How to Read
Our Annual Report
2000 Highlights
Letter from
the Postmaster General/CEO
2000 Year
in Review
Delivering
the Future
The Governors
of the Postal Service
Audit Committee
Financial
Section
How to Read
Our Financial Statements
Quick
Find index
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2000 Annual Report
- page 45 of 70
Banking Relationships
During this year, we entered a new phase in our banking relationships.
Previously, we reduced the number of banks we used from over 5,000
to 25 strategic banking partners with whom we negotiated multiyear
contracts. We have begun rebidding expiring contracts with even
more emphasis on competitive pricing and the highest levels of service.
In addition, we are realigning our national strategic banking relationships.
Our goal is to accelerate by as much as one day, on average, the
field deposits to the Postal Service Fund at the New York Federal
Reserve Bank. In addition, we will continue to require the most
advantageous pricing possible from the banks who provide us with
the services we require.
We continue our commitment to, and participation in, the U.S. Department
of the Treasury Minority Bank Program. We have funds, in the form
of certificates of deposit, with 63 minority-owned banks this year.
Each bank that participates in our program must maintain acceptable
levels of solvency, liquidity, capitalization and loan portfolio
quality.
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Undeliverable-as-addressed mail totaled 5.4 billion pieces
in 2000.
Additional average cost to handle per piece: 29 cents
2.1 billion pieces (39%) were forwarded
1.3 billion pieces (24%) were returned to sender
2 billion pieces (37%) were treated as waste or recycled.
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