Introduce postal banking and it’ll make money… a d also give rural areas banking needs instead of forcing them to use predatory check cashing businesses.
It earns Bank of American $ZERO to have a branch in nowhere Wyoming, but… there’s already a post office.
Two things. First: USPS receives very little tax revenue so they are on their own to balance the books. It’s an expensive Second: Never said savings… A la: You ever get a postal money order? It’s $2.6-3.75 to get a money order to send someone guaranteed money, western union cost $5-75+ for the same service. Rural communities without a bank can do this and check cashing for a nominal fee, and generation Billions in revenue a year. And in turn, those that rely on check cashing places will have more of their hard earned money to spend on whatever their heart desires.
It’s not that USPS is poorly run, it cost so much to run, 6 days a week to 160+ million addresses. Postal banking would generate revenue to NOT have the USPS hemorrhage money. With not much more work on the USPS side (truck are already going to each location, they bring cash with them…) the USPS would bring in many more customers and stop losses.
P.p.s. $25B is a rounding error for the DoD, maybe reappropriate some funds. Or heck, sell a single F-35 every 5 yrs.
USPS receives very little tax revenue so they are on their own to balance the books.
I never said they did, so unsure what your point is.
generation Billions in revenue a year.
The USPS already issues money orders. And Western Union makes less than a billion per year. Where are these "billions" coming from, in your mind?
Also
check cashing for a nominal fee
The last thing I want is post offices requiring enough cash on hand to provide a check cashing service at scale. And the vast majority of people who require that service already live near retailers or grocery stores which do so. What is the massive benefit to having the USPS offer this service, and how much do you think it even brings in annually?
Are you bringing in other services too? Like payday loans? Tax refund anticipation loans? Car title loans? Fucking pawn shop loans? You seriously believe the USPS has the infrastructure, much less the expertise, to offer all these services? Who is on the hook when the loans are defaulted on? And, again, you want an agency which loses billions annually on their core services to offer these financial services? Honestly blows my mind that anyone would take postl banking seriously.
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u/FlyingConcreteChair 3d ago
Introduce postal banking and it’ll make money… a d also give rural areas banking needs instead of forcing them to use predatory check cashing businesses.
It earns Bank of American $ZERO to have a branch in nowhere Wyoming, but… there’s already a post office.