Author: Union Label Department, AFL-CIO

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Did you know that the United States had a successful Postal Savings System for more than fifty years? From 1911-1967, working Americans could open a savings account at their local post office, guaranteed through the full faith and credit of the United States and earning interest at 2 percent. At its height in 1947, the Savings System had $3.4 billion in assets (more than $35 billion in today’s dollars) or about 10 percent of the entire commercial banking system.