Inform the Postmaster General to produce Postal Banking a real possibility Now

Inform the Postmaster General to produce Postal Banking a real possibility Now

(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 Simpson’s RushCard vividly demonstrated the pitfalls of America’s current banking options.

During an Oct. 21 look on Jimmy Kimmel Live, Sanders stated, “We have actually enourmous amount of people that need to head to these lenders that are‘payday and spend outrageous rates of interest. They’re getting fooled appropriate and left.

“We may have our Postal provider provide modest banking to low-income individuals where they could cash their checks as well as can perform banking,” Sanders said. “I think it can help the postoffice and I also think it can help scores of low-income people,” 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 “how 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.”

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.

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