USPS Considers Expansion Of Banking Services

The USPS Office of the Inspector General has opened the debate on if and how the USPS could or should expand its time-honored practice of offering banking and finacial services to Postal customers. From simple money orders to pre-paid gift cards, the total for 2014 was $21 billion. If the Postal Regulatory Commission allowed more services to be offered according to the OIG, over $1 billion in revenue could be generated after a 5 year ramp-up period. In this time where the USPS is under pressure to attain solvency, this seems like an appealling approach. Especially to people who might otherwise have to use check cashing services or even payday loans to send payments or make ends meet. The USPS could become a robust direct mail marketer itself if it could offer such products and services. Read More