Post Office could be soon used for more than just mail

July 23, 2018

If approved, legislation backed by Sen. Kirsten Gillibrand could provide low-income Americans access to basic banking services that are often unavailable to them.

The New York Democrat said during a stop in Buffalo on Friday that the proposed law would create a retail bank in all of the U.S. Postal Service’s 30,000 locations

“It would give low-income Americans a safe, inexpensive place to hold their money or to take out a small loan. It would cap fees at extremely low rates and allow people to earn interest on their savings. And it would finally end predatory lending practices here as well,” Gillibrand said.

Under Gillibrand’s bill, any American could open an account at the postal bank

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teresa presgraves

The post office is getting ridiculous ! More to do and no help. Just like the amazon….bad idea!

P LaChap

Oh good grief… what a brilliant idea…

RRR

You notice another so-called “idea” by a state senator – they got their nose involved in the operation of the post office, but they can’t even run the govt. The postal service is already F/U – don’t need anymore help from politicians. Large amounts of money being kept at the post offices, more chance of armed robberies and break ins. No police department in the location I work, covered by state police, depends where they are at, it takes them twenty minutes to show – if you are lucky they show up at all (one call it took them three… Read more »

ehelldane

It’s an old idea, it’s not been tried IIRC, but it’s been bounced around plenty for a decent amount of time.

Larry

Low income Americans, infact all Americans have access to banking. It is called a Bank. Keep the government from giving away money from taxpayers. The reason people can’t get loans is we use a credit score that protects the banks from high risk people. Loaning money to high risk people is another way of gambling with my money. STOP IT.

Tom K.

The Post office is not and never has been funded by taxpayers money. It’s a self sustaining company that is overseen by the govt. Also, when amazon starts their own deliveries, and they will, a quarter of the jobs at the post office will no longer be needed. This program could save those people’s careers or even create new ones. Good for them.

Jeremy T.

Amazon is not going to take over. Who wants to pay 10000 to buy a van to deliver packages? Do you realize how big that can would have to be put in rural areas?

Heart of Texas

Where can you buy a van for $10000?

Lynda Jean Farley

I don’t think Amazon will ever take over either. I do know they have Independent Contractors that use their own personal vehicles and bid for blocks of 4 hours. The Independent Contractors I know have found themselves on some pretty Rural Areas they could hardly deliver to in the pitch dark.
I am a Retired Letter Carrier. I am proud of all of you Carriers.

Ravenna

As a postal worker I thank you for actually knowing what you’re talking about. These other comments are painful.

Ravenna

Your money? You know the P.O.is no longer tax dependent? It’s called revenue Get your facts straight before giving yourself an aneurysm.

C Mayfield

Larry taxpayers has not paid for the Post Office since 1972 it’s self efficient it will be doing just fine if Congress would get their fingers out of our budget they’re making the post office pay 75 years head on retirement benefits only government agency that has to do that

L P

But it goes to the general fund which means nobody is saving anything. Scandalous.

ehelldane

Co-op banks, credit unions, make good non-profit banks too, but they’re required by law to obtain home addresses for new accounts, just like for-profit banks and credit card providers; which is one reason the poor struggle to obtain bank accounts and credit.

I could be wrong, but I think it’s illegal to lie about such information while applying, so attempting to get a bank account while not having a legal residence could possibly result in criminal charges.

Hopefully a Postal Bank would be able to grant accounts to any US citizen, without the need of a legal residence!?

Ben Over

😃Hey! It’s a LEGAL way to rob LOW INCOME people!!!…..WTF?😳

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