What is Postal Banking? Allowing post office banking services could benefit low income areas, communities of color

Why We Need a Bank at the Post Office.. "If the Postal Service offered basic banking services-nothing fancy, just basic bill paying, check cashing and small-dollar loans-then it could.

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Allowing post office banking services could benefit low income areas, communities of color Advocates say that postal banking systems would help low-income individuals and communities of color. 2012 data from Pew found that African-Americans are 105 percent highter to use payday loans than other races and ethincities.

Hamer didn’t want to send cash through the mail, so he went to the post office and asked the best way to mail money. They told him he could buy six $1,000 money orders, so he did. It was a Friday.

Advocates say that postal banking systems would help low-income individuals and communities of color. 2012 data from Pew found that African-Americans are 105 percent highter to use payday loans.

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If preventing Main Street from falling into the flames along with Wall Street is indeed a national concern, then a stable postal banking system could be our best defense. Even so, regardless of the post office’s own financial situation, the federal government’s balance sheet does not include USPS assets and liabilities.

"The real benefit of using the post office it is already has the mission to serve every community," Mehrsa Baradaran, who specializes in banking law at the University of Georgia and wrote How the Other Half Banks, told Newsweek. "The idea here is it still is in many many zip codes that are in banking deserts.

Learn more about the range of banking services offered by Post Office Money, including Current Accounts as well as personal Loans.

The landlord and the bank share just one thing in common: your paycheck. So, what laws do we need to pass that will allow us to afford the. roughly what amounts to only 15 areas out of the entire.

That’s more than $2,400 per household, or 10% of their average income. These predatory services are concentrated in low-income neighborhoods and communities of color, stripping additional wealth from those who can least afford it. The U.S. Postal Service (USPS) is well placed to provide such basic banking services.