WASHINGTON (6/5/15)--The U.S. Postal Service called a report on postal banking services “misleading and incomplete” in a statement this week. The service stated that its mission is delivery, not banking.
However, in May the USPS Office of the Inspector General released a report citing a number of scenarios in which post offices could be used to serve unbanked and underbankedconsumers.
CUNA believes credit unions already are well-positioned to serve the unbanked and underbanked, particularly with resources such as aSmarterChoice, shared branching, a wide-ranging surcharge-free ATM network and other benefits of the not-for-profit, cooperative financial system.
The USPS currently offers certain financial services, such as money orders, electronic funds transfers and cashing of U.S. Treasury checks. According to its statement, USPS will conduct research into what services it can legally provide that will allow for a profit and will not distract from mail delivery.
Issues the USPS takes with the report include: