The U.S. Postal Service has named Chase Manhattan Corp. to be its lead cash management bank.

Terms of the contract to manage the Postal Service's $174 billion of annual cash collections and disbursements were not disclosed. Chase will supply cash concentration, controlled disbursement, and information reporting services.

The contract is part of the Postal Service's efforts to trim its total of banking relationships to fewer than 30 by yearend, from 5,000 two years ago.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.