The Postal Service Has Provided Financial Services To Just 6 Customers Through Its Banking Pilot

The U.S. Postal Service has provided financial services to just six individuals since it launched a pilot program in September, bringing into question whether the mailing agency will expand the effort that many progressive lawmakers and advocates have pushed for years.

USPS launched its limited foray into banking last fall at four post offices and with little fanfare. It allowed customers at those locations to use “business checks”—that is, checks with a business’ name printed on the check and made out to the individual—to pay for Visa gift cards of up to $500. The six sales using checks between September 13 and January 12 have brought in just $35.70 in fees to the Postal Service, the agency said in a filing with its regulator on Friday, and provided a total value of $548.46 in gift cards.

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Eric Katz