From 1911 through 1967, the old U.S. Post Office offered savings accounts. The enterprise started because private banks seldom insured deposits. The establishment of the Federal Deposit Insurance Corporation in 1933 removed the raison d’être for postal banking. By the time Congress ended it, deposits had dwindled, as the public greatly preferred private banking.
In recent years, postal banking has been floated again on Capitol Hill. Michael Lind of the New America Foundation revived the idea in 2008 in the pages of the New York Times….(Read more at The Weekly Standard.)
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