4 ms·
From a quick read of the bill this seems quite similar to the postal banking system that used to exist - https://en.m.wikipedia.org/wiki/Postal_savings_system h
by klondike_ 6y ago
From a quick read of the bill this seems quite similar to the postal banking system that used to exist - https://en.m.wikipedia.org/wiki/Postal_savings_system https://en.m.wikipedia.org/wiki/Postal_savings_system
What's concerning is that in order to offer FedAccounts, the particular postal office has to partner with a bank. Does this mean if you go to a post office in another area you won't be able to access your account? With the prevalence of online banking, do the already busy USPS offices really need to be a retail location for a bank?
Why can't the USPS just offer these services themselves? Especially since the bill reimburses member banks for operating costs related to FedAccounts. Might as well cut out the middleman.