Why America is Experimenting With ‘Postal Banking’ – Slashdot

In 1947, more than 4 million Americans owned $3.4 billion in saving deposits held not by a bank or credit union, but by the United States Postal Service. It’s a largely forgotten part of American banking (and postal) history that the USPS ran the Postal Savings System for 56 years, from 1911 to 1967… [T]o this day postal services around the world provide small-scale financial services, from check cashing to savings accounts to e-commerce solutions, such as allowing refunds for returned goods to be deposited directly into a consumer’s postal account. In September, the U.S. Postal Service took the first steps toward restoring its place in Americans’ financial lives: At four East Coast post offices, customers can now get paychecks or business checks worth up to $500 cashed for a flat fee of $5.95…. Source: Why America is Experimenting With ‘Postal Banking’ – Slashdot