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JPMorgan Chase in talks to offer banking services at USPS locations: Report

Brittany De Lea

JPMorgan Chase may be expanding its banking services into new territory: USPS locations.

The banking giant is in talks about a potential pilot program to offer banking services – like ATM access – on premises at USPS locations in several states, according to a report by Capital Library, which cited sources familiar with the proposal.

One source said JPMorgan may lease space from the Postal Service, which would serve the dual purposes of providing revenue to the ailing agency.

Spokespeople for JPMorgan Chase and the USPS did not immediately return FOX Business’ requests for comment.

RURAL AMERICA SEEING 'CONSIDERABLE DECLINE' IN BANK BRANCHES

In the third quarter, USPS reported “significant declines” in mail volumes as it recorded a net loss of $2.2 billion.

While postal banking is a popular proposal among some progressive Democrats – like New York Rep. Alexandria Ocasio-Cortez and Vermont Sen. Bernie Sanders – those plans differ from JPMorgan’s reported pilot program.

Ocasio-Cortez and Sanders have advocated for a system whereby the Post Office would be authorized to provide financial services as a way to provide banking opportunities to rural and low-income communities.

OCASIO-CORTEZ, SANDERS WANT YOUR POST OFFICE TO DOUBLE AS A BANK

Some of the proposed services a postal banking system could offer include low-interest loans, checking and savings accounts, debit cards, check cashing, bill payment, ATM services, online banking services and electronic money transfers. The measure was framed as a way to prevent lower-income Americans from falling victim to predatory payday lending practices – and from having to rely on Wall Street’s largest institutions.

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Last year, the U.S. Treasury Department came out against a postal banking option.

Currently, people can go to the post office for money orders. In the past, the agency offered Americans the options of opening savings accounts – but that policy ended in the late-1960s.

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