The United States Postal Savings System was a postal savings system signed into law by President William Howard Taft and was operated by the United States Post Office Department, predecessor of the United States Postal Service, from January 1, 1911 until July 1, 1967.:: Earlier this year its inspector-general released a white paper suggesting that post offices should begin offering financial services, such as cheque-cashing, small loans, bill payments, international money transfers and prepaid cards to which salaries or benefits could be transferred. The reasoning is simple: a lot of Americans have scant access to banks More than one-quarter of American households are unbanked or underbanked, meaning they either lack a current or savings account, or they have one but still use alternatives to banks such as cheque-cashers and payday lenders. That is an expensive habit: the average underbanked household has an annual income of only $25,500 or so, yet spends around 9.5% of that on fees and interest charged by these banking substitutes.
Posted on: Tue, 11 Nov 2014 14:41:56 +0000
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