Postal Banking
About Postal Banking
Postal banking, where post offices offer savings accounts and basic financial services, was pioneered in Britain in 1861 with the Post Office Savings Bank. Postal banking spread across Europe and reached the United States in 1910. The US postal savings system peaked in 1947 with 4 billion in deposits but was abolished in 1966. Postal banking remains important in Japan, Germany, France, and Italy. Japan Post Bank holds over 2 trillion in deposits. Proposals to restore postal banking in the US have gained support from progressives who argue it would serve low income and rural areas underserved by commercial banks. Postal banking provides universal financial access, though profitability is challenging in the digital age.
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