Democratic Primaries

TexasTowelie

(112,234 posts) Sun Oct 13, 2019, 07:14 AM Oct 2019

Post Office would become a bank under Beto O'Rourke plan

The U.S. Postal Service would become a bank and offer a homebuyer assistance program under a plan released by Democratic presidential contender Beto O’Rourke.

Under the housing proposal rolled out by the El Paso Democrat, the USPS would offer checking and savings accounts that would pay interest, charge no fees and require no minimum account balances.

The aim O’Rourke said is to address the lack of access to affordable financial services for millions of Americans, who end up paying expensive fees and other costs for financial services that people with traditional bank accounts don’t face.

The plan also has the USPS offering what O’Rourke is calling “Kickstart Savings Accounts.” The accounts would help people build up money for a down payment on a home. Those accounts would include a 2-for-1 match on up to $1,000 of savings to help low- or moderate-income families build up enough to buy a home.

Read more: https://www.houstonchronicle.com/news/politics/texas/article/Post-Office-would-become-a-bank-under-Beto-14515073.php

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

22 replies

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Post Office would become a bank under Beto O'Rourke plan (Original Post) TexasTowelie Oct 2019 OP

Like This?? Sherman A1 Oct 2019 #1

this is actually a great idea.. mountain grammy Oct 2019 #9

Yes been this way in Norway and other FreeState Oct 2019 #21

It's not a bank now? 55 cents to mail a letter bucolic_frolic Oct 2019 #2

Yeah...go mail that letter thru fed-ex, ups, etc. Go ahead. ret5hd Oct 2019 #3

55cents to send a piece of paper anywhere in the United States. Lochloosa Oct 2019 #4

Double-digit rate hikes for Priority Mail bucolic_frolic Oct 2019 #6

Yeah but who really mails letters anymore anyway? Polybius Oct 2019 #11

Try sending your letter via FedEx or UPS, then come back and complain. Blue_true Oct 2019 #22

I'd be thrilled to get basic banking without dealing with a bunch of white collar criminals. Girard442 Oct 2019 #5

Why don't you open an account at a credit union? Jose Garcia Oct 2019 #10

I'll look into it. TY. Girard442 Oct 2019 #12

From 2015... RobertDevereaux Oct 2019 #7

No thanks left-of-center2012 Oct 2019 #8

Once bitten? PETRUS Oct 2019 #14

Well, that's your decision. left-of-center2012 Oct 2019 #15

Well obviously it's all about your experience and not the millions getting ripped off at... Hassin Bin Sober Oct 2019 #18

Hey ... left-of-center2012 Oct 2019 #19

What would the Post Office bank do better than already existing credit unions? Jose Garcia Oct 2019 #13

Serve underserved and preyed upon populations? Hassin Bin Sober Oct 2019 #17

Hmmm. Where did he get that idea? Hassin Bin Sober Oct 2019 #16

I don't see any mention in Bernie's plan about kickstarter accounts. TexasTowelie Oct 2019 #20

Sherman A1

(38,958 posts)

1. Like This??

Reply to TexasTowelie (Original post)

Sun Oct 13, 2019, 07:22 AM

Oct 2019

PROVIDE BASIC BANKING SERVICES THROUGH THE POST OFFICE

There are many communities that are underbanked throughout the U.S. that have to rely upon payday lenders. However, virtually every community has a post office, which are now looking for new sources of revenue and support. We should allow U.S. Postal Offices to provide check cashing, savings accounts, wiring money and other basic financial services.

PROBLEMS TO BE SOLVED
*Millions of Americans do not have access to basic, affordable financial services.
*Post offices are community hubs that could use new activities and revenues.

"In other countries, you can get a lot done at the Post Office aside from mail. We should follow suit here in the U.S.—it would reduce costs for consumers, make Post Offices more vital, and provide financial services in rural areas."

GOALS
*Broaden access to quality, low-cost financial services
*Support the operation of post offices around the country

Enable the U.S. Postal Service to offer basic financial services at low rates in communities around the country.
Encourage post offices to stay open until 8 pm on Tuesdays to accommodate customers.

https://www.yang2020.com/policies/post-offices-provide-basic-banking-services/

If I were to vote in a presidential
primary today, I would vote for: Undecided

mountain grammy

(26,623 posts)

9. this is actually a great idea..

Reply to Sherman A1 (Reply #1)

Sun Oct 13, 2019, 10:45 AM

Oct 2019

It's been brought up before. I've heard Bernie Sanders talk about it. Makes banks nervous. "Socialism!" It causes genocide dontchaknow

I really like Andrw Yang.

If I were to vote in a presidential
primary today, I would vote for: Undecided

FreeState

(10,572 posts)

21. Yes been this way in Norway and other

Reply to mountain grammy (Reply #9)

Sun Oct 13, 2019, 04:26 PM

Oct 2019

Countries for a long time as well.

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

bucolic_frolic

(43,176 posts)

2. It's not a bank now? 55 cents to mail a letter

Reply to TexasTowelie (Original post)

Sun Oct 13, 2019, 07:37 AM

Oct 2019

and rate hikes every year.

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

ret5hd

(20,493 posts)

3. Yeah...go mail that letter thru fed-ex, ups, etc. Go ahead.

Reply to bucolic_frolic (Reply #2)

Sun Oct 13, 2019, 07:47 AM

Oct 2019

Go get yer free-market postal savings and get back to us on how much you saved.

If I were to vote in a presidential
primary today, I would vote for: Undecided

Lochloosa

(16,065 posts)

4. 55cents to send a piece of paper anywhere in the United States.

Reply to bucolic_frolic (Reply #2)

Sun Oct 13, 2019, 07:50 AM

Oct 2019

Sounds like a deal to me

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

bucolic_frolic

(43,176 posts)

6. Double-digit rate hikes for Priority Mail

Reply to bucolic_frolic (Reply #2)

Sun Oct 13, 2019, 08:11 AM

Oct 2019

The excuse was they had to fund health care pre-paid for decades. Well that was paid up 2 years ago. Then they complained about the price of fuel, so they've begun electric vehicles. And the price of gas is $2.49 a gallon.

So what' the excuse for the rate hikes of November 2018? And how much will they go up this year? Trump appointed USPS commissioners, and they juiced some of the highest rate hikes ever. Some say he did it to increase the cost of shipping to Bezos' Amazon. I don't know.

But 10% increases on a first class letter in an age of 1.4% inflation is stiff by any measure.

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

Polybius

(15,428 posts)

11. Yeah but who really mails letters anymore anyway?

Reply to bucolic_frolic (Reply #2)

Sun Oct 13, 2019, 12:23 PM

Oct 2019

Bills are paid online in 2019, and no one really writes letters anymore.

If I were to vote in a presidential
primary today, I would vote for: Undecided

Blue_true

(31,261 posts)

22. Try sending your letter via FedEx or UPS, then come back and complain.

Reply to bucolic_frolic (Reply #2)

Sun Oct 13, 2019, 04:46 PM

Oct 2019

Despite what Republicans want people to believe, our tax dollars do not subsidize the USPS.

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

Girard442

(6,075 posts)

5. I'd be thrilled to get basic banking without dealing with a bunch of white collar criminals.

Reply to TexasTowelie (Original post)

Sun Oct 13, 2019, 08:10 AM

Oct 2019

If I were to vote in a presidential
primary today, I would vote for: Undecided

Jose Garcia

(2,598 posts)

10. Why don't you open an account at a credit union?

Reply to Girard442 (Reply #5)

Sun Oct 13, 2019, 12:04 PM

Oct 2019

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

Girard442

(6,075 posts)

12. I'll look into it. TY.

Reply to Jose Garcia (Reply #10)

Sun Oct 13, 2019, 01:28 PM

Oct 2019

If I were to vote in a presidential
primary today, I would vote for: Undecided

RobertDevereaux

(1,857 posts)

7. From 2015...

Reply to TexasTowelie (Original post)

Sun Oct 13, 2019, 10:06 AM

Oct 2019

https://www.theatlantic.com/business/archive/2015/10/bernie-sanders-lets-turn-post-offices-into-banks/411589/

If I were to vote in a presidential
primary today, I would vote for: Undecided

left-of-center2012

(34,195 posts)

8. No thanks

Reply to TexasTowelie (Original post)

Sun Oct 13, 2019, 10:32 AM

Oct 2019

You've got mail (not)

“I got a tracking text from the post office, and one from the merchant, saying an item I had purchased online had been delivered and placed in a ‘storage locker’ next to the mailboxes at my apartment complex. I went to my LOCKED mailbox, got the key from inside my LOCKED mailbox, and unlocked the LOCKED ‘storage locker’.

The LOCKED ‘storage locker’ was empty.

I called my local post office and was told to wait a day or so and if it doesn’t show up I should call them back. This happened to me about a year ago as well and the post office told me they couldn’t open an investigation at that time for 30 days.

The merchant would not refund my money because the post office’s “tracking” said the post office had delivered the item.”

So I'm not going to trust them with my banking !

If I were to vote in a presidential
primary today, I would vote for: Joe Biden