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A certificate of a $5 deposit in the United States Postal Savings System issued on September 10, 1932. The United States Postal Savings System was a postal savings system signed into law by President William Howard Taft and operated by the United States Post Office Department, predecessor of the United States Postal Service, from January 1, 1911, until July 1, 1967.
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]
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.
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Logo used by the Post Office (and later the National) Savings Bank from 1936. [5] The Post Office Savings Bank (POSB) was founded in 1861 by the Palmerston government following a suggestion by George Chetwynd, a clerk in the Money Order department of the General Post Office. [6] It was the world's first postal savings system.
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The Post Office Consolidation Act of 1872, formally entitled as the Act to revise, consolidate, and amend the Statutes relating to the Post-office Department (17 Stat. 283, enacted June 8, 1872) consolidated the United States Post Office Department into the Cabinet of the United States.