Full Text

Postal Deposit Savings Act


Subject History

Place Northern America » United States of America

DOI: 10.1111/b.9781577180999.1997.x


Extract

(25 June 1910) To provide the public with a sound alternative to depositing money in banks, which were often risky, Congress authorized the P ost O ffice to pay 2 percent interest on money placed in postal savings accounts. The F ederal D eposit I nsurance C orporation made postal banks unnecessary, but the service was not withdrawn until 1966. ... log in or subscribe to read full text

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Table of Contents

A Dictionary of American History



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