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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? The availability of financial services at the post offices could assist 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 the basic financial services much like a commercial bank. Postal banking is common in much of the world and was once throughout the United States. There are some who believe that the return of this service could be a low-cost solution for the nation's vast unbanked population. Key Takeaways Postal banking is commonplace in other countries , but it hasn't been seen in United States for decades. Many believe that bringing it back can make low-cost banking accessible to those with low incomes Americans. About 7.1 millions American households do not have savings or checking accounts.1 Account minimums and high fees typically hinder customers to open accounts. Unbanked individuals rely on retailers to get basic financial services, such as bill payment or check cashing that can be costly. The way Postal Banking Works Through postal banking, the post office in your area acts as a bank branch. For example, it might provide cash for checks and bill payment processing and even small loans. Presently, U.S. post offices do not typically provide these services, although they may offer postal money orders, a convenience for people who need to pay a bill or to make a secure transfer of money to someone else but don't have an account with a bank. Recipients can also cash money orders at the post office. In the past, post offices weren't as restricted. From 1911 until 1967, there was a time when the U.S. had a Postal Savings System, where Americans could put their money into government-backed, interest-earning accounts. However, as commercial banks increased their interest rates on savings accounts, the demand to use accounts from the Postal Savings System declined, and the program came to an end in 1967.2 Postal Banking and the Unbanked Within the U.S. in 2019, the most recent year in which data were available in 2019, more than 5% in households (about 7.1 million in all) were unbanked, meaning that none of the household has a checking or savings account with a bank or credit union.1 For these households, basic banking services like cashing a check can be prohibitively expensive. According to a study conducted in 2019 by the Federal Deposit Insurance Corp. (FDIC) The majority of unbanked households are low-income and lack access to a bank or credit union due to reasons such as: High account minimums. The most often reported reason was because the household did not have enough funds to satisfy banks the 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 excessive) charges, such as overdraft fees or monthly account charges and withdrawal fees--block some individuals from opening or keeping accounts.3 In the absence of a checking or savings bank account households that are not banked are forced to use check-cashing establishments and payday loan centers to conduct financial transactions such as cashing paychecks or paying for utility bill. At one check-cashing chain located in California For instance the fees range from 1.79% to 14.99 percent of the face value, depending on the nature of the check.4 Postal banking advocates claim that the system of banking through the post office would not only allow low-income individuals to cash checks at cheaper rates but also keep them away from predatory lenders. Being able to go to an office in the post for small loans can help them stop relying on costly alternatives, including payday lenders.5 Current Situation of Postal Banking Proposals In 2014, banking on postal mail received renewed attention because of an unpublished white paper from the U.S. Postal Service Office of Inspector General. The paper stated that underserved households spend more than $2400 a year on average on interest and other fees from alternative financial sources, and postal banking could cut that dramatically.6 The white paper sparked new conversations about options for underserved Americans. In 2020 Sen. Kirsten Gillibrand (D-N.Y.) sponsored a bill--the Postal Banking Act that would permit for the Postal Service to provide basic financial services. Gillibrand was joined by co-sponsors 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 like cash checking, bill payments, and ATM withdrawals. It is known that the Postal Banking Act and the postal banking pilot program have faced massive opposition from both Republican the leadership of Congress as well as banks. In a statement, the American Bankers Association (ABA) released a statement saying, "The American Bankers Association has been vocal for a long time as an opponent of postal banking, and has also previously stated that it may be viewed as a government-backed service competing with tax-paying banks and would create risk that USPS is ill-suited to manage." The ABA insists that, more as it being the Postal Service, the answer to the problem of the unbanked is to be found in its branches. "It's easier than ever to open a bank account within this country, including Bank On-certified accounts. They are now available in more than half of U.S. bank branches, and have low cost with no overdraft charges as well as robust transaction options such as a debit or prepaid card, as well as online bill pay," the ABA says.8 What is postal banking? Postal banking is the practice of providing basic banking services in Post offices in the area. It could be things like cashing check as well as bill payment as well as small loans. What are the advantages of banking by post? The advocates argue that postal banking may make financial services available for the millions Americans who are currently unbanked offering them a cost-effective alternative to costly check-cashing shops and payday loan providers. What's the argument for postal banking? A large portion of the U.S. private banking industry maintains they believe that the U.S. Postal Service is ill-equipped to expand banking services to other services , and that many banks now have low-cost programs that could better serve the currently unbanked population. The Bottom Line Postal banking is becoming increasingly mentioned as a potential solution for low-income households that do not have access to traditional credit unions or banks. Although postal banking has seen some progress in Congress in recent years, it still has a lot of opposition from banks. If postal banking does not become widespread and widely accepted, the majority of people will still rely on credit unions and banks (or check-cashing shops and 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 to 2022) Plus500 is a CFD licensed provider whose platform is secured by SSL. The platform allows you to exchange CFDs on the world's most well-known markets and discover numerous trading opportunities. Choose from over 2,000 financial instruments and receive free, real-time quotes. Find out more about trading with an experienced CFD provider and try a free demo now. 86 percent of retail CFD accounts lose money. Article Sources Related Articles A teller interacts with two customers of the bank. Banking Banks: Overcoming language barriers Transferring credit card Strategies Advantages as well as Cons Tax Prepaid Cards Refund Debit Cards Woman in the front of ATM Financial Literacy How to go from being unbanked or Underbanked to Banked Businessmen Banking Black-owned Banks owned by the State Banking 101 Financial Literacy Banking 101 Building using word "bank" Banking Hispanic American-Owned Banks by State Partner Links Related Terms Unbanked Definition Unbanked is a term for people who do not use banks or banking institutions in any way. more What Is a Banking Desert? A banking desert is an area without any banks operating in the vicinity. Discover why deserts in banking are a concern for consumers. more Underbanked Underbanked refers specifically to individuals or families that have an account with a bank, but who often depend on other financial services to manage their money. More What is the way commercial Banks Function, and why Do They Matter? A commercial bank is a financial institution which accepts deposits, offers 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 highly liquid transaction account held at the financial institution that accepts deposits and withdrawals. More What is Banking, the Types of Banks and how to Select the Right Bank for You Banks are financial institution licensed to receive deposits and provide additional services like mortgage loans and retirement accounts for individuals. more In case you have any concerns relating to exactly where as well as tips on how to use Payday Loans Near Me (http://www.thesearmsaresnakes.org/), you are able to email us at our webpage. |
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