All of the changes Motherboard has reviewed were announced only by signs hanging on the post office doors. In addition to West Virginia and New Jersey, post offices in Berkeley, California Petersburg, Alaska, Youngstown, Ohio, and Knoxville, Tennessee have announced similar plans to reduce hours. So how does early closure will impact your investments in POTD as compared to bank FDs. The interest loss is likely to be much greater for premature withdrawal in post office time deposits than bank FDs which charge a penalty of 0.50-1. “If I can’t make it to the post office,” Bollinger said, “I’m not going to use the post office.” Post Office FDs offer more interest rates than bank FDs but come at a cost of liquidity. Complete a change of address online and deliver the form to your local post office. Bollinger says that at the beginning of the month, that office typically fields “well above” $35,000 in money orders per day, which is now in jeopardy thanks to the reduced hours. Frank Bollinger, the business agent for APWU Local 526 in southern New Jersey, told Motherboard that 10 offices in his region are dropping from nine open hours per weekday to four, while another 30 are slated to close during lunch hours.ĭo you work for the post office? Are your post office’s hours being reduced? Have other changes made it harder for you to do your job? Contact Aaron Gordon at in those 10 offices is one in East Camden, a low income neighborhood with many unbanked residents who rely on the post office’s money order processing. A POTD account can be opened by making an initial deposit of Rs 1,000 and in multiples of 100, with no upper limit. This doesnt include the public holidays or the extended working hours. Post Office Time Deposit Account (TD) There are four schemes offered under Post Office Time Deposit namely - 1-year Time Deposit, 2-year Time Deposit, 3-year Time Deposit, and 5-year Time Deposit. Another 31 offices are being forced to close during lunch hours, typically among the busiest times of day at a post office. The Post Office Time Deposit account comes with a tenure ranging from 1 to 5 years. The working days are from Monday to Saturday, Sunday being a holiday. Coonan told Motherboard that in her region of West Virginia 26 offices are being forced to reduce hours from the typical eight-hour weekday schedule to under four hours per day. required time frames, and the absence is determined to be FMLA protected, the. As a result, it’s difficult to get a complete picture of how many of the post office’s 31,322 retail locations nationwide are impacted by the new hours. however, in these situations, the employee must notify appropriate postal.
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