What is Postal Banking? Allowing post office banking services could benefit low income areas, communities of color

If a new proposal goes through, consumers might start banking at the U.S. Postal Service. A white paper released earlier this year by the U.S. Postal Service’s Office of Inspector General estimated that adding financial services to the Postal Service’s offerings could generate $8.9 billion a year.

Postal Banking Postal Banking Why a postal bank? Canada needs a postal bank because : (1) A postal bank is a policy option that has been tested and used very successfully in over 60 countries which have postal banks and can be a win for both canada post corporation (cpc) and for Canadian citizens.

 · bank accounts has removed 40 per cent. of post office income, causing many smaller rural post offices to close. As has also been said, the Government were not passive in all this, but actively encouraged people to switch to that system while saying that they were neutral.

Advocates say that postal banking systems would help low-income individuals and communities of color. 2012 data from Pew found that African-Americans are 105 percent highter to use payday loans.

The Big Benefits of Postal Service Banking.. With nearly 60 percent of post office branches in ZIP codes where there are either one or no bank branches, postal banking could fill the void banks.

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Bankshot Postal banking is back on the table. Here’s why that matters. The deposit accounts could be as large as $20,000 per account, according to the legislative text. They might be offered by the Postal Service alone or in partnership with banks and credit unions.

Among those tracts, 76 percent have a Post Office that’s closer than the nearest bank. So a postal bank could easily improve the convenience of banking for people who live in areas where it’s not profitable to open a branch.

Post Office offers a range of banking services in branch which means you can withdraw, deposit or collect cash from your bank account, pension or benefits.

"The real benefit of using the post office it is already has the mission to serve every community," Mehrsa Baradaran, who specializes in banking law at the University of Georgia and wrote How the Other Half Banks, told Newsweek. "The idea here is it still is in many many zip codes that are in banking deserts.

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