In the old days, people could open up interest-bearing checking and savings accounts at Post Office. It was a way of providing cheap accounts to people of all stripe. Those accounts may be making a comeback.
According to this TIME article, nine million families in the United States are “unbanked” which means they do not have access to a checking out savings account at a bank or credit union. It also means that they have a higher risk of being the target of robbery and violent crime. To help people, there is an idea of bringing back the checking and savings accounts accounts offered through the Post Office.
“The United States Postal Savings System was created in 1910, during a time when customers were wary of big banks. Initially, the maximum allowed balance was $500, though it was later raised to $1,000 in 1916 and then to $2,500 in 1918 — equivalent to more than $40,000 in today’s dollars. When banks regained public trust and began offering more competitive interest rates after World War II, the service lost ground and it was shuttered in the 1960s.”
Some want to have the government to subsidize accounts at private firms (like Wells Fargo, Chase, PNC, etc.) while others like the option of providing products and services to the people that need them directly through the government.
What do you think?
Bigger Than Your Block 