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

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

(this informative article first starred in the January-February 2016 issue of The United states Postal employee mag.)

Postal banking has been doing the headlines a great deal in current months: Presidential prospect Bernie Sanders talked about it on Jimmy Kimmel Live; a unique 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 alternatives.

During an Oct. 21 look on Jimmy Kimmel Live, Sanders stated, “We have actually untold thousands of individuals who need certainly to head to these lenders that are‘payday and spend crazy rates of interest. They’re getting scammed appropriate and left.

“We may have our Postal provider provide modest banking to low-income individuals where they could cash their checks plus they may do banking,” Sanders stated. “I think it can help the postoffice and I also think it helps an incredible number of low-income people,” he thought to enthusiastic applause. Read the clip at CampaignforPostalBanking.org.

How a Other Half Banks

The way the Other Half Banks: Exclusion, Exploitation, therefore the Threat to Democracy, by Professor Mehrsa Baradaran examines “how an important percentage of the populace, deserted by banking institutions, is forced to wander via a crazy western of payday lenders and check-cashing services to pay for emergency costs and purchase necessities.”

At a conference hosted by the APWU as well as the nationwide Association of Letter Carriers, Baradaran offered a lively breakdown of her premise: the usa has two separate banking systems, she stated.