JPMorgan in talks for Post Office branches, ATMs: Capitol Forum

• JPMorgan Chase, the largest bank in the US by assets, is reportedly in talks with US Postal Service to provide services at Post Office branches.
• Capitol Forum reported Wednesday that the bank has proposed to lease space from USPS for ATMs and other.
• The proposed deal would also grant JPMorgan exclusive rights to seek business with USPS customers, according to Capitol Forum.
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JPMorgan Chase is in talks with the US Postal Service regarding expanding their ATMs and banking locations to Post Office branches, Capitol Forum reported Wednesday.

Read more: We identified the 70 most powerful people at JPMorgan. Here’s our exclusive org chart.

According to the report, JPMorgan would lease space from USPS to provide ATMs and other banking services. There are 31,322 retail US Post Offices across the United States, according to USPS. It’s not clear how many of those locations might have the potential for Chase banking services.

A JPMorgan spokesperson told American Banker that the conversations were preliminary and no agreement has yet been reached.

“We had very preliminary conversations with the U.S. Postal Service several months ago (conversations began pre-COVID) about what it might look like to lease a small number of spaces to place ATMs to better serve some historically underserved communities,” the representative told the industry publication. “These were very preliminary conversations — there is no agreement in place and no imminent plans to move forward.”

The proposed partnership would also grant JPMorgan “exclusive” rights to seek business with USPS customers, according to the report. That’s no small feat, considering that the Postal Service recorded 811.8 million retail customer visits during 2019, according to USPS.

JPMorgan is the US’ largest bank by assets, and currently operates about 5,000 branches in 38 states and Washington, D.C.