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Postal Service floats banking services

The USPS has raised the possibility that, with its offices located throughout all communities, it could offer basic banking services.

By Dan Cook | Updated on February 05, 2014
United States Postal Service vehicles sit covered with snow in a parking lot Wednesday, Feb. 5, 2014, in Marlborough, Mass. (AP Photo/Bill Sikes)

The U.S. Postal Service, since privatization, hasn’t been able to run itself profitably as a mail deliverer. So of course it makes sense that it would stray into banking. Checks are delivered by mail, right? It’s a synergy just waiting to happen.

That’s the way the postal service’s brain trust sees it. Arguing that lots of low income folks aren’t well served by the nation’s banking system, the USPS has raised the possibility that, with its offices located throughout all communities, it could offer basic banking services to this underserved population.

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Dan Cook

Dan Cook

Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.

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