A New Way to Avoid High Banking Fees

Avoid high banking fees

Bank fees are nothing new, but increasing amounts and more of them seem to rise with each passing year. While there are still some free banking options available in the financial wilderness, locating them is becoming more of a challenge. As the number of free banking options dwindles, is it time to consider reintroducing financial services to one partucular government entity?

Currently, the Post Office offers low-cost money order services. At one point in time, the postal organization offered savings accounts that were a convenient service to its customers. Several posts throughout the world currently offer financial services such as checking accounts and consumer loans, and many more are looking at the possibility of offering similar services in the future. The precedent has been set for the Post Office to expand into other financial services, and consumer demand for low and no cost alternatives is continuing to grow.

Bank fees of $9 per month or more are not uncommon. But while there may be options for customers to avoid at least some of these fees, such as maintaining higher average account balances and adding direct deposit of income from an employer, some are not able to take advantage of them. When banking fees become prohibitive to maintaining an account, individuals turn to check cashing centers and similar entities to service their needs.

Rather than spend their hard earned money on unaffordable financial fees, individuals could turn to a Post Office Bank to maintain no or low cost basic checking accounts, low interest loans, and a reasonable interest rate for savings. Such an option would ensure that unaffordable banking fees are avoided and that individuals who need access to basic financial services have the ability to receive them.

What obstacles do you think would prevent a Post Office banking system from becoming a reality in the United States?

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2 Comments

  1. Jonn

     /  February 24, 2014

    I think people sometimes need short term loans to avoid expensive late fees on bills and getting utilities cut off. The post office could replace the pay day loan sharks out there and give people a good deal on small loans when they need it most.

  2. Bryan bird

     /  February 25, 2014

    Think we should have a Postal Service Bank …. Believe biggest obstacle to be the other banks

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