Non-Profit Banking vis the US Post Office?

[Lemon Drop Husker]

Yep, you read that right. The ever brilliant Occasional-Cortex, along with Feeling the Bern, have come up with the greatest banking idea of all time.


Let the US Post Office run the show!

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[FantasticDan]

Actually postal banking existed from 1911-67. Seems like a good idea, has strong support..

https://theintercept.com/2019/05/09/...k-legislation/

The answer, to Ocasio-Cortez and Sanders, is postal banking, which several Democratic presidential candidates have endorsed. Letting the nation’s 31,000 post offices issue simple bank accounts and even short-term loans would solve numerous problems, particularly for the over one in four households who have little or no access to banking services, which lead them to use high-cost alternatives. Returning to a postal banking system, which as many as 4 million Americans enjoyed when it was in place from 1911 to 1967, could promote financial inclusion, save billions of dollars for vulnerable populations, and help modernize and stabilize the postal system — a nationalized entity written directly into the Constitution — in an era of electronic communication.

“We must make sure that giant Wall Street financial institutions are not the only way Americans can gain access to banking services,” the Sanders and Ocasio-Cortez statement reads. “Together, we are going to put predatory lenders out of business and provide affordable banking options to all Americans.”

[barahona44]

A lot of postal outfits in foreign countries have banking and insurance services.Said postal services are also profitable.The number one problem (of several) the USPS has is that Congress has oversight of them but don't contribute a plugged nickel to its budget.The minute USPS starts branching out into other services or streamline operations that might step on toes,Senator Loudmouth and Rep. Duenuthin are leading the charge to stop them.How many times has USPS tried to eliminate Saturday service?

That being said, I don't think this is a great idea.There is no shortage of banking outfits and there are other ways the Post Office can deploy their assets to better advantage.

[Tom]

Non-Profit Banking vis the US Post Office?


Sounds logical....the post office is already non profit, isn't it?

[fast4522]

Originally Posted by Tom

Non-Profit Banking vis the US Post Office?


Sounds logical....the post office is already non profit, isn't it?

Sure they are, only commie socialists would suggest the USPS lose 5 fold what they currently do.

[Lemon Drop Husker]

Originally Posted by FantasticDan

Actually postal banking existed from 1911-67. Seems like a good idea, has strong support..

https://theintercept.com/2019/05/09/...k-legislation/

Sure. The guvmint hasn't been in banking for over 50 years and amid thousands of regulation controls that have been mandated from The(ir) Hill, and they'll step right in and openly compete with the private sector.


I'll wager a hefty sum they wouldn't have a branch that passed an FDIC or OCC audit within 5 years of being opened.

[Dave Schwartz]

It would be fun to watch.


How'd you like Mosty counting your money?

[Suff]

Most Genx'rs bank digitally. No fee's, NO atm fee anywhere, anytime, interest 1.2 APR checking, 2.2 savings.

Because the banks have no branches, using the PO for depositing cash and other in-person events has been discussed by Banks and others.

Its done in the UK. 12,000 Post Office locations have partnerships with 28 banks.

[Suff]

Originally Posted by Tom

Non-Profit Banking vis the US Post Office?


Sounds logical....the post office is already non profit, isn't it?

Tom, you buy stamps? I don't. everything email, web etc.

Check your inbound mail. 99% junk, sales pitch, useless shit.

US Post offices losses are corporate welfare. They throw you off the scent by pitting you against the workers as if the losses are there.

The loss is companies paying a 1/3rd of what the real cost is.

[davew]

I like their plan to limit credit cards to 15% interest

[Suff]

The PO has always run underwater. Economically supported by republicans & democrats because it was thought to drive commerce. The ROI appears in the transactions it facilitates by mail.

[woodtoo]

The P.O. has huge buildings across the country where they could store all their cash so you could withdraw any amount without prior notice. Real banking.

[Lemon Drop Husker]

Originally Posted by davew

I like their plan to limit credit cards to 15% interest

Easy solution that the American public doesn't want to hear.

If you can't buy what you want with cash, then you can't afford the purchase.

Outside of a house or a car, you shouldn't borrow a dime on any purchase. (And a car is debatable).

Credit Cards are a luxury. You get the ability to 'buy' things by the simple swipe of a card. You should pay for that luxury of things you can't afford. The default rate on credit cards is massive. If you use a Credit Card (much like insurance) you have to pay for all the bad people out there that don't pay back what they owe.

[Tom]

Originally Posted by Suff

Tom, you buy stamps? I don't. everything email, web etc.

Check your inbound mail. 99% junk, sales pitch, useless shit.

US Post offices losses are corporate welfare. They throw you off the scent by pitting you against the workers as if the losses are there.

The loss is companies paying a 1/3rd of what the real cost is.

Agree 99% - the PO should charging them HIGHER.
They don't, so I have no respect for the PO.
I am not against all the workers......

[Tom]

Originally Posted by davew

I like their plan to limit credit cards to 15% interest

The whole CC business is a cesspool of greed and thievery.
We used to have usury laws. It is a trap to enslave lower income people.

And the practices of dangling more cards in front of people not able to make ends meet is outright larceny. We need to put the clamps on the whole deal. Interest, accessibility. And personal info safeguards which seem to be sorely lacking in banks and other cash whore houses.


Credit to AOC and Bernie on this one. They got it right.

Broken clock right twice today!