ICBA continued its pushback against the U.S. Postal Service’s quiet launch of a financial services pilot program to test postal banking.
Coverage: On NBC News and in The Washington Post, ICBA’s Paul Merski said the postal service isn’t equipped to provide complex financial services. ICBA’s Aaron Stetter told the Washington Examiner that community banks can more effectively reach the unbanked population.
Pilot: The USPS pilot reportedly offers check cashing, bill paying, ATM access, and expanded money orders and wire transfers. Customers may cash payroll or business checks to buy single-use gift cards worth up to $500 for a flat fee of $5.95.
Locations: The pilot launched Sept. 13 in Washington, D.C.; Falls Church, Va.; Baltimore; and the Bronx, New York.
ICBA Position: ICBA strongly opposes postal banking and has offered alternatives for reaching the unbanked, as it told Congress this year in a hearing statement, a three-part series of issue briefs, and a letter opposing a postal banking pilot project under fiscal 2022 spending legislation.
