4 ms·

Rationalizing different degrees of predatory banking is still being a bottom feeder. This is why USPS should become a credit union anyone can use.

ambigious7777 3y ago
(non-american here) Huh? Why? Isn't the USPS a mail company? I don't get what that has to do with banking.
- tw04 3y ago
  Because there are branches everywhere in the US making access easy whether you’re in New York or Montana. There’s no other department of the federal government with that coverage. They also are quasi financial already as you can get a USPS money order.
  - deleted 3y ago
    [deleted]
- anon-sre-srm 3y ago
  I guess you haven't traveled much. Post offices in other countries also provide fundamental banking services. Right now, one can get money orders from USPS.
- unmole 3y ago
  It's fairly common for postal systems to provide basic banking services: https://en.wikipedia.org/wiki/Postal_savings_system https://en.wikipedia.org/wiki/Postal_savings_system
- curtisf 3y ago
  The USPS is a government agency that already has physical branches in almost every community in the US, which would make it an extremely accessible bank for the 4.5% or so of households who currently don't have a bank. It could also be pressure on American banks to treat their customers better, since the USPS is not burdened with a responsibility to generate dividends for shareholders. The USPS is also not directly funded by taxes (though it is indirectly subsidized via it's tax status and sole right of access to mailboxes), and with the waning popularity of letter mail, would become more self sufficient in the long term if it branched out into other services Other countries also combine banking and postal branches for similar reasons, like Japan (although it is in the process of being privatized).
- nox101 3y ago
  Japan offers banking at the post office. Not sure what the tradeoffs are vs their commercial banks
  - quartesixte 3y ago
    AFAICT/R, JP Post banking used to be really barebones, even for late 2010s Japan. No credit cards/debit cards, not a lot of financial products, etc. In recent years it seems like they have added a credit card and a debit card and online banking as well. On the flipside, they are one of the most ubiquitous ATMs in Japan and your local post office will double as a branch for JP Post Bank (which are everywhere). Oh and it's nation wide too! Which is kind of important for a country where some banks restrict activities and branches to their direct locality. Man. I wish patio11 would talk about Japanese banking more because to most American audiences that system is also just, completely something else.
- gambiting 3y ago
  I mean in UK Royal Mail offers banking services, as does Poczta Polska in Poland - it's not that weird?
  - quickthrower2 3y ago
    Banking services for other banks or do they issue accounts?
    - gambiting 3y ago
      Royal Mail uses someone else for their underlying banking infrastructure, but Poczta Polska definitely runs all banking services themselves.
- DonsDiscountGas 3y ago
  USPS isn't a company, it's a government department which provides a public service (deliver mail at very low prices). Because the USPS has so many branches all over the country, many people (myself included) think it would be a good idea to also offer banking services and so that the unbanked can become banked. Even just a basic checking account would mean people don't have to pay check-cashing fees anymore.
  - astrange 3y ago
    You don't need branches all over the country to be a bank. They're only really useful if you want to deposit cash.
mey 3y ago
I mean it used to be, pretty successfully. https://en.m.wikipedia.org/wiki/United_States_Postal_Savings_System https://en.m.wikipedia.org/wiki/United_States_Postal_Savings...
nradov 3y ago
I see no problem with USPS offering banking services, but remember that many check cashing service customers are themselves "predators". A lot of them are working illegally (sometimes combined with identity theft), or dodging child support payments and other debts. No legitimate bank would serve those criminals.
- pocket_cheese 3y ago
  You're right - no legitimate bank would serve those criminals. You have to be a white-collar criminal for banks to serve you.

ambigious7777 3y ago

(non-american here) Huh? Why? Isn't the USPS a mail company? I don't get what that has to do with banking.

tw04 3y ago
Because there are branches everywhere in the US making access easy whether you’re in New York or Montana. There’s no other department of the federal government with that coverage. They also are quasi financial already as you can get a USPS money order.
- deleted 3y ago
  [deleted]
anon-sre-srm 3y ago
I guess you haven't traveled much. Post offices in other countries also provide fundamental banking services. Right now, one can get money orders from USPS.
unmole 3y ago
It's fairly common for postal systems to provide basic banking services: https://en.wikipedia.org/wiki/Postal_savings_system https://en.wikipedia.org/wiki/Postal_savings_system
curtisf 3y ago
The USPS is a government agency that already has physical branches in almost every community in the US, which would make it an extremely accessible bank for the 4.5% or so of households who currently don't have a bank. It could also be pressure on American banks to treat their customers better, since the USPS is not burdened with a responsibility to generate dividends for shareholders. The USPS is also not directly funded by taxes (though it is indirectly subsidized via it's tax status and sole right of access to mailboxes), and with the waning popularity of letter mail, would become more self sufficient in the long term if it branched out into other services Other countries also combine banking and postal branches for similar reasons, like Japan (although it is in the process of being privatized).
nox101 3y ago
Japan offers banking at the post office. Not sure what the tradeoffs are vs their commercial banks
- quartesixte 3y ago
  AFAICT/R, JP Post banking used to be really barebones, even for late 2010s Japan. No credit cards/debit cards, not a lot of financial products, etc. In recent years it seems like they have added a credit card and a debit card and online banking as well. On the flipside, they are one of the most ubiquitous ATMs in Japan and your local post office will double as a branch for JP Post Bank (which are everywhere). Oh and it's nation wide too! Which is kind of important for a country where some banks restrict activities and branches to their direct locality. Man. I wish patio11 would talk about Japanese banking more because to most American audiences that system is also just, completely something else.
gambiting 3y ago
I mean in UK Royal Mail offers banking services, as does Poczta Polska in Poland - it's not that weird?
- quickthrower2 3y ago
  Banking services for other banks or do they issue accounts?
  - gambiting 3y ago
    Royal Mail uses someone else for their underlying banking infrastructure, but Poczta Polska definitely runs all banking services themselves.
DonsDiscountGas 3y ago
USPS isn't a company, it's a government department which provides a public service (deliver mail at very low prices). Because the USPS has so many branches all over the country, many people (myself included) think it would be a good idea to also offer banking services and so that the unbanked can become banked. Even just a basic checking account would mean people don't have to pay check-cashing fees anymore.
- astrange 3y ago
  You don't need branches all over the country to be a bank. They're only really useful if you want to deposit cash.

mey 3y ago

I mean it used to be, pretty successfully. https://en.m.wikipedia.org/wiki/United_States_Postal_Savings_System https://en.m.wikipedia.org/wiki/United_States_Postal_Savings...

nradov 3y ago

I see no problem with USPS offering banking services, but remember that many check cashing service customers are themselves "predators". A lot of them are working illegally (sometimes combined with identity theft), or dodging child support payments and other debts. No legitimate bank would serve those criminals.

pocket_cheese 3y ago
You're right - no legitimate bank would serve those criminals. You have to be a white-collar criminal for banks to serve you.