(this short article first starred in the January-February 2016 problem of The United states Postal Worker mag.)
Postal banking has been around the headlines a lot in current months: Presidential prospect Bernie Sanders talked about it on Jimmy Kimmel Live; a brand new guide concerning the subject has garnered substantial news protection, and a fiasco involving hip-hop mogul Russell SimpsonвЂ™s RushCard vividly demonstrated the pitfalls of AmericaвЂ™s current banking options.
During an Oct. 21 look on Jimmy Kimmel Live, Sanders stated, вЂњWe have actually enourmous amount of people that need to head to these lenders that areвЂpayday and spend outrageous rates of interest. TheyвЂ™re getting fooled appropriate and left.
вЂњWe may have our Postal provider provide modest banking to low-income individuals where they could cash their checks as well as can perform banking,вЂќ Sanders said. вЂњI think it can help the postoffice and I also think it can help scores of low-income people,вЂќ he believed to enthusiastic applause. Read the clip at CampaignforPostalBanking.org.
How a Other Half Banks
The way the Other Half Banks: Exclusion, Exploitation, plus the Threat to Democracy, by Professor Mehrsa Baradaran examines вЂњhow a substantial percentage of the populace, deserted by banking institutions, is forced to wander via a crazy western of payday loan providers and check-cashing services to pay for crisis costs and pay money for necessities.вЂќ
At a conference hosted by the APWU in addition to nationwide Association of Letter Carriers, Baradaran provided a lively summary of her premise: the usa has two banking that is separate, she stated. One system acts the rich, as the other has kept millions without use of banking institutions, forcing them to turn to predatory online payday loans direct lenders Maine loan providers and always check cashers.