I still don't get why some many people are supportive of having the government actually provide services. The government is put in place to "govern". They make the rules. They enforce them. They decide if the rules are fair and just.
Basically, the government should be a referee, not a player AND a referee.
Case in point - the government doesn't build infrastructure (roads, bridges, etc.). It hires companies to do that. This is fine. The government doesn't build warships/airplanes/tanks - it hires companies to do it. This is the way it should be.
I'd be OK with the government providing funding for a private company to provide these types of accounts for poor people. Just like I'm very happy with the part of PPACA that provides people with subsidies to purchase health insurance in the private market. I just don't like government actually PROVIDING the service.
Why would you want government to do it? They can't deliver a damn letter! This was a slide from a presentation I gave to our city council on a program I ran for them. We sent out numerous Certified Letters, and this was the result.(and it was the same every year for the past 4 years)
Short story - the USPS sucks.
Or, perhaps we could do banking accounts like we do Medicare/Medicaid . . . where it would cost 3x-4x more for the government to do it than private industry? Not to mention the rampant waste/fraud/abuse that is allowed to happen in a government-run program. Yeah, that's probably not going to be a problem, right? These are just people's life savings we're talking about. So what if it gets stolen or lost?