Sixty-four unions and community groups are demanding a banking public option—at the post office.

[marmar]

from In These Times:


Banking Goes Postal
Sixty-four unions and community groups are demanding a banking public option—at the post office.

BY DAVID MOBERG


American Postal Workers Union (APWU) president Mark Dimondstein has an offer that should be hard to refuse, especially for the 10 million American households, mostly low-income, that do not have a checking account or other basic banking services.

Through its network of 30,000 post offices and other outlets, the United States Postal Service (USPS) could readily and cheaply provide many banking services (just as it now provides money orders), no matter where you live or what you earn. This could save people without bank access from paying the exorbitant interest and fees at currency exchanges, payday lenders, rent-to-own dealers, pawn shops and other subprime financial institutions.

Postal workers would also win: Expanding postal services would create more jobs. Moreover, the additional revenue would strengthen USPS’s finances, bolstering the four major postal unions’ ongoing fight against management’s austerity measures. Although the postal service earned a surplus on operations in 2014, it ran a deficit overall because of perverse requirements Congress imposed in 2006 that retiree healthcare benefits for the next 75 years be fully pre-funded within a decade, a standard far more demanding than those required by any other retirement systems. Much more than the decline in first class mail, that manufactured budget crisis has fueled USPS management’s campaign of job cuts. The postal workforce dropped from about 700,000 in 2006 to less than 500,000 last year, and management hopes to reduce it by as many as 15,000 more this year. USPS management’s campaign of job cuts also involves service degradation, post office closings and privatization—such as delivering postal services at the office-supply store Staples, where jobs are low-wage and non-union. If postal unions can implement banking and roll back the retiree pre-pay requirement, they will return the postal service to solvency while expanding the public sector to address private market shortcomings.

When talks for a new APWU contract start in February, Dimondstein intends to make establishing postal banking a major demand, even though it falls outside the bread-and-butter issues unions typically bring up in bargaining. He plans to argue that creation of the bank would profoundly affect the mandatory bargaining issues of wages, hours and working conditions. ................(more)

The complete piece is at: http://inthesetimes.com/article/17633/banking_goes_postal

[daleanime]

1. K&R....

K&R......

K&R......

K&R......

[antigop]

2. YES!!!! nt

[BlueCaliDem]

3. The Netherlands has something like this. Formerly known as the Postbank (Post Office Bank),

it offered banking at competitive rates and ease that were far better than any commercial bank in Holland (ABN-AMRO, RaboBank). I hope this goes through because if it does, I'll happily open an account with them in order to support the USPS.

By the way, a correction. The article writes: "Congress imposed in 2006 that retiree healthcare benefits for the next 75 years be fully pre-funded within a decade, a standard far more demanding than those required by any other retirement systems."

It should read: "The Republican Congress imposed in 2006 that retiree healthcare benefits for the next 75 years be fully pre-funded within a decade, a standard far more demanding than those required by any other retirement systems." Because it were Republicans, in their zeal to privatize everything after getting fat campaign checks from both UPS and FedEx, pushed for this bill.

Major media coverage points to the rise of email or Internet services and the inefficiency of the post model as the major culprits. While these factors may cause some fiscal pain, almost all of the postal service’s losses over the last four years can be traced back to a single, artificial restriction forced onto the Post Office by the Republican-led Congress in 2006.
http://thinkprogress.org/economy/2011/09/28/330524/postal-non-crisis-post-office-save-itself/

[RoccoR5955]

38. Didn't they privatize it

and make it part of ING?

[BlueCaliDem]

41. I don't know. I'll need to ask my brother, but I believe he still goes to the post office to do his

banking.

[ND-Dem]

51. so does japan. safe as houses, but low interest. checking & it looks like they're privatizing.

jesus Christ, is nothing sacred. been in operation since 1875.

there are, or were, a lot of postal banks, actually:

even one in the US.

In the United States, the United States Postal Savings System was established in 1911 under the Act of June 25, 1910 (36 Stat. 814). It was discontinued by the Act of March 28, 1966 (80 Stat. 92).

http://en.wikipedia.org/wiki/Postal_savings_system

[Art_from_Ark]

53. They've already privatized

Japan postal savings ("yuubin chokin", or "yuu-cho" for short) are handled by Japan Post Bank Co., Ltd., which is a wholly-owned subsidiary of Japan Post Holdings Co., Ltd.

[ND-Dem]

54. when did it happen?

[Art_from_Ark]

55. The process began on April Fool's Day, 2003

https://www.japanpost.jp/en/corporate/changes/

[ND-Dem]

56. ironic. or appropos.

[Scuba]

4. Kick for this sane and achievable policy.

[brewens]

5. My post office always rates pretty high and gets picked for pilot programs. It's no wonder.

The postmaster there as a kid was one of my ass busters when I was warehouse supervisor at a Budweiser distributor. I started him out right! LOL

I'd love to see this move. What is it that Walmart charges to cash checks? I think it's $3.00. I remember seeing a commercial with a young couple at the dining room table going over their finances and agreeing how much Walmart was saving them on check cashing. I called bullshit for a number of reasons. Especially the couple and room they showed. No way someone that evidently owns or rents a pretty nice house would usually be scrambling to get checks cashed and willing to pay outrageous fees for it. It's low income people they are preying on there. I wouldn't have so much of a problem with it if they had a deal where you got the three bucks back with a $25 purchase or something like that. Most of the people they gouge probably shop there and would cover that almost every time.

Expect Republicans to block that one. They will hate anything that would help the USPS. I just hope their voters that will be screwed realize it.

[jwirr]

6. This is good. Among other reasons is that I trust the Post Office more than I do the Bank.

[PumpkinAle]

7. Great idea

I would move my money there.

[mountain grammy]

8. It's a great idea.

The GOP will hate it because banker buddies and freedom, we can't have "things."

[Dustlawyer]

9. Where are the Democrats in fighting for the Post Office?

[gregcrawford]

17. One word: "BERNIE"

[BrotherIvan]

37. Yup!

And another one of those kooky liberals : Elizabeth Warren

http://thinkprogress.org/economy/2014/02/03/3239261/elizabeth-warren-post-office-financial-services/

[Fuddnik]

10. As Clinton and Obama Economic Swami and Guru would ask......

"What would Goldman think"?

[blondie58]

11. This would definitely work!

Last edited Mon Feb 16, 2015, 04:36 PM - Edit history (1)

And you are right, BlueCaliDem- it was introduced by the Republicons- I have heard the rumor Darrell Issa. They would love nothing more than to break one of the largest sets of unions in the country.
This country needs a postal service. I am a current retiree and still a member of NALC #47.
A lot of people don't realize that we get no government monies. Our revenue comes from our sales of stamps.
It is not known also that we provide the service of that last mile for Ups and Fedex. We go there anyway, so it is cheaper for them to pay us a small amount than them to physically make the delivery.
So proud of my former company.

[libdem4life]

12. A Progressive who would get behind this would be potent. Then maybe they could sign up

for single payer insurance at the USPS, soon. This idea has promise.

[Aldo Leopold]

13. I lived in Norway for a few years, and this is how we banked there.

It's a great idea for this country.

[Samantha]

14. This is a great idea but here is another idea I have been pondering

Why can't post offices assist in registering people to vote? In some rural places, post office workers are familiar with those who live in the community. In some states, places allowing citizens to register have been moved to remote locations which are extremely difficult to get to (not an accident, of course). But if people were allowed to register to vote at local post offices, it could help offset the Republicans' move to offer less places and thereby reduce the number of voters. Any thoughts?

Sam

[Jakes Progress]

15. Okay. Let's examine the numbers.

Unions want it. Community Groups want it. It works. It helps the people of the country.

Banks don't want it.

No way we get this. Unless of course we can find some way for goldman sachs executives to make a billion from it.

[bayareaboy]

24. If the Unions like it...

Then perhaps three quarters or more of the other citizens do not like it. Hell even the part of the union members who think that they are above paying dues but if they screw up and need a steward or union rep, that's OK, with them.

It seems to me that bankers and rePUGs and those against labor are all alike. They want a piece of the action with the ability to do lots of projection.

[Pooka Fey]

16. Great idea. French Post Office also does banking. nt

[RiverLover]

18. LOVE this!

Thanks so much for posting the info!!

[closeupready]

19. Big banks own our government. Thus, this idea will go nowhere.

But K&R because I'd love to see it happen.

[kelliekat44]

60. BINGO!!! nt

[SunSeeker]

20. Yes! And low-cost internet service!

[xocet]

21. K & R n/t

[appalachiablue]

22. Excellent, Bernie has brought this up. Also USPS could offer email accounts, voting

registration and voting, by mail or in person.

[vkkv]

23. I hope it happens, but do poor people VOTE?

What are the numbers?

Are non-voters an equal % at every cross section of varied incomes?

[DeSwiss]

29. No.

- The laws aren't passed with them in mind until it comes to paying taxes in place of the rich:



~Noam Chomsky Lecture at 1199 SEIU Union Hall, Dorchester, MA - September 30, 2014

[polynomial]

25. That’s the problem, the banking system stupid...

That is a terrific start, and it should be of a second tier Internet. Since the electromagnetic spectrum is inundated with high prices and commercials it is a Democratic responsibility to create a real primary market void of corruption with a premier security system to eliminate identity theft.

Jeb and his brother George W. Bush have demonstrated poor to criminal judgment in regards to public data base systems. In particular the Booze Allen Hamilton secret business profiling, or just lately Jeb irresponsibly publishing data base of his kingdom in Florida.

Government data bases and corporate data bases should have legislation that will compensate the electorate rather than the corporations. This current concept to build business after corporate blundering or on Congressional blundering is insane.

Profiteering at the expense of the citizen, has been the real policy of the Republican Party. Both Bush and large corporate business have shown America they could fault in anyway and use tax dollars to make even more money which is insane, or follows the pattern of the sixteenth century feudalism.

Perhaps that is the Bush and Companies fate. But until then starting up a banking system that is never, never, touched by these types of business people will be difficult.

That’s the problem, the banking system will never work whether it is postal or not as long as the Bush corruption family is never really exposed for the war crimes and the banking fraud that has been committed for the last century.

[Rebl]

26. Good idea

But think you would see an increase in robberies then at the PO.

[Cryptoad]

27. Walmart will not like this! nt

[DeSwiss]

28. K&R!

- This could be the stake we've been looking for......

[center][/center]

[vkkv]

30. A ha ha ha ha! ! That's great.

[redruddyred]

46. nicely put :)

[grahamhgreen]

31. And how bout cell phones and encrypted email while we're at it:)

[SickOfTheOnePct]

32. I'm envious of thse that have great mail service

at their home and at their local post office. Ours sucks.

I don't use snail mail that much, but when I have a letter or package that must get to its destination by a no-shit, has to be there date, I use FedEx.

No way would I trust our local post office with banking functions.

[LanternWaste]

33. Cool story.

Cool story.

[SickOfTheOnePct]

34. Not understanding the question

This will most likely work in places that have great postal services, but in those with shitty services already, not so much.

[druidity33]

40. how is the service there shitty?

they keep regular hours right? You get mail 6 days a week, right? Any worse than the service at Staples?

[SickOfTheOnePct]

42. I expect more than for them to just be open during their posted hours

I expect for them to hold my mail when I request for them to do so, and to start it back when I request that they do so.

I expect for them ensure that when I pay for something to be sent overnight that they actually get it into the bin to go overnight.

I expect for them to deliver my mail within a day or so of when it arrives at the post office, not a week or 10 days later.

I expect for the employees to be able to answer basic questions about delivery schedules, even if that means they need to go ask someone else for help with the answer.

And yes, their service is much worse than Staples, but thanks for asking.

I've lived in numerous places, and all of the other places had outstanding postal services - this place, not so much.

[druidity33]

44. write to your Postmaster then...

All of those things sound like issues you could legitimately complain about. But that's OK since I didn't realize Staples delivered mail! Glad that works out for ya!

[ND-Dem]

50. I've lived in numerous places too, and never had any trouble with usps.

[adieu]

35. The real tragedy is

when they eventually privatize it and they raid the 75 years worth of pension and milk that baby dry.

[progressoid]

36. Nice idea. Banks will never let it happen.

And there are only a handful of congressmen not in the pocket of our banking system.

[airplaneman]

39. I have been in favor of this for a long time. n/t.

[Hekate]

43. KnR

[Plucketeer]

45. This is the kind of common sense

thinking that we SHOULD BE getting from our legislative bodies. Of course, since they're all lying, self-serving SWINDLERS, we don't get what we need and want from them.

[tiptonic]

47. Fantastic Idea

Now lets watch, the payday lenders/sharks, stop this one. Money is really going to flow to congress now

[annabanana]

48. Yes, Yes and HELL yes!. . . . . .n/t

[ND-Dem]

49. K&R

[Half-Century Man]

52. Brilliant Idea

A for slight profit company with 317,000,000 citizen stockholders. Our Dividends will be in the form of continued good service and cost controls into the future.
With any luck we will quash the vermin that are the payday loan industry.


Win, win, win.

[TexasMommaWithAHat]

57. K & R

thanks for posting this

[vkkv]

58. It's sad that there are people TOO POOR to not have

any kind of bank transaction ability, let alone an no bank account.

I can only repeat myself, this country is so screwed up.

[wolfie001]

59. Great idea!