USPS is trying out a new business, which could transform how millions access cash and pay bills

[douglas9]

The U.S. Postal Service quietly began offering paycheck-cashing services at several East Coast post offices last month, testing a plan that financial experts say has the potential to transform how low-wage and underserved Americans access their money.

Postal customers can now redeem paychecks in Washington, Baltimore, Falls Church, Va., and the Bronx, for Visa gift cards topping out at $500, an agency spokesperson said. Postal officials expect to expand the pilot into a fuller study with more locations and financial products, such as bill-paying services and ATMs, according to three people involved with the program who spoke on the condition of anonymity to discuss sensitive business strategy.

Postal banking has become a Democratic hobby horse in recent years, with activists and politicians saying it solves two problems: the Postal Service’s precarious financial condition and the barriers many U.S. households face to building wealth and accessing their money.

https://www.washingtonpost.com/business/2021/10/04/usps-banking-paycheck-cashing/

[XanaDUer2]

1. I support postal banking

I understand the PO did this in the past

[ret5hd]

2. It would open the doors of low-cost banking services...

to thousands and thousands of poor and the unbanked. Essentially, a local banks branch office in every town, every neighborhood.

[Progressive Jones]

10. We kind of had that with the S & L's, but the banksters had to screw that up. nt

[Gidney N Cloyd]

3. How'd DeJoy let THAT slip through?

[Straw Man]

4. Japan has had postal banking since 1875.

It makes a lot of sense, and it works well for them.

[msongs]

5. services is bad enuff without long lines for bank services. bring a book to read nt

[Yo_Mama_Been_Loggin]

6. Louis DeJoy's payday loans.

[Liberal In Texas]

7. I support this if they hire enough workers to staff the post offices so

the lines aren't any worse than they are now.

[cadoman]

8. this is a foundational policy we could hang our hat on for decades

Banking is one of those industries that funds both sides of the aisle though. It all comes down to whether Democratic representatives are willing to take the funding hit.

[Progressive Jones]

9. I've been behind this idea for years. I hope it works out. nt