Roll Call, March 1, 2022, Unimpressed with post office banking trial, backers eye new initiative
Postal banking is a catchall term for financial services offered through the Postal Service, including checking and savings accounts, small loans, and nonbank services such as cash machines or check cashing.
Research by the University of Michigan in May 2021 found that 60 million people live in a census tract with a post office but not a bank branch. From 2008 to 2020, more than 13,000 bank branches closed, according to the National Community Reinvestment Coalition.
