I urge you to repeal 39 usc 404 section (e) of the 2006 Postal Accountability and Enhancement Act (PAEA), so the USPS can provide basic checking and savings accounts as well as other new products and services that bring in new revenue.
The USPS Office of Inspector General reported that non-bank financial services provided through the Post Office could generate $8.9 billion per year–and this estimate doesn’t even include postal banking or other services and products that are possible. According to the OIG, financial services are the biggest source of new revenues for post offices around the world, and most U.S. post offices are already located in banking deserts.
Over 1,200 underserved communities have been identified as “banking deserts,” and more than 7 million individual American households currently are “unbanked,” with no access to a checking account or basic financial services. Postal banking can also offer alternatives to predatory fees of private banks and fringe financial markets like check cashers and bill pay services at liquor stores.
USPS needs a forward-thinking, public-service minded plan include everything from bringing back postal banking to hunting licenses, checking on seniors, adding value to bus and subway passes, providing office services and a WiFi signal in the parking lot, even electric vehicle charging stations.
These services are all potential sources of revenue to sustain one of the nation’s most trusted institutions, and enhance access to essential public services for communities across every ZIP code.
Thank you for helping to protect and expand the US Post Office as an invaluable public service.
