The United States Postal Savings System was a postal savings system operated by the United States Post Office Department, predecessor of the United States Postal Service, from January 1, 1911 until July 1, 1967. The system paid depositors 2 percent annual interest. Depositors in the system were initially limited to hold a balance of $500, but this was raised to $1,000 in 1916 and to $2,500 in 1918. At its peak in 1947, the system held almost $3.4 billion in deposits. The system originally had a natural advantage over deposit-taking private banks because the deposits were always backed by "the full faith and credit of the United States Government." However, because the Federal Deposit Insurance Corporation gave the same guarantee to depositors in private banks, the Postal Savings System lost its natural advantage in trust.
From 1921, depositors were fingerprinted. This was initially 'not to be associated with criminology' but in some instances the "Yours Truly, Johnny Dollar" radio show in the early 1950s suggests Postal Savings account fingerprints were used for positive identification in criminal cases.
Read more about United States Postal Savings System: Locations
Famous quotes containing the words united states, united, states, postal and/or system:
“What lies behind facts like these: that so recently one could not have said Scott was not perfect without earning at least sorrowful disapproval; that a year after the Gang of Four were perfect, they were villains; that in the fifties in the United States a nothing-man called McCarthy was able to intimidate and terrorise sane and sensible people, but that in the sixties young people summoned before similar committees simply laughed.”
—Doris Lessing (b. 1919)
“We are told to maintain constitutions because they are constitutions, and what is laid down in those constitutions?... Certain great fundamental ideas of right are common to the world, and ... all laws of man’s making which trample on these ideas, are null and void—wrong to obey, right to disobey. The Constitution of the United States recognizes human slavery; and makes the souls of men articles of purchase and of sale.”
—Anna Elizabeth Dickinson (1842–1932)
“I would like to be the first ambassador to the United States from the United States.”
—Barbara Mikulski (b. 1936)
“none
Thought of the others they would never meet
Or how their lives would all contain this hour.
I thought of London spread out in the sun,
Its postal districts packed like squares of wheat:”
—Philip Larkin (1922–1985)
“Our system of government, in spite of Vietnam, Cambodia, CIA, Watergate, is still the best system of government on earth. And the greatest resource of all are the 215 million Americans who still have within us the strength, the character, the intelligence, the experience, the patriotism, the idealism, the compassion, the sense of brotherhood on which we can rely in the future to restore the greatness to our country.”
—Jimmy Carter (James Earl Carter, Jr.)