Posted on 11/19/2021 3:04:27 AM PST by MtnClimber
And the worst part? It's already been tried.
"Far too many can't afford to be banked & end up paying MORE in fees to check cashing places. So ... and I called upon the USPS to provide basic $ services, like cashing, wiring or an ATM w/o fees. The program also provides revenue for the USPS."
—Alexandria Ocasio-Cortez
At first, I thought this was a joke — some recycled Elizabeth Warren humor injected into an otherwise boring and predictable news cycle a few months ago. But apparently, AOC and other notables like New York senator Kirsten Gillibrand are quite serious about salvaging this absolutely terrible idea from the past.
History lesson first: The Post Office already tried being a bank! From 1911 to 1966, it operated the U.S. Postal Savings System at every one of its brick-and-mortar locations. Peaking in popularity in 1947, it had about $3.7 billion in deposits, roughly $45 billion in today's dollars. In other words, today, it would be the 53rd largest bank by deposits — so not that popular. Currently, Japan's Mizuho Bank, with only six U.S. locations, holds roughly the same amount of American deposits.
The Postal Savings System — created by a Republican president and eliminated by a Democratic one, by the way — failed for a variety of reasons. Most believe that the rise and acceptance of federal deposit insurance made commercial banks just as safe as Post Office banking. But perhaps the real reason was its lack of competitiveness against the free market. When it was abolished, the Postal Savings System's customer base had decreased markedly from its peak, and that's because while at the time it paid 2 percent on deposits, savers could easily earn more than 3 percent at traditional banks and S&Ls.
(Excerpt) Read more at americanthinker.com ...
ANTIFA Bank?
It’s not that these people are too poor for a regular bank account, it’s that a bank account requires ID and makes their money visible.
Illegal aliens and people subject to garnishment orders don’t want banks, and CERTAINLY do not want to step into a federal facility to get their money.
I’m sure regular banks could offer employers a way to issue cards which the employer could refill.
as a former DoD, census bureau, and v.a. employee:
“ share my financial information with a federal employee,? get frigged!”
What morons. The USPS business should be reduced. Those lazy asses at the USPS can’t get anything correct. Why should they be given any more responsibilities? No need to talk about socialism.
I beg to differ. The main reason poor people don't have bank accounts is because they've had accounts at that bank previously and were overdrawn. They can't open a new account without paying the overdraft, which means they go from bank to bank until there are no more banks available.
That's why they prefer NetSpend, Green Dot, PayPal cards etc - they can't overdraw because they can't write a check.
If the USPS lost a customer’s deposit, they’d treat it the same way they do when they lose a piece of your mail. And you’re guaranteed they’ll lose deposits.
Just another one of their many Marxist plans one step at a time.
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