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방문시 요청사항	Table of Contents What is the process of Postal Banking Works Postal Banking and the Unbanked Current Situation of Postal Banking Proposals Frequently Answered Questions The Bottom Line Personal Finance Banking What Is Postal Banking? Financial services that are available at the post office could assist many Americans By Kat Tretina Updated April 28th 2022 Reviewed by JeFreda R. Brown Facts checked by Skylar Clarine With postal banking, your local post office offers some basic financial services, like commercial banks. Postal banking is a common practice across the globe and was once in the United States. Now some advocates believe returning it could be a low-cost solution for the nation's huge unbanked population. Important Takeaways Postal banking is a common practice in other countries but hasn't been seen in United States for decades. The advocates 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 typically stop people in opening new accounts. People who are not banked rely on stores for financial services such as checking cash or making payments on bills, which can be expensive. What is the process of Postal Banking Works With postal banking, the post office at your local location acts as a bank branch. For example, it might offer check cashing and bill payment processing as well as small loans. Today, U.S. post offices do not typically provide these services, although they may offer postal money orders as 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 a post office location. In the past, post offices weren't as small. From 1911 until 1967 until 1967, from 1911 to 1967, the U.S. had a Postal Savings System, where Americans could save their money in government-backed, interest-earning accounts. However, as commercial banks increased the interest rates for savings accounts, the demand to use 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 for which data were available, more than 5% of households (about 7.1 million total) were unbanked, meaning that none of the household has a checking or savings account at a financial institution or credit union.1 For those who live in these households, banking services such as the ability to cash the check could be prohibitively expensive. According to a study conducted in 2019 conducted by the Federal Deposit Insurance Corp. (FDIC) the majority of unbanked households are low-income and don't have access to a credit or bank union, due to: Minimum balance requirements for accounts are high. The most often reported reason is that the household didn't have enough money to meet the banks the minimum balance requirements. Lack of trust. Many people said they didn't trust banks with their money. Fees. Unpredictable (and frequently excessive) fees--such as overdraft charges and monthly account fees and withdrawal fees--prevent some people from opening or keeping accounts.3 Without access to a checking or savings accounts, households that are not banked are forced to use check-cashing stores and payday loan centers to conduct financial transactions such as cashing paychecks as well as paying bills for utilities. In one check-cashing store located in California, for example the fees range from 1.79 percent to 14.99% of the face amount dependent on the type of check.4 Postal banking advocates argue that the postal banking system will not only permit low-income people to cash checks at less rates , but also keep them away from lenders who are predatory. The possibility of going to the post office to get small loans could reduce their dependence on costly alternatives like payday lenders.5 Current Situation of Postal Banking Proposals In 2014, the postal banking industry received renewed attention due to a white paper released by the U.S. Postal Service Office of Inspector General. The paper stated that underserved households paid 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 started discussions about alternatives for the under-served Americans. In 2020 the senator. Kirsten Gillibrand (D-N.Y.) was the sponsor of a bill, the Postal Banking Act--that 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, in October 2021, the Postal Service, in partnership with the American Postal Workers Union, began a pilot of a small postal banking program in four cities. A few postal offices will provide services such as cash checking, 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 major resistance from the Republican leaders in Congress as well as the banking industry. It was reported that the American Bankers Association (ABA) released a statement saying, "The American Bankers Association has been an active against postal banking and has previously commented that it could be viewed as a government-backed service competing with tax-paying banks and would create risks that USPS isn't suited to handle." The ABA maintains that, rather as it being the Postal Service, the answer to the problem of people who aren't banked should be found in its own branches. "It's much easier than ever before to create a bank account in this country, with Bank On-certified accounts. They are now accessible in more than 50% of U.S. bank branches, and feature low costs with no overdraft charges as well as robust transaction options such as a debit or prepaid card, as well as online bill payment," the ABA says.8 How do you define postal banking? Postal banking refers to the provision of basic banking services to the local postal offices. This could include items like cashing checks, bill paying and even small loans. What is the advantage of banking via postal mail? Advocates say that postal banking could make financial services available for the millions 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? The U.S. private banking industry claims they believe that the U.S. Postal Service is ill-equipped to include banking in its other services , and that many banks are now offering low-cost services which could be better suited to the currently unbanked population. The Bottom Line Postal banking is becoming increasingly mentioned as a possible solution for low-income households that do not have access to traditional credit unions or banks. Although postal banking has seen some support in Congress in recent years, it has a lot of opposition from the banking industry. If postal banking does not become widespread, most people will still rely on credit unions and banks (or check-cashing stores and payday loan purveyors) for banking services. Sponsored Reliable, Simple, Innovative CFD Trading Platform Are you looking for an efficient CFD trading system? As Germany's No. CFD Provider (Investment Trends for 2022) Plus500 is a certified CFD provider whose platform is secured through SSL. The platform allows you to exchange CFDs on the world's most well-known markets and discover endless trading opportunities. Choose from over 220 financial instruments and get live, instant quotes. Learn more about trading with an experienced CFD service and test an online demo for free today. 86 percent of retail CFD accounts lose money. Article Sources Related Articles A teller is in contact with two customers of the bank. Banking Banks: Overcoming language barriers Transferring credit card Strategies Pros and Cons of Prepaid Tax Refund Debit Cards Woman standing 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 Building using word "bank" Banking Hispanic American-Owned and Owned Banks by State Partner Links Related Terms Unbanked Definition Unbanked is a term for people who don't use banks or financial institutions in any way. More What Is an Banking Desert? A banking desert is an area without any banking branches within the vicinity. Learn why banking deserts can be problematic for consumers. more Underbanked Underbanked refers to people or families that have an account at a bank but use other options to handle their finances. More What is the way commercial Banks Function, and why Are They Important? Commercial banks are financial institution that accepts deposits, provides savings and checking account services, and makes loans. more What is a Checking Account? Here's Everything You Need To Know Checking accounts are liquid account that is held by a financial institution that allows deposits and withdrawals. More What is banking, the different 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 individual retirement accounts. more If you beloved this informative article as well as you would like to acquire more information regarding Payday Loans Near Me; ods.com.ua, i implore you to check out the web-page.