On January 27, 2014, the Office of the Inspector General of the United States Postal Service issued a report suggesting that the Postal Service might partner with banks to provide financial services to "underserved households" which often rely on check-cashing stores, pawnshops, and payday lenders rather than banks for financial services. Such products could include check-cashing services; savings accounts; a "Postal Card" for accessing cash at ATMs, paying bills online, and transferring money internationally; and even making loans.
Opponents of big government probably won't love the idea.You might even ask, what in the world is going on here?
But the idea of providing financial services at the post office isn't new. The Postal Service already provides money orders, and, for roughly 50 years under the Postal Savings System, allowed Americans to deposit cash at some branch post offices at two percent interest. Elizabeth Warren likes the idea, but what do you think?
For further information visit Waller's Banking Law Blog
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