Banking with USPS

Banking with USPS

It’s a beautiful, sunny day with a slight, crisp chill in the autumn air. You arrive at the local Post Office, package in hand, and step into the warm lobby. The clerk at the counter greets you with a smile and asks, “How may I help you?”

After processing the package and determining postage, you reach into your pocketbook and withdraw your Postal Savings debit card for payment. The interest you earned on your savings has more than paid for the price of postage for the package, and you happily swipe the card in the reader.

In the early half of the 20th century, customers routinely deposited money into their Postal Savings account, earning interest on its balance. Though the Postal Savings System ended in 1966, many Post Offices around the world continue to operate a similar system.

Post Offices in India, Japan, South Korea, and many others offer their customers a variety of financial services, expanding both their customer base and income stream. These services come with the backing of the Post Office and the brand image associated with a trusted company.

USPS is one of the most trusted organizations in the United States. Its reputation and world-class services are well known, and its customers know that there is no better value for their shipping solutions than their local Post Office. Reintegrating banking services into the Postal Service could have the effect of increasing its revenue base from financial services while simultaneously expanding its mailing business from increased foot traffic in its local branches.

The endeavor wouldn’t be a quick solution to increasing postal revenue as there are many infrastructure enhancements and procedures to establish to ensure necessary financial rules and regulations are followed. Still, the long-term prospects of a renewed Postal Savings System could be lucrative enough to reestablish the once thriving service.

If the Postal Service were to return to offering savings accounts for customers, what other types of financial services do you think it could offer?

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2 Comments

  1. Personally, I would like the service. Two stops in one.

  2. Anonymous

     /  December 31, 2013

    Real estate in Florida…

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