dagblog - Comments for "Why the Post Office needs to compete with banks"

Ahhhh. That's what I was

wabby — Thu, 06 Feb 2014 00:54:43 +0000

Ahhhh.

That's what I was thinking...that the fees for service would go to the post office. That part, I'm not so fond of.

The big deal is that as a

EmmaZahn — Thu, 06 Feb 2014 00:10:29 +0000

The big deal is that as a non-bank the post office would just be a ~~front~~ reseller for existing banks and forego a lot of potential income.

Consumers likely would not notice the difference from their side and many would think that all interest and fees they pay on the financial services offered would go to the post office when in fact the lion's share would be going to a bank like, say, CapitolOne, now the fourth largest customer of the USPS.

There are other downsides as well. Hopefully, more on those later.

How can something compete

wabby — Wed, 05 Feb 2014 23:31:51 +0000

In reply to Why the Post Office needs to compete with banks

How can something compete with something that isn't there?

According to the article, 38% of the zip codes are in places where there isn't even a bank of any sort in which to do business. The little hamlet southwest of me no longer has a bank; it was shut down and the building sold a few years ago. It now functions as an occupational therapy clinic. (Or a massage parlor, as Mr. Flower likes to call it.)

So, now all the folks in that hamlet have to schlep nearly 20 miles to the nearest credit union, or even further for a fancy pants bank in order to cash their SS/welfare check.

But, they still have a post office.

I don't see any problem with the post office offering non-banking services like check cashing and the like. Hell, you can get your check cashed at the damn grocery store here. What's the big deal?

Oh, yeah. The banks don't like he competition.

But, ahem, isn't competition in business a good thing? Isn't that a conservative mantra or something?

Whatta buncha crybabies.

I think it is a great idea. I

Richard Day — Wed, 05 Feb 2014 19:20:46 +0000

In reply to Why the Post Office needs to compete with banks

I think it is a great idea.

I cannot see Republicans going for it though because:

Their banking lobbyists do not like competition and

Democrats will be for it and

Republicans have wished to shut down the PO for sometime now (although there is an argument that in order to shut down the PO we would need a Constitutional Amendment)