In an effort to reduce the United States Post Office’s $6 billion annual deficit, some members of Congress and the Inspector General of the USPS want to introduce banking services at its branches. According to Sen. Elizabeth Warren, the Post Office could reap as much as $10 billion in annual revenue by providing customers with services such as short and long-term loans, savings accounts and check cashing.
How will these banking services change the everyday operation of the Post Office? Well, no one can be sure yet, but here are some potential results when the Post Office turns banker:
1. You won’t need a high credit score number; you only need a street number.
2. If the Post Office bank knows your checking account is running low, they won’t charge you an extra maintenance fee. They will deliver your bills to the wrong address to buy you some time.
3. You can use the new drive-thru teller for your banking and postal needs. Just don’t go at lunch as there will be only one teller on duty.
4. If you can’t get to the bank, your mail carrier will deliver cash.
5. You can pay for your bills with FOREVER stamps