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U.S. Postal Service

Advocates push for the U.S. Postal Service to offer basic banking

Advocates push for the U.S. Postal Service to offer basic banking

Until the late 1960s, you could walk into a post office and deposit money in a savings account at the same time that you bought stamps or mailed packages.

An outgrowth of the financial panic of 1907, the no-frills postal bank surged in popularity during the Great Depression. But as commercial banks expanded and offered higher interest rates, the United States Postal Savings System became as outdated as a black-and-white movie.

Now, in the wake of another financial crisis, there's a new push for the U.S. Postal Service to deliver basic banking services again.

The effort is led by consumer advocates, financial reform groups, postal labor unions and some leading liberals,...

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