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Post Office would become a bank under Beto O'Rourke plan
The U.S. Postal Service would become a bank and offer a homebuyer assistance program under a plan released by Democratic presidential contender Beto O’Rourke.
Under the housing proposal rolled out by the El Paso Democrat, the USPS would offer checking and savings accounts that would pay interest, charge no fees and require no minimum account balances.
The aim O’Rourke said is to address the lack of access to affordable financial services for millions of Americans, who end up paying expensive fees and other costs for financial services that people with traditional bank accounts don’t face.
The plan also has the USPS offering what O’Rourke is calling “Kickstart Savings Accounts.” The accounts would help people build up money for a down payment on a home. Those accounts would include a 2-for-1 match on up to $1,000 of savings to help low- or moderate-income families build up enough to buy a home.
Read more: https://www.houstonchronicle.com/news/politics/texas/article/Post-Office-would-become-a-bank-under-Beto-14515073.php