as paying bills for utilities. At one check-cashing chain in California for instance the fees be as high as 1.79% to 14.99 percent of the face value dependent on the type of check.4 Postal banking advocates argue that a postal banking system would not only permit low-income people to cash checks at cheaper rates , but also keep them away from predatory lenders. The ability to visit a post office for small loans could end their reliance on costly alternatives, like payday lenders.5 Current Situation of Postal Banking Proposals In 2014, postal banking received renewed attention thanks to a white paper released by the U.S. Postal Service Office of Inspector General. The paper stated that underserved households spent more than $2,400 annually on interest and other fees from alternative financial sources, and that postal banking could reduce the cost dramatically.6 The white paper opened up discussions about alternatives for underserved Americans. In 2020 the senator. Kirsten Gillibrand (D-N.Y.) was the sponsor of a bill, the Postal Banking Act--that would allow for 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. A few post offices will offer services like cash checking bills, bill payments, and ATM withdrawals. Postal Banking Act and the postal banking pilot program have faced significant opposition. Postal Banking Act and the postal banking pilot program have met with massive criticism from both Republican leadership in Congress as well as the banking industry. The American Bankers Association (ABA) issued a statement saying, "The American Bankers Association has been an active against postal banking and has previously noted that it could be perceived as a government-endorsed service competing with tax-paying banks, and could pose risk that USPS is not suited to manage." The ABA claims that, rather as the Postal Service, the answer to the problem of the unbanked is to be found in its branches. "It's much easier than ever before to create a bank account in this country, including Bank On-certified accounts that are now accessible in more than half of all U.S. bank branches, and come with low fees, no overdraft fees as well as robust transaction options like a debit card or prepaid credit card, and online bill payment," the ABA says.8 How do you define postal banking? Postal banking refers to providing basic banking services at local post offices. It could be things like check cashing or bill pay, and even small loans. What are the advantages of banking via postal mail? The advocates argue that postal banking may make financial services available to the millions of Americans who are not currently banking, giving them a low-cost alternative to costly check-cashing outlets and payday loan providers. What is the argument against postal banking? The U.S. private banking industry maintains it is that the U.S. Postal Service is ill-equipped to add banking to its other services and that many banks have programs at a low cost that could better serve the currently unbanked population. The Bottom Line Postal banking is becoming increasingly mentioned as a solution that could be beneficial to low-income households that aren't able to access traditional banks or credit unions. Although postal banking has gained some traction in Congress in the past few years, it faces significant opposition from the banking industry. If postal banking does not become widespread the majority of customers will continue to depend on banks and credit unions (or check-cashing stores and payday loan purveyors) for banking services. Sponsored Reliable, Simple, Innovative CFD Trading Platform Are you looking for a trustworthy CFD trading system? As Germany's No. 1 CFD Provider (Investment Trends to 2022), Plus500 is a certified CFD provider that is protected by SSL. The platform allows you to exchange CFDs on the most popular markets in the world and explore endless trading opportunities. Select from more than 2,000 financial instruments and receive free, real-time quotes. Find out more about trading with a trusted CFD service and test a free demo now. 86% of retail CFD accounts fail to earn money. Article Sources Related Articles A teller interacts with two bank customers. Banking Overcoming Language Barriers in Banking Transferring credit card Strategies Pros and Cons of Prepaid Tax Refund Debit Cards Woman stands in front of ATM Financial Literacy How to go from being unbanked or Underbanked Businessmen Banking Black-owned Banks owned by the 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 is the term used to describe people who don't use banks or banks in any way. more What is an Banking Desert? A bank desert is an area that does not have any branches of banks in the vicinity. Learn why banking deserts are a concern for consumers. More Underbanked Underbanked refers specifically to individuals or families that have an account with a bank, but who often rely on alternative financial services to manage their money. More What is the way commercial Banks Work, and Why Are They Important? Commercial banks are financial institution that accepts deposits, offers checking and savings accounts and offers loans. More What is a checking account? Here's Everything You Need to Know Checking accounts are highly liquid account that is held by a financial institution that allows deposits and withdrawals. More How Banking Works, Types of Banks, and How to Pick the Bank that is Right for You A bank is a financial institution licensed to accept deposits and offer other services , such as mortgage loans and retirement accounts for individual customers. More If you liked this report and you would like to obtain much more facts with regards to Payday Loans Near Me (thoughtsandreviews.com) kindly stop by the webpage.