1911 - US POSTAL SAVINGS SYSTEM OPENS
The Postal Savings System offered savings accounts to depositors, but no
loans. When banks failed after the Great Depression, many people
shifted their remaining funds. With post officers serving as bank
branches, the Postal Savings System held upwards of 20% of the nation’s
savings in the mid 1940’s. Commercial/corporate banks lobbied against
their expansion and for their elimination — which occurred in 1967.