Why Banking at the Post Office Could Be a Better Option Than Payday Loans—and Wall Street

The U.S. post office on Martin Luther King, Jr. Blvd. is a bastion on its Harlem block. Entrenched beside a pawnshop, a cash-for-gold business, and a commercial bank many in the neighborhood are unable to use, the facility is essentially a fortress. Complete with heavy brick walls, steel screens, vaults, ATMs, and armored trucks, the premises evoke one word: Security. If you’ve followed recent news, they also suggest a second word: Bank.

Post offices are built like banks.

And that’s just one reason why postal banking, a hot idea in economic policy debates, is viable. Physical and operational structures already exist that could help USPS offer basic financial services: prepaid debit cards, mobile transactions, new check cashing services, savings accounts, and even simple, small-dollar loans.

Read the full article at YES! Magazine

 

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