Photograph of postal employees in the Postal Savings Office, New York City

October 13, 1914

Post Office Department employees assigned to the postal savings system service in New York City, New York. The Department began accepting individual savings deposits in 1911. It offered account holders the post office's convenient location and hours and the security of depositing funds in a federal institution. Banking reform and the growing economy pushed the postal savings system into obsolescence. The Post Office Department accepted the last deposits in 1966 and brought the system to its end by paying out interest and disbursing funds to account holders and state governments over the next two decades.