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The Postal Savings System was established as a result of lobbying by farmers and workers with grievances against the private banking system due to numerous bank closures and inadequate credit opportunities. [3] After the Panic of 1907, the Republican Party supported a postal banking system, while Democrats preferred deposit insurance.
The Post Office Savings bank was split into PostBank in 1987 and was acquired by ANZ Bank New Zealand two years later ending the bank. In 2002 the New Zealand government created a new state owned post bank called Kiwibank as part of the New Zealand Post to again establish a postal savings system. [27]
People's Own Savings Bank; PlusGirot; POSB Bank; Post Bank (Russia) Post Bank of Iran; Post Office Money; Post Office Savings Bank (New Zealand) India Post Payments Bank; Postal Savings Bank of China; Poštanska štedionica; Postbank (South Africa) Postbank N.V. PostBank Uganda; Postbanken; PKO Bank Polski
To provide depositors who did not have access to banks a safe, convenient method to save money and to promote saving among the poor, the postal savings system was introduced in Great Britain in 1861. It was vigorously supported by William Ewart Gladstone, then Chancellor of the Exchequer, who saw it as a cheap way to finance the public debt. At ...
List of systemically important banks – List of banks deemed systemically important by at least one major regulator; List of largest banks – List of largest banks as measured by market capitalization and total assets on balance sheet; List of investment banks – List of investment banks and brokerages
View history; Tools. Tools. move to sidebar hide. ... Austrian Postal Savings Bank; ... Postal savings system; Postbank (disambiguation)
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. The initial minimum deposit was $1. In order to save smaller amounts for deposit, customers could purchase a 10-cent postal savings card and 10-cent postal savings stamps to fill it.
Starting in 1861 with the establishment of the British Post Office Savings Bank, savings banks were increasingly subject to competition from postal savings systems which similarly collected retail savings and invested them in safe government securities, albeit with variations across countries; some of the postal banks have themselves been ...