The U.S. Postal Service Board of Governors has approved a Negotiated Service Agreement with financial direct mailer HSBC North America Holdings Inc.
HSBC will receive discounted rates for shifting volume from standard to first class postage rates and increasing the use of first class mail. The USPS will provide electronic address corrections on first class mail under the agreement, eliminating the need to return undeliverable mail. This will result in savings of about $7 million for the Postal Service over the three-year term of agreement. According to the USPS.
HSBC joins Capital One Service Inc., Bank One (now JPMorgan Chase) and Discover Financial Services Inc. in NSAs approved by the BOG.
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