Tremendous news. With the USPS’ reach and government banking, they’re strategically positioned to provide banking services to the unbanked and underbanked, especially in more rural areas that aren’t profitable enough for banks or credit unions to maintain outposts. While the gift cards offered as a value store are suboptimal, there is a path to deposit accounts (and instant payments are around the corner).<p>Progress!
Other articles* mention fees: $5.95 to cash checks up to $500. That's more than my local-chain grocery store's service counter.<p>* <a href="https://prospect.org/economy/usps-begins-postal-banking-pilot-program/" rel="nofollow">https://prospect.org/economy/usps-begins-postal-banking-pilo...</a>
Extremely early days -- the pilot runs at four post offices (one in each of the four cities), and AFAICT it converts a single check into a single prepaid debit card (no reloading, yet).<p>Hopefully it reduces some of the need for check cashing places and the like, but definitely a ways out from serving historically under-banked communities.