United States Postal Savings System

A certificate of a $5 deposit in the United States Postal Savings System issued on September 10th, 1932

The United States Postal Savings System was a postal savings system signed into law by President William Howard Taft and was 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.

Locations

On March 26, 1911, the locations of the central depositories for the first 19 states were established, followed the next day by 25 others. The post offices were selected by merit rather than geography, based on those with the best efficiency record in the state.

External links

United States Postal Service

Organizations	American Letter Mail Company American Postal Workers Union Board of Governors of the United States Postal Service Bureau of Transportation Citizens' Stamp Advisory Committee National Alliance of Postal and Federal Employees National Association of Letter Carriers National Association of Presort Mailers National Postal Mail Handlers Union National Rural Letter Carriers' Association Postal Regulatory Commission Postal Transportation Service PostalWatch Incorporated United States Postal Inspection Service United States Postal Service Office of Inspector General

Systems	Address Management System Advanced Facer-Canceler System Coding Accuracy Support System Flats Sequencing System Locatable Address Conversion System United States Postal Savings System

Services	Click-N-Ship Express mail in the United States National Change Of Address Permit mail Permit Reply Mail Postal notes Railway Mail Service Registered mail Special Delivery Special handling

Facilities	Air Mail Facility Boat Railway Post Office Community post office Dead letter office Highway Post Office J. W. Westcott II List of United States Post Offices National Postal Museum Network Distribution Center Railway mail service library Red Brick Roads Sectional center facility Streetcar Railway Post Office Terminal Railway Post Office

Legal	Comstock laws Post Office Act Postal Reorganization Act Postal Service Act Private Express Statutes Rural Post "Good" Roads Act of 1916 Title 39 of the United States Code

Related	Airmails of the United States CAR-RT SORT Catcher pouch Cimarron Redoubt Domestic Mail Manual Facing Identification Mark Flats Information-Based Indicia The Inspectors Intelligent Mail barcode Label 228 List of postal killings List of U.S. state abbreviations List of United States airmail stamps Mail bag Mail cover Mail hook Mail Isolation Control and Tracking Mail jumping Mail pouch Mail sack Mail satchel The Mail Story Nixie ORM-D Owney (dog) Pony Express mochila Postage stamps and postal history of the United States Postal Alpha Numeric Encoding Technique Postal Clause Postal worker Postmaster General Prohibitory Order Remote Bar Coding System Rural Free Delivery Rural letter carrier STD-4C United States post office murals List of murals USPS Post Office Box Lobby Recycling program United States Postal Service creed

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