BUFFALO, N.Y. — U.S. Sen. Kirsten Gillibrand spoke Wednesday about the reintroduction of her Postal Banking Act, which would establish postal banking as a way to help low-income families.
It would gave people access to services such as savings and checking accounts, debit cards, low-fee ATMs, and more right at the post office.
Senator Gillibrand says New Yorkers without access to banks often turn to predatory lending companies, costing them more money than working with a bank.
"The best thing about postal banking is that we already know it works," she said. "U.S. Postal Service offered postal banking from 1911 to 1967, and it helped millions of families through the great Depression and two world wars. It was America's most successful experiment in financial inclusion."
Senator Gillibrand says postal banking could also help the USPS by generating billions of dollars in annual revenue.