PostgreSQL and OS X Lion Permission Issues .bash_profile [closed]
*.bash_profile* is read on login (if you're using bash as your login shell or if you force its execution with the --login option). Did you try to log off and on after you've modified the initialization file (*.bash_profile* will not be read if you just open a new terminal window)?You may add the path settings to your .bashrc file too (it's read whenever an interactive shell is spawned).
Did you check if psql is actually available in /usr/local/bin ?