Rewire the Postal Service: Banking Goes Postal

In many countries, it is not uncommon for the postal service to offer savings accounts. These often serve low-income populations with small savings who may not get the best deal from checking accounts geared toward salaried 9-5ers.  The U.S. Postal Service formerly had such a system, offering savings accounts from 1911 – 1966 that paid out 2% annually on deposits. This might be just the moment to reinstate a postal savings account system. Personal savings are increasing while banks are cutting down on the freebies and easy access to checking and savings accounts that proliferated before the economic downturn (free checking and savings accounts are often only for students and direct deposit users). Free and easy bank accounts could go a long ways towards reducing the poor’s reliance on check cashing services that skim off a percentage of their earnings and could increase their personal savings rate. There’s also the […]

Rewire the Postal Service: Meatspace DNS

Again I’ll say it: the U.S. Postal Service is a strange and doomed beast, constantly hounded and bleeding from a thousand cuts but cursed to never die.  And maybe that’s why I love it. A ways back we solicited opinions on how best to transform the struggling U.S. Postal Service, stirring up barely a leaf’s rustle of feedback.Said feedback suggested that we could best “help the postal mails by solicitously expediting transfer of good faith monies” to the Nigerian bank account specified.  Nearly a year later and I’m still waiting for my fortune in embezzled oil wealth. But nothing’s changed.  The postal service is still hemorrhaging cash, still viewed as antiquated and a dead-tree dependent business that is haunted by technological changes, rather than an institution that stands to benefit from them.  Apropos of nothing but my own surging interest, I hereby declare June 3 through June 10th TITLE OF […]