Posted by Bob_Chicago on 2/6/13 10:49am
Msg #454225

The USPS announced today that Saturday mail delivery...

will cease starting this August.
From what I read, there was no mention as to if outgoing mail will be accepted and postmarked on Satudays. If not, it raises an interestin question as to the Right to Cancel
Although it is not phrased that way, as a practical matter, if the USPS is open it is a recission day, and if it closed, then it is not a recission day.
If a signing occurs on a Wednesday, then (absent a Holiday) the last day to cancel would be on Saturday.
If the borrower wished to recind, they would not be able to do so by mail if the USPS was not acceptimg mail on Saturday.
We will need to wait and see how this matter is addressed (if at all) by the Feds

Reply by Shoshana/AZ on 2/6/13 11:02am
Msg #454230

I can't imagine that anyone rescinds by first class mail.

They will continue to deliver packages on Saturday.

Reply by Susan Lancaster on 2/6/13 11:19am
Msg #454234

Re: I can't imagine that anyone rescinds by first class mail.

This has information has been circulating in my community already. In fact, our local PO changed their hours to 8-noon a few months ago. It caused quite an uproar...

PO locations with existing Saturday hours are supposed to remain open (though operating hours may be cut back in some areas like mine, I suspect) and package delivery will continue as normal. PO Boxes in PO locations will continue to receive mail on Saturdays, it's primarily street address deliveries that will most affected. Accepting mail at PO locations shouldn't be affected and business on site will probably continue as normal (i.e., postmarking mail or packages, outgoing mail, buying stamps or money orders).

IMO, don't think this will make a any kind of impact on the rescission schedule.

Here's the fact sheet on the August changes. http://about.usps.com/news/national-releases/2013/fiveday-factsheet.pdf

Reply by Moneyman/TX on 2/6/13 12:09pm
Msg #454248

When I first heard this today, my first thought was how this might affect my receipt of payment times (off by just one Saturday or several days if no first class mail is transported on any Saturdays creates a several days delay).... I guess RTC dates is also an important issue as well. LOL

Seriously though, it is a good point to consider, Bob. If the USPS will only deliver "packages" to customers on Saturdays, will they also pick up mail from the mailbox at one's home address is a good question. I can't really see what kind of savings there would be if the postal carriers were to still run their entire route to pick up mail but not deliver it on Saturdays.

Reply by JanetK_CA on 2/6/13 2:22pm
Msg #454280

I could be wrong, but my understanding of the issue was that they would not be running their entire routes on Saturdays, thereby cutting way down on Saturday staffing. They would need significantly fewer people to just deliver packages that happen to be due for Saturday delivery. That's where the savings would come in - and if you think about all the routes there are all over the country, it could make a huge difference. I haven't seen any numbers but it will be interesting to see.

Reply by Moneyman/TX on 2/6/13 3:00pm
Msg #454302

That's what I'm thinking they are planning to do. Without mail service pickup on Saturday, I can see the issue Bob is raising.

Honestly, I thought all USPS offices closed early on Saturday already. The one in my city has closed at noon on Saturday at least since I was in high school, maybe longer. So has the main one in Beaumont (the hub for this area).

Reply by Linda_H/FL on 2/6/13 3:09pm
Msg #454304

"I can't really see what kind of savings there would be if the postal carriers were to still run their entire route to pick up mail but not deliver it on Saturdays. "

Won't happen. As it is, if the carrier doesn't have mail for a particular address, they are not obligated to stop there and collect any outgoing mail - they just bypass it.

Going to be a lot more unemployment - all those sub carriers are going to be out of work.

Reply by Jessica/FL on 2/6/13 4:44pm
Msg #454329

Looks like we may have to wait another two days for checks in the mail. I love getting the direct deposit or paypal clients!

Reply by JanetK_CA on 2/6/13 9:04pm
Msg #454403

I heard some postal official today say that they've been reducing ranks by attrition for a long time and filling in with overtime. So they anticipate that it won't have a big impact on staffing levels, but it will mean lots of people who were making plenty on overtime will see their income drop. (And all of this is supposedly because since around 2006, they're required to pre-fund 75 years of their pension plan in advance.)

Reply by MW/VA on 2/6/13 7:21pm
Msg #454371

I'm guessing the industry might need to stop counting

Sat. in the Rescission period. The USPS wouldn't have any impact if they fax it.From what I've heard USPS is trying to compete with UPS & FedEx for pkg delivery with mail volume decreasing due to the internet.

Reply by JanetK_CA on 2/7/13 12:50pm
Msg #454550

Re: I'm guessing the industry might need to stop counting

I don't have time to look it up, but I believe this is something that is federal law, not up to the industry to decide. (Either TIL or RESPA, or one of those... I should probably know that, but what requirement is where is the kind of trivia I don't bother trying to retain. )

As for the USPS, I read that there was a law passed in 2006 that requires that they fund their pension plan for 75 years in advance - and to be completed within a 10 yr period. If it wasn't for that, they'd be making a hefty profit at current postal rates. And in fact, the USPS handles a lot of business for UPS and FedEx in the rural areas they don't want to cover.