The Postal Service could put its infrastructure to better use and better serve the public by getting into the banking business, especially in areas lacking full financial services closeby, according to the American Postal Workers Union.
The union has joined a coalition of more than a dozen other unions, consumer groups, financial reform groups and faith-based organizations to argue the agency could use its 31,000 local retail offices to substitute for high-cost check cashing and short-term loan services that may be the only form of financial service available in a lower-income area.
The USPS already issues more money orders than any other organization, they said in forming the Campaign for Postal Banking. Further, postal services in other countries offer financial services, as did what was then called the U.S. Post Office Department itself for many years up to 1967, it said.
In a recent report, the Postal Service IG listed providing more financial services as a way to make fuller use of postal facilities rather than close some to save on overhead costs.