(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 SimpsonвЂ™s RushCard vividly demonstrated the pitfalls of AmericaвЂ™s current banking alternatives.
During an Oct. 21 look on Jimmy Kimmel Live, Sanders stated, вЂњWe have actually untold thousands of individuals who need certainly to head to these lenders that areвЂpayday and spend crazy rates of interest. TheyвЂ™re getting scammed appropriate and left.
вЂњWe may have our Postal provider provide modest banking to low-income individuals where they could cash their checks plus they may do banking,вЂќ Sanders stated. вЂњI think it can help the postoffice and I also think it helps an incredible number of low-income people,вЂќ 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 вЂњhow 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.вЂќ
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.