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Banking at the USPS


KD in CA
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While the devil is in the details, and naturally any 'profit' will be gobbled up by the hiring of countless do-nothing unionized bureaucrats, I have to say that I'm not at all opposed to the concept.  I didn't realize they used to do more of this 50+ years ago.

 

Right now millions rely on store front check cashing and payday lending scams for their banking, which is a pretty poor solution.

 

https://prospect.org/economy/usps-begins-postal-banking-pilot-program/

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4 hours ago, KD in CA said:

While the devil is in the details, and naturally any 'profit' will be gobbled up by the hiring of countless do-nothing unionized bureaucrats, I have to say that I'm not at all opposed to the concept.  I didn't realize they used to do more of this 50+ years ago.

 

Right now millions rely on store front check cashing and payday lending scams for their banking, which is a pretty poor solution.

 

https://prospect.org/economy/usps-begins-postal-banking-pilot-program/

 

This is my biggest concern, especially with Biden's nomination for OCC head.  You cannot have a bank run by the government, the hazards are too big. 

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43 minutes ago, GG1 said:

 

This is my biggest concern, especially with Biden's nomination for OCC head.  You cannot have a bank run by the government, the hazards are too big. 

 

I'm open to other suggestions, but I have a serious problem with people who commit financial malfeasance, and that includes the outfits whose business model is to get some poor, dumb schmuck locked into a scam where he can never repay his $300 'loan'.

 

But yeah, the OCC woman is pretty scary.  I can't wait to have all my money in my 'Fed Account' so that the left can decide at any time when I have more money than I need.  Not to mention presumably control all IB, with new investments based on 'social justice' rather than innovation and ROI.

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  • 4 weeks later...
On 10/4/2021 at 3:30 PM, KD in CA said:

While the devil is in the details, and naturally any 'profit' will be gobbled up by the hiring of countless do-nothing unionized bureaucrats, I have to say that I'm not at all opposed to the concept.  I didn't realize they used to do more of this 50+ years ago.

 

Right now millions rely on store front check cashing and payday lending scams for their banking, which is a pretty poor solution.

 

https://prospect.org/economy/usps-begins-postal-banking-pilot-program/

It makes sense except the government would make it worse.

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Crap Throwing Clavin

Check cashing, I like.  Anything to drive predatory payday lenders out of business.

 

But actual banking?  My sister-in-law has some sort of account with restrictions placed on it by Social Security - basically, she can't make any unapproved transactions, can only withdraw money via money order, basically can't access her money because it's really the government's money.  

 

In her case, it makes some sense - history of overdrafts and bankruptcy for most of her life.  But every government restriction, no matter how well-intended, ends up being misapplied and abused eventually.  Not sure I'm eager to see millions escape the casual predation of payday lenders for the casual predation of the federal bureaucracy.

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The Government should not be in the business of making loans.  The USPS would eventually set their rates lower than private banks, drive them out of business, and ultimately become a monopoly on loans.  Loan origination would just turn into SJWs picking societies winners and losers.  Loan forgiveness would be weaponized "equity".

 

That said, I'm on board with driving predatory payday lenders out of business.  The problem with this is people will start using USPS as their primary bank.  So limit the balance to a low maximum with a high tax rate on anything over.

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