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(Time)   U.S. Postal Service considers opening small checking and savings accounts for the poor. Good news? Anyone writing a bad check will have three years to cover it before it clears   ( time.com) divider line
    More: Interesting, postal banking, postal service, Debt, Loan, U.S. Postal Service, United States, United States Postal, financial services  
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699 clicks; posted to Business » on 10 Aug 2018 at 12:13 AM (10 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2018-08-09 09:51:44 PM  
Another thing that the US is somehow incapable of doing because reasons.

/if you believe conservatives, anyway
 
2018-08-09 11:00:41 PM  
I just hope they don't lose as many deposit slips as they do pieces of mail
 
2018-08-10 12:25:22 AM  
It will allow them to reach such great heights.

/boop-bip-bip-boop
 
2018-08-10 12:26:08 AM  

themindiswatching: Another thing that the US is somehow incapable of doing because reasons.

/if you believe conservatives, anyway


If it hurts poor people and/or makes money for wealthy people then Conservatives are for it. If it helps people, it's "unsustainable" and "unaffordable".
 
2018-08-10 12:44:31 AM  

Justin Beaver: I just hope they don't lose as many deposit slips as they do pieces of mail


So, not many then?
 
2018-08-10 12:51:28 AM  
Yes, but the post office will run your credit anyway and use your number as an excuse to hit you with subprime rates and fees on everything.
This is how a continuous screwing feels, Merikuh.
 
2018-08-10 01:05:24 AM  
Wait how can checking cost you anything? At my Credit Union the checking and the banking and the checks i order are free.
 
TKM
2018-08-10 01:16:11 AM  
I've had to start depositing my checks in person since the USPS can't get a letter 4 miles in less than 14 days.  4 times last year. 
"Did you forget to pay the rent?" is a shiatty way to start the day.
 
2018-08-10 02:03:09 AM  

TKM: I've had to start depositing my checks in person since the USPS can't get a letter 4 miles in less than 14 days.  4 times last year. 
"Did you forget to pay the rent?" is a shiatty way to start the day.


Can I introduce you to this thing called "The Internet "?

Psst! I'd bet you're already using it now, even if you may not know it!
 
2018-08-10 02:48:15 AM  
"That's bread, milk and sugar," Edwards said of the fees.

listen, i truly do sympathize, but meet me halfway. stop buying so much god damned sugar
 
2018-08-10 05:13:05 AM  
This is great idea for both the post office and the poor.  The GOP will kill this idea because of unfair government competition.
 
2018-08-10 06:10:47 AM  

alice_600: Wait how can checking cost you anything? At my Credit Union the checking and the banking and the checks i order are free.


There's often a minimum balance.
 
2018-08-10 07:10:46 AM  

thurstonxhowell: alice_600: Wait how can checking cost you anything? At my Credit Union the checking and the banking and the checks i order are free.

There's often a minimum balance.


And membership criteria. Most of the unbanked probably would do better with some kind of account that's reasonably accessible to them, but their options still aren't great. And it's only the ripoff places that are able to market heavily to them, so their information and familiarity with banking is probably relatively low, too.
 
2018-08-10 07:59:04 AM  
so basically they will install ATM machines?
 
2018-08-10 08:12:51 AM  

Hyjamon: so basically they will install ATM machines?


Do you work in the Department of Redundancy Department?
 
2018-08-10 08:38:09 AM  

Hyjamon: so basically they will install ATM machines?


Whenever I see "ATM machines", I always substitute the other ATM meaning and it makes me snicker.
 
2018-08-10 08:56:39 AM  

themindiswatching: Another thing that the US is somehow incapable of doing because reasons.

/if you believe conservatives, anyway


I believe the Post Office stopped offering these services in the 1960s. It would definitely help small towns where the local bank got purchased and closed. Looking at you BoA.
 
2018-08-10 09:03:50 AM  
Conservatives will only allow this is the postal banks also push sub-prime home loans and risky stock investments.

Seriously, we need this and I think it would help the USPS.
 
2018-08-10 09:33:51 AM  

TKM: I've had to start depositing my checks in person since the USPS can't get a letter 4 miles in less than 14 days.  4 times last year. 
"Did you forget to pay the rent?" is a shiatty way to start the day.


Because right-wing aholes keep insisting more and more offices be closed, forcing your letters go to some distribution center instead, probably driving past the letters' destination a couple of times.
 
2018-08-10 09:35:11 AM  

The Smails Kid: TKM: I've had to start depositing my checks in person since the USPS can't get a letter 4 miles in less than 14 days.  4 times last year. 
"Did you forget to pay the rent?" is a shiatty way to start the day.

Can I introduce you to this thing called "The Internet "?

Psst! I'd bet you're already using it now, even if you may not know it!


I use bill pay through my bank, but they won't do my rent check as they won't deliver to a PO box.
 
2018-08-10 09:46:32 AM  

I am Tom Joad's Complete Lack of Surprise: TKM: I've had to start depositing my checks in person since the USPS can't get a letter 4 miles in less than 14 days.  4 times last year. 
"Did you forget to pay the rent?" is a shiatty way to start the day.

Because right-wing aholes keep insisting more and more offices be closed, forcing your letters go to some distribution center instead, probably driving past the letters' destination a couple of times.


It really isself-inflicted. Around here a letter can be delivered within a reasonable distance on the *same day* if submitted before the first pick-up.

/Get the government you pay for
 
2018-08-10 10:06:21 AM  

thurstonxhowell: alice_600: Wait how can checking cost you anything? At my Credit Union the checking and the banking and the checks i order are free.

There's often a minimum balance.


Yeah five bucks but that's it.
 
2018-08-10 10:21:33 AM  

OccamsWhiskers: thurstonxhowell: alice_600: Wait how can checking cost you anything? At my Credit Union the checking and the banking and the checks i order are free.

There's often a minimum balance.

And membership criteria. Most of the unbanked probably would do better with some kind of account that's reasonably accessible to them, but their options still aren't great. And it's only the ripoff places that are able to market heavily to them, so their information and familiarity with banking is probably relatively low, too.


It seems like a majority of the problem is a lack of using google search really. I think a majority of the issue is really a lack of a desire to learn what's outside one's comfort zone.
 
2018-08-10 10:26:01 AM  

Scorpitron is reduced to a thin red paste: Justin Beaver: I just hope they don't lose as many deposit slips as they do pieces of mail

So, not many then?


Seriously. Have you ever noticed something was lost in the mail? I can't recall it ever happening despite the standard joke material.

Then again, I fly ~10 times a year and have never had a checked bag not show up, despite the tales people will tell about whichever airline they hate.
 
2018-08-10 10:38:54 AM  

BafflerMeal: I am Tom Joad's Complete Lack of Surprise: TKM: I've had to start depositing my checks in person since the USPS can't get a letter 4 miles in less than 14 days.  4 times last year. 
"Did you forget to pay the rent?" is a shiatty way to start the day.

Because right-wing aholes keep insisting more and more offices be closed, forcing your letters go to some distribution center instead, probably driving past the letters' destination a couple of times.

It really isself-inflicted. Around here a letter can be delivered within a reasonable distance on the *same day* if submitted before the first pick-up.

/Get the government you pay for


Here they deliver next day IF you drop it in the Local slot inside. Otherwise it goes on a 60 mile trip, just to come back.
 
2018-08-10 10:57:47 AM  

alice_600: OccamsWhiskers: thurstonxhowell: alice_600: Wait how can checking cost you anything? At my Credit Union the checking and the banking and the checks i order are free.

There's often a minimum balance.

And membership criteria. Most of the unbanked probably would do better with some kind of account that's reasonably accessible to them, but their options still aren't great. And it's only the ripoff places that are able to market heavily to them, so their information and familiarity with banking is probably relatively low, too.

It seems like a majority of the problem is a lack of using google search really. I think a majority of the issue is really a lack of a desire to learn what's outside one's comfort zone.


And in many cases, I assume, a lack of internet service and then lack of computer to use that hypothetical service. Those aren't an issue for the typical consumer, but there are a lot of steps that are harder to solve while poor.
 
2018-08-10 11:19:30 AM  

OccamsWhiskers: alice_600: OccamsWhiskers: thurstonxhowell: alice_600: Wait how can checking cost you anything? At my Credit Union the checking and the banking and the checks i order are free.

There's often a minimum balance.

And membership criteria. Most of the unbanked probably would do better with some kind of account that's reasonably accessible to them, but their options still aren't great. And it's only the ripoff places that are able to market heavily to them, so their information and familiarity with banking is probably relatively low, too.

It seems like a majority of the problem is a lack of using google search really. I think a majority of the issue is really a lack of a desire to learn what's outside one's comfort zone.

And in many cases, I assume, a lack of internet service and then lack of computer to use that hypothetical service. Those aren't an issue for the typical consumer, but there are a lot of steps that are harder to solve while poor.


From talking with other residents, I would assume that only half of the tenants here have Internet. That's about 150+ people. But most of them have large screen (up-to wall-sized for a couple) TVs permanently tuned (it seems) to Fox News.
 
2018-08-10 12:44:49 PM  
Reports like this make me happy about the way Dutch banking is handled. As a consumer I pay roughly 25 euros a year for my bank account and all transactions after that are for free. I can go to any ATM and pin at any terminal in the country, and it won't cost me an additional dime at all. Internet banking? Free. Want to send a 100 transfers a day? Free. Somebody copied my "just hold the pass up to the machine to pay" verification, or I got skimmed? Banks will reimburse. None of this bullshiat other countries have were I need to pay per transaction or worry that they will fark me over by processing the large payments first (I can follow transactions almost live in my banking app).

/Most of the costs are levelled against companies
//But private users bank for almost free
///Threes
 
2018-08-10 12:45:33 PM  
If I ever again find my life in a state such that $5 is a huge deal to me, I'm going to put a gun in my mouth.

On another note, all this "these people who can't afford to get a bank account don't have opportunities to improve their credit"... well yeah. If you can't afford a bank account, your credit score should be "zero". Why in the world would anyone give you credit if you can't even afford $10 a month? "Waah, I couldn't get a pay day loan without a bank account" Great! You dodged a bullet on that one, moron. Don't use those places, they are scams, and you're just going to dig your hole deeper. "People who make less than $10,000 per year are the most likely income demographic to be victims of violent crime, such as robbery " because people making less than $10,000 a year live in the crappiest places with the crappiest people:  other people making less than $10,000 a year.

In any case, the Postal Service offering checking accounts doesn't sound like a bad idea. But offering interest free 3 year loans sounds like a terrible idea, as does offering normal short term loans. The postal service already has enough crazy pension requirements on it trying to kill it without setting it up to die by subsidizing the terrible financial habits of the bottom of the barrel. The reality about how bad a risk these people are doesn't magically disappear because you want to fight for great justice.
 
2018-08-10 01:13:22 PM  
Welcome to the party, pal!
img.fark.netView Full Size
 
2018-08-10 01:23:44 PM  
It is called a credit union.  Find one you like and keep 25bucks in your account.
 
2018-08-10 01:36:10 PM  
BUT SOCIALISM!!!!!

/or something.
 
2018-08-10 02:18:22 PM  
I'd do it just on principal.
 
2018-08-10 02:35:56 PM  
DerAppie:
/Most of the costs are levelled against companies

and Dutch companies don't figure that cost into what they charge for their services?
 
2018-08-10 02:45:45 PM  

AlanMooresBeard: DerAppie:
/Most of the costs are levelled against companies

and Dutch companies don't figure that cost into what they charge for their services?


Sure, but considering that a number of those companies do international bussiness that means a percentage of the costs will be paid for, amongst others, Americans, Russians, and the Chinese. So thank you for sponsoring my grocery shopping.
 
2018-08-10 03:04:19 PM  

thurstonxhowell: alice_600: Wait how can checking cost you anything? At my Credit Union the checking and the banking and the checks i order are free.

There's often a minimum balance.


My CU requires a $5 deposit into a savings account. That's it.

/ even the beggars & criddlers here in my city can swing that amount, I think...
 
2018-08-10 03:37:48 PM  
Okay what's the rest of the story because this guy should qualify for an account at NFCU and they are free.
 
2018-08-10 04:46:29 PM  
"Unbanked"... When did this become a word?
 
2018-08-10 05:59:44 PM  

OccamsWhiskers: alice_600: OccamsWhiskers: thurstonxhowell: alice_600: Wait how can checking cost you anything? At my Credit Union the checking and the banking and the checks i order are free.

There's often a minimum balance.

And membership criteria. Most of the unbanked probably would do better with some kind of account that's reasonably accessible to them, but their options still aren't great. And it's only the ripoff places that are able to market heavily to them, so their information and familiarity with banking is probably relatively low, too.

It seems like a majority of the problem is a lack of using google search really. I think a majority of the issue is really a lack of a desire to learn what's outside one's comfort zone.

And in many cases, I assume, a lack of internet service and then lack of computer to use that hypothetical service. Those aren't an issue for the typical consumer, but there are a lot of steps that are harder to solve while poor.


Even then you just gotta go into the places and talk to someone. The library has free internet access as well. There is credit unions who as long as you keep a deposit of 5 bucks you're in the clear for a lot of stuff. Its sounds more and more as I read into it like lack of education.
 
2018-08-10 06:35:27 PM  

dukeblue219: Seriously. Have you ever noticed something was lost in the mail? I can't recall it ever happening despite the standard joke material.


With a shocking amount of frequency, both locally and when I travel. In the prior 22 months the post office has lost or had trouble with over a dozen pieces of mail involving me.

22 months ago I go to Port Saint Lucie FL to help a friend move across town. The morning of moving out of his apartment I deposited 3 separate pieces of mail into the outbound mailbox on the corner of the street. All three pieces of mail had checks in them: 1 as a credit card payment, 1 as a magazine subscription, and the 3rd I don't even remember what the check was for. All three pieces of mail promptly disappear into a black hole and are never delivered. I almost get billed for a late payment on my credit card after they call me to ask where my payment is (as I am always on time for the balance due each month). The magazine is less critical and I just mail them another payment. I honestly don't even remember what the 3rd check was for but no one called me to demand money so I guess it wasn't important. The post office in PSL cannot give me the faintest idea how three pieces of mail can entirely disappear and never show up at their destination or get routed back to me as a return piece of mail.

12 months ago I'm in Maui for vacation. I spend an afternoon in Lahaina writing some postcards and depositing them in a mailbox on the waterfront next to the Cheeseburgers in Paradise restaurant (not affiliated with Jimmy Buffett). Three weeks later none of the intended recipients of these post cards have received them. Another week and nothing. I finally call the post office in Lahaina and speak to a supervisor just to remind them to have someone go empty that mailbox in case it's forgotten. Within 5 days of that phone call the post cards begin arriving at people's houses. It's a mailbox on what should be a regular route and it's obviously not been emptied for at least a month, minimum, and I have to call them to tell them to do their job!

At the same time as I'm in Maui I have my mail being held at the local post office. We are in the midst of settling my grandmother's estate and Bank of America is mailing me a check for $18,000. On the day I'm flying back from Maui I get an email with the delivery notification showing a picture of the BOA check that's being sorted and delivered to me. I get back the same day, go pick up my mail, and the check isn't in the stack of mail. I wait a couple days for it to shake out in case it's in transit between the local sort facility and just missed being put into the box of my held mail. Nothing arrives in the next week. Inquiries at the post office come to nothing. No one can tell me where the check went between it being sorted for delivery and then not being put in my stack of held mail or delivered to my house.

2 months ago my cousin is mailing out "save the date" cards for her wedding. June 4th I get a picture of the informed delivery with the card in the mail, and I notice my cousin put the wrong ZIP code on there (the last digit is off) and it's a ZIP that is still local but doesn't actually exist. I figure the people at the local post office can find that jammed into the lost mail stack and still figure out it's a local, valid address. Up through today that card has never arrived despite having an address that anyone at the local office should know is deliverable.

So that's basically my experience with the post office in the prior 2 months. All of it is terrible.
 
2018-08-10 06:37:52 PM  

I am Tom Joad's Complete Lack of Surprise: Here they deliver next day IF you drop it in the Local slot inside. Otherwise it goes on a 60 mile trip, just to come back.


That doesn't seem possible. Every post office used to have a "local" mail slot inside where clerks would actually hand-sort the mail and send it out for local delivery the same day or the next. The post office has long abandoned that kind of labor-intensive hand sorting to where everything is automated. The "local" slots have disappeared and all mail gets sent to whatever sort facility is nearby and it's mechanically sorted. Mail going across the street has to go 45 miles from me, be sorted, and then come back. You can rarely get next day delivery, but don't count on it even with priority mail.
 
2018-08-10 08:05:53 PM  

alice_600: Wait how can checking cost you anything? At my Credit Union the checking and the banking and the checks i order are free.


According to the talking points, checking accounts cost hundreds of dollars per month because everyone is constantly overdtrafting and BofA is the only bank that exists.
 
2018-08-10 08:11:03 PM  

DerAppie: Reports like this make me happy about the way Dutch banking is handled. As a consumer I pay roughly 25 euros a year for my bank account and all transactions after that are for free.


So banking there costs €25 more than it does in America?  That sucks.
 
2018-08-10 08:59:53 PM  

BMFPitt: alice_600: Wait how can checking cost you anything? At my Credit Union the checking and the banking and the checks i order are free.

According to the talking points, checking accounts cost hundreds of dollars per month because everyone is constantly overdtrafting and BofA is the only bank that exists.


Gee whiz! talk about fake news. That's just lousy reporting.
 
2018-08-11 12:06:56 AM  
Keep in mind that "free" checking accounts used to be widely available until CFPB did things like banish overdraft fees.

It used to be that having a checking account meant you had to do things like not write checks for more than the balance in your account, and if you did you paid a fee. The bank could make good on your checks and charge you a fee for doing so. CFPB put an end to that and as a result it's no longer a thing where banks can charge people for writing checks for non-existent money in their accounts.
 
2018-08-11 12:13:06 AM  
Without access to financial services through banks, they often rely on cash to make transactions, making them vulnerable to criminals who know employees have regular payment schedules.

Oh, right. Criminals spend the time following low-income people around to get a feel for their bill payment schedule. They know those people go to Cricket Wireless about the first week each month to make that $30 payment so they'll be scoping them out to rob them of that money as soon as they catch them walking down the sidewalk!

Edwards, who has a visible limp from the pain in his aggravated joints, said carrying cash makes him fear for his life.

This is sensationalism at it's best. The "visible limp from the pain in his aggravated joints" adds nothing to the story about a man who allegedly "fears for his life" because he carries cash.

"When you're a black man in America, and especially one with a disability, that's always on your mind," he said.

Again with the sensationalism. This is #fakenews
 
2018-08-11 12:22:20 AM  

TKM: I've had to start depositing my checks in person since the USPS can't get a letter 4 miles in less than 14 days.  4 times last year. 
"Did you forget to pay the rent?" is a shiatty way to start the day.


There's these great new financial innovations called "direct deposit" and "remote deposit" they you should check into.
 
2018-08-11 02:44:12 AM  

BMFPitt: DerAppie: Reports like this make me happy about the way Dutch banking is handled. As a consumer I pay roughly 25 euros a year for my bank account and all transactions after that are for free.

So banking there costs €25 more than it does in America?  That sucks.


Apart from what people here always talk about with withdrawal fees, transaction fees, check cashing fees, minimal balances, overdraft fees, and fees for using the ATM of another bank you mean?

Because I have none of those.
 
2018-08-11 07:29:45 AM  

DerAppie: Apart from what people here always talk about with withdrawal fees, transaction fees, check cashing fees, minimal balances, overdraft fees, and fees for using the ATM of another bank you mean?

Because I have none of those.


Me either.  I never understood why so many people around here choose to have those.
 
2018-08-11 10:12:01 AM  

DerAppie: BMFPitt: DerAppie: Reports like this make me happy about the way Dutch banking is handled. As a consumer I pay roughly 25 euros a year for my bank account and all transactions after that are for free.

So banking there costs €25 more than it does in America?  That sucks.

Apart from what people here always talk about with withdrawal fees, transaction fees, check cashing fees, minimal balances, overdraft fees, and fees for using the ATM of another bank you mean?

Because I have none of those.


Withdrawal fees? I don't know what that is. I paid a few bucks for a wire transfer last year. Is that what you're talking about?

Transaction fees? I don't know what that is. See above about the wire transfer.

Check cashing fees only apply if you don't have an account. The check cashing place takes a fee to cover the risk of the check bouncing. I don't pay a fee to deposit a check. I just can't take anything more than the balance in my account until the check clears.

There are options to get a minimum balance less than what you pay in fees, apparently. My account has a $300 minimum, but others in the thread have said that can be as low as $5.

What happens if you overdraft your account? Do they just loan you the money without consequence?

Your bank's ATMs are free. Some banks don't charge you to use other banks' ATMs. A few will even pay the fees other banks charge when you use their ATMs.

The net effect is that most years I don't pay for banking at all.
 
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