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Banking Goes Postal

Banking Goes Postal

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American Postal Workers Union (APWU) president Mark Dimondstein has an offer that should be hard to refuse, especially for the 10 million American households, mostly low-income, that do not have a checking account or other basic banking services.

Through its network of 30,000 post offices and other outlets, the United States Postal Service (USPS) could readily and cheaply provide many banking services (just as it now provides money orders), no matter where you live or what you earn. This could save people without bank access from paying the exorbitant interest and fees at currency exchanges, payday lenders, rent-to-own dealers, pawn shops and other subprime financial institutions.

The negotiations come on the heels of a new campaign, launched this week by the postal unions—in partnership with community groups such as National People’s Action, Public Citizen, USAction and Interfaith Worker Justice—to mobilize the public in favor of a postal bank.

View the full story from In These Times