An ICBA-opposed U.S. Postal Service pilot program to test postal banking has served just six individuals since it quietly launched in September, according to a new report.
Latest: Government Executive reported that six sales between Sept. 13 and Jan. 12 have provided a total value of $548.46 in gift cards and brought in $35.70 in fees to the Postal Service.
Pilot: The program offers check cashing, bill paying, ATM access, and expanded money orders and wire transfers at locations in Washington, D.C.; Falls Church, Va.; Baltimore; and the Bronx, N.Y. Customers may reportedly cash payroll or business checks to buy single-use gift cards worth up to $500 for a flat fee of $5.95.
ICBA Position: ICBA—which has spoken out against the pilot via NBC News, The Washington Post, and the Washington Examiner—strongly opposes postal banking. A three-part series of ICBA issue briefs delivered to policymakers last year explores the policy’s flaws and offers alternatives for reaching the unbanked.