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Could the post office offer simple financial services?

02/06/2014 7:15 AM by

There is discussion in Washington about letting post offices offer simple financial services:

They say the move would be a victory for both the cash-strapped U.S. Postal Service and for low-income communities that are often underserved by the major banks.

The idea gained steam after the Postal Service’s inspector general said in a report last week that the USPS could likely add billions of dollars a year to its coffers by offering prepaid cards or loans to the 68 millions adults who currently get little or no services from banks.

If the Postal Service partnered with banks to offer more services, those customers would then have an alternative to the often hefty fees charged by payday lenders and other banking alternatives, the inspector general said.


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