The provision of banking and similar financial services is not a new concept for the USPS. Postal savings accounts were available in US post offices from 1910 until 1967, and the US Postal Service still provides money orders. Postal banking is one of many non-postal services that have been suggested recently as a means of assisting the USPS in generating new revenue and curing its financial difficulties. This particular idea has the support of presidential candidate Bernie Sanders.
Sanders says that many low-income Americans are faced with the problem of unobtainability of regular banking services. Their frequent solution is using the services of check-cashing or payday lenders, and being forced to incur extremely high interest costs in the process. Mr. Sanders believes the Postal Network could be instrumental in solving that problem by providing certain basic banking services. Such services could include the provision of savings accounts and check cashing services in areas where banks are inaccessible.