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What Is Postal Banking?

In postal banking, your local post office offers some basic financial services, much like a commercial bank.

Postal banking is common in much of the world and was once available in the United States.

Now some advocates believe bringing it back could be a low-cost solution for the country's large unbanked population.

How Postal Banking Works

With postal banking, the local post office also serves as a sort of bank branch. It might provide, for example, check cashing, bill payment processing, and even small loans.

Postal Banking and the Unbanked

According to a 2019 survey by the Federal Deposit Insurance Corporation, most unbanked households are low-income and lack access to a bank or credit union for reasons that include:

What Is Postal Banking?

Postal banking refers to providing basic banking services at local post offices. That might include things like check cashing, bill paying, and even small loans.

What Is the Advantage of Postal Banking?

Advocates argue that postal banking could make financial services available to the millions of Americans who are currently unbanked

What Is the Argument Against Postal Banking?

The private banking industry in the U.S. maintains that the U.S. Postal Service is ill-equipped to add banking to its other services

And that many banks now have low-cost programs that could better serve the currently unbanked population.

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