http://www.businessinsider.com/warren-wants-to-turn-post-offices-into-banks-2014-2

Another idea from the makers of CFPB.

Massachusetts Senator Elizabeth Warren wants to solve two American problems with one solution — turn the country's increasingly empty post offices into simple retail banks for low-income citizens without bank accounts.

Read more: http://www.businessinsider.com/warren-wants-to-turn-post-offices-into-banks-2014-2#ixzz2sMJJZcoG


Has she even put a foot into a post office?

Last time I was in one it was an hour wait for a book stamps.

Actually, didn't the Postal Service Inspector General raise the issue last week?

I had read about that last week but now it may get some traction. This is a failing institution that is looking to get into banking as a way to stay afloat.

I do not know if they still do but they used to sell Money order, Gift cards and travelers checks.


How do they plan on making money if they do not plan to charge fees?

Some in banking industry are suggesting it might take pressure off of banks to provide less profitable smaller accounts (the underbanked). POs in other countries do this. IMO, the US has set the PO up to fail (not by this suggestion, but by how they spun if off, limit how they can fund, etc.)

And now for me, back to work!

If Ms. Warren is involved I am sure taking pressure of banks is not part of the equation. I do have not heard of any modifications to CRA.

I do however agree that the way the postal service is currently run is set to fail.

Just because you have counter space (if indeed they do) does not make you a banker. Banks have been accused of not dealing with the smaller accounts because they are not profitable. The plan is to take unprofitable accounts and place them with an organization that is currently unprofitable. I just do not see the gain for the Post Office.

Not very convenient or accessible, usually there is only one post office in a city.

Virtual is the way to go, through an employer.....

https://www.uspsoig.gov/sites/default/files/document-library-files/2014/rarc-wp-14-007.pdf

For those interested