4 ms·

I've seen successful postal banking running for decades in Taiwan, but this pilot looks extremely limited. In addition, the USPS has a hard enough time handling

I've seen successful postal banking running for decades in Taiwan, but this pilot looks extremely limited. In addition, the USPS has a hard enough time handling its core mission. It doesn't have enough staff, its budget is a constant state of crisis, and its technology is a kluged-together mess (as anyone who has used its website and app can attest). I really worry that this will be a distraction to counter staff and an additional bureaucratic and technology burden upon the agency itself.

kadoban 5y ago
It would do its core mission a lot better if it can get an income stream that's independent from what Congress can fuck with easily, so this could very well help instead of hurt.
aidenn0 5y ago
The US had a postal banking system for 55 years. It was dismantled by congress[1] 1: https://uslaw.link/citation/stat/80/92 https://uslaw.link/citation/stat/80/92
- Corrado 5y ago
  FYI, this happened in 1966. §5225. Discontinuance of Postal Savings System " (a) The closing date for the Postal Savings System is the thirtieth day immediately following the date of the enactment of this Act. On and after the closing date no deposits shall be accepted in existing postal savings account and no new postal savings account shall be opened. After the closing date the Board of Trustees of the Postal Savings System shall not be required to maintain the 5 per centum reserve of postal savings funds otherwise required to be maintained by section 5214 of this title nor to apportion deposits in banks in accordance with sections 5215 and 5219 of this title. "(b) Interest on deposits in the Postal Savings System shall cease to accrue on the anniversary dates of the respective certificates occurring in the twelve-month period starting with the closing date
sschueller 5y ago
Same here in Switzerland. The postal bank has existed for decades and works very well although constrained by law what it can do. Therefore you also don't hear their name in the news every time a tax evasion or some other financial scandal is in the news.

kadoban 5y ago

It would do its core mission a lot better if it can get an income stream that's independent from what Congress can fuck with easily, so this could very well help instead of hurt.

aidenn0 5y ago

The US had a postal banking system for 55 years. It was dismantled by congress[1] 1: https://uslaw.link/citation/stat/80/92 https://uslaw.link/citation/stat/80/92

Corrado 5y ago
FYI, this happened in 1966. §5225. Discontinuance of Postal Savings System " (a) The closing date for the Postal Savings System is the thirtieth day immediately following the date of the enactment of this Act. On and after the closing date no deposits shall be accepted in existing postal savings account and no new postal savings account shall be opened. After the closing date the Board of Trustees of the Postal Savings System shall not be required to maintain the 5 per centum reserve of postal savings funds otherwise required to be maintained by section 5214 of this title nor to apportion deposits in banks in accordance with sections 5215 and 5219 of this title. "(b) Interest on deposits in the Postal Savings System shall cease to accrue on the anniversary dates of the respective certificates occurring in the twelve-month period starting with the closing date

sschueller 5y ago

Same here in Switzerland. The postal bank has existed for decades and works very well although constrained by law what it can do. Therefore you also don't hear their name in the news every time a tax evasion or some other financial scandal is in the news.