8 years ago
Advocates push for the U.S. Postal Service to offer basic banking
Until the late 1960s, you could walk into a post office and deposit money in a savings account at the same time that you bought stamps or mailed packages. An outgrowth of the financial panic of 1907, the no-frills postal bank surged in popularity during the Great Depression. But as commercial banks expanded and offered higher interest rates, the United States Postal Savings System became as outdated as a black-and-white movie.
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