Think about if activists and elected officers have been clamoring for emergency provision of meals and McDonald’s provided to put a drive-thru window in each put up workplace. Calling it #postalfood. That makes as a lot sense as JPMorgan Chase’s current try to put its personal ATMs in each put up workplace and name it #postalbanking.
In response to current stories, JPMorgan Chase — the biggest bank in the USA, with $3.2 trillion of property — has provided to lease house from USPS in exchange for the “exclusive right” to solicit postal banking prospects.
First off, let’s be clear: this isn’t “postal banking.” As Mehrsa Baradaran informed Quick Firm proper after the information broke, “having a private middleman defeats the entire purpose of postal banking, which is a public bank competing against banks like JPMorgan Chase.”
Though some advocates have mentioned methods personal sector entities would possibly facilitate postal banking — aiding within the provision of financial savings and checking accounts, digital cash transfers, cash and coin conversion, invoice cost companies, and so forth. — most proposals envision USPS, at the side of the Federal Reserve or the Treasury Division, taking the lead and retaining management.
That’s as a result of postal banking is about constructing on the core undeniable fact that USPS is legally required to serve everybody at uniform price and high quality, with out centering the revenue motive…like JPMorgan Chase does. Even when this Wall Street bank have been to efficiently place an ATM in each put up workplace department, folks with out the suitable accounts would nonetheless be unable to make use of them. And folks with out JPMorgan Chase accounts wouldn’t have the ability to use the ATM with out paying increased charges.