Nobody is using postal banking pilot
The program had no customers for at least the past four quarters
Do you remember the U.S. Postal Service pilot program that financial services trade groups warned was the first step toward postal banking?
No?
You’re not alone. Despite all of the dire predictions when the plan was first announced in 2021, nobody is using the pilot program.
Literally, nobody. During the first quarter of FY24, which included the holiday season, no one purchased a single-use gift card using a payroll or business check at any of the four post offices that have been testing the program, according to records released by the USPS this month.
continue reading »