Web News Article #: 218-2015
11/19/2015 – Did you know that nearly 28% of U.S. households are underserved by traditional banks? They turn instead to payday lenders, check cashers and other financial predators, spending on average nearly 10 percent of their income on fees.
There is a simple solution: Postal Banking.
This campaign has special meaning for postal workers and everyone who supports the public Postal Service:
- We can better serve the public by offering affordable, non-profit financial services – paycheck cashing, bill payment, savings accounts and small loans – to people who desperately need them.
- These services can strengthen the Postal Service, establish a new source of revenue, and help protect postal jobs.
The Postal Service is a highly trusted public institution that already offers some financial services, such as money orders. The Postmaster General can act now to:
- Install surcharge-free ATMs;
- Expand services to include payroll check cashing, and
- Provide bill paying and electronic funds transfers.
For those without access to traditional banks and those looking for an alternative to the big banks, postal banking is a real solution that serves the public, not Wall Street.
Please call on the Postmaster General to implement postal banking now. We need a non-profit banking option and we need to strengthen and preserve the United States Postal Service.