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.
According to a report on the online news source The Hill, "the USPS could likely add billions of dollars a year to its coffers by offering prepaid cards or loans to the 68 millions adults who currently get little or no services from banks."
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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.
