Banking at the post office maybe in the near future according to a news release by U.S.News, Kimberly Palmer.
The Inspector General, David C. Williams, conducted studies that could offer banking services and loans up to 90 percent discount to current predatory simple loan rates.
In July 2014 at a Pew Charitable Trust event, Williams stated many postal services around the world, currently offer financial services to customers.These services, if offered to American families could generate $8.9 billion annually. At least 68 million Americans or 1 in 4 Americans lack access to mainstream financial services.
Money orders and retail purchases are currently offered by post offices, but an expansion in financial services has been proposed by David C. Williams.
Competition for big banks would be virtually nonexistent since the banks customarily avoid the underserved 68 million Americans any way.
Sen. Elizabeth Warren supports a proposal for the postal services to incorporate banking services. "There's a need for expanded financial services for families of moderate means, and the traditional banking industry no longer works", the Senator stated.
Williams study proposed three products suggested by the post office; the postal card, interest bearing savings account, and small loans. The postal card could make in-store purchases, access cash at ATMs, pay bills online and transfer money internationally.
The interest bearing savings account could encourage customers to save who have been declined savings accounts at traditional banks.
Small loans could be an alternative to the costly payday loans offered to Americans without access to traditional banks.
Public trust with the postal service has been established for many decades and there are over 35,000 outlets to service Americans throughout the country.
Major job creation would be an absolute necessity to accommodate customer lines and establishing online and electronic services.