Savers wary of using the internet can still earn top rates by going for an account that can be run over the phone or by post. You can do much better than the 0.05 per cent to 0.25 per cent paid by
Indeed, postal accounts inclusion to those who live outside major 2 Innovating Financial Inclusion: Postal Savings System Revisited 3 Fig. 3 Direct postal financial inclusion a simple cash
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The U.S. private banking industry maintains that the U.S. Postal Service is ill-equipped to add banking to its other services and that many banks now have low-cost programs that could better serve the currently unbanked population.
What is postal banking, and will it make a comeback in the U.S.? Postal banking is a system in which local post offices provide basic financial services, such as check cashing, savings accounts, and small loans. The U.S. Postal Service (USPS) used to offer banking services through the Postal Savings System, which operated from 1911 to 1967.
In Oct. 2021, the Postal Service, in partnership with the American Postal Workers Union, launched a small pilot postal banking program in four cities. At select locations, post offices would provide cash checking services.
Her expertise is in personal finance and investing, and real estate. In postal banking, your local post office offers some basic financial services, much like a commercial bank. Postal banking is common in much of the world and was once available in the United States.
The Post Office Ltd offers savings accounts based on its brand, and is operated by the Bank of Ireland, a commercial bank, and Family Investments, a friendly society.
Unless postal banking becomes widespread, most people will continue to rely on banks and credit unions (or check-cashing stores and payday loan purveyors) for banking services. Investopedia requires writers to use primary sources to support their work.
