Millennial Pocket
  • Home
  • About
  • Banking
  • Financial Banking
  • Forex
  • Contact Us
No Result
View All Result
  • Home
  • About
  • Banking
  • Financial Banking
  • Forex
  • Contact Us
No Result
View All Result
Millennial Pocket
No Result
View All Result
Home Forex

Grand Alliance Ally Makes the Case for Postal Banking

eoe86 by eoe86
July 14, 2023
in Forex
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Bank Statements are Critical to Financial Livelihood

Bank Statements are Critical to Financial Livelihood

September 18, 2023
What is a Property Appraisal and Why is it Important?

What is a Property Appraisal and Why is it Important?

August 14, 2023

A new report is out making the case for postal banking and calling on postal management to make the investments necessary to make quality postal financial services available to the millions of unbanked and underbanked people in the country. The report is called Banking Fair: The promise and urgency of doing postal banking right, and was released in late May by Take On Wall Street, a longtime Grand Alliance member and partner in the Campaign for Postal Banking, and the Save the Post Office Coalition.

The Banking Fair report begins by noting that there are still 10 million adults in the country who have no bank account of any kind. They often fall victim to predatory fringe financial service providers who charge unconscionable fees for simple services that most of us take for granted. The good news, the report argues, is that the Postal Service is well-suited to reach this underserved and vulnerable population, thanks especially to its presence in every community, and the trust that postal workers enjoy from the public.

“We need a public option for banking that is focused on providing a basic service to people who need it as opposed to satisfying wealthy shareholders, and USPS is perfectly positioned to provide that public option” said Annie Norman, Save the Post Office Coalition Campaigner at Take On Wall Street.

The report argues that while the paycheck cashing proof-of-concept tests began in late 2021 were good progress for advocates of postal banking, the pilots were ultimately a missed opportunity. The report argues that this is principally because of postal management’s refusal to offer a service that actually meets the needs of the unbanked and underbanked. The paycheck cashing service was only made available at four locations nationwide. While this was obviously a result of its initial test phase, the report claims it was much too limited in scope to genuinely gauge public interest. The $500 maximum for checks cashed was far too low. Finally, the $5.95 service fee was not competitive with products offered by fringe financial service providers or even retailers like Walmart, where a check of up to $1,000 can be cashed for just a $4 fee. Together, these factors all contributed to preventing the initial roll-out from gaining traction with underserved people.

While the public still trusts the Postal Service, offering a service substantially less robust and more expensive than what’s available in the private sector was not a recipe for success. The report concludes, “For postal banking to be a viable option for the millions of people who are unbanked, the U.S. Post Office must work diligently to create services that address peoples’ primary financial service needs, are at accessible locations, and are also low-cost relative to third-party servicers.”

Despite the shortcomings of this initial test, the Banking Fair report is still confident that expanding and improving financial services at the USPS is a goal worth pursuing. “Postal banking, done right, is key to the Post Office’s future. These new sources of revenue and foot traffic would help secure the USPS’s financial future, and ensure the provision of fair and equitable services for all of us,” the report says.

In addition to advocating for improved and expanded postal financial services, the report highlights some of the recommendations found in A Grand Alliance’s People’s Postal Agenda, published in 2021. These include leveraging the postal network to accelerate the clean energy transition, helping spread broadband to underserved and rural areas, and expanding our democratic rights through universally-available vote-by-mail.

The Banking Fair report can be accessed in full at: takeonwallst.com

Share76Tweet47

Related Posts

Bank Statements are Critical to Financial Livelihood

Bank Statements are Critical to Financial Livelihood

by eoe86
September 18, 2023
0

Consistently reviewing bank statements can become a critical asset to your financial health. A bank statement is a very important...

What is a Property Appraisal and Why is it Important?

What is a Property Appraisal and Why is it Important?

by eoe86
August 14, 2023
0

If you are in the market for a new home, want to sell your current home, or have an interest...

When is My Money Covered by the FDIC?

When is My Money Covered by the FDIC?

by eoe86
July 17, 2023
0

The FDIC provides insurance coverage to your money under deposit insurance when your money is placed in a bank that...

Whither the Postal Regulatory Commission?

by eoe86
July 12, 2023
0

In September 2021, we announced that the Postal Service and the APWU had partnered on a limited proof-of-concept test of...

The Bank Crisis is the Latest Argument to Expand Postal Service Banking

by eoe86
July 12, 2023
0

Originally published in The Hill by Mark Dimondstein, opinion contributor – 04/20/23   The recent bank crisis set off by...

Load More
  • Trending
  • Comments
  • Latest
Inclement Weather Update

Inclement Weather Update

September 26, 2022

Wire Fraud

September 7, 2022

Online Banking will be unavailable tonight from 8pm CT/9pm ET – 8:15pm CT/9:15pm ET for routine maintenance. We apologize for any inconvenience.

September 20, 2022
What is Deposit Insurance and What Does it Cover?

What is Deposit Insurance and What Does it Cover?

August 15, 2022

Core Code Ambassador Spotlight: Adam Emberton

0
Core Bank Breaks Ground on New Sarpy County Location

Core Bank Breaks Ground on New Sarpy County Location

0
How to be a Smart Holiday Shopper

How to be a Smart Holiday Shopper

0
Make Saving Part of Your Resolution

Make Saving Part of Your Resolution

0

Core Code Ambassador Spotlight: Adam Emberton

September 29, 2023
Preparing for End of Year, A Five Part Series: Reviewing Fee Schedules

Preparing for End of Year, A Five Part Series: Reviewing Fee Schedules

September 21, 2023
How Does Bankruptcy Work for Married Couples?  You Can File Together, or Separately.  A Lawyer Can Show You Which Is Best

How Does Bankruptcy Work for Married Couples? You Can File Together, or Separately. A Lawyer Can Show You Which Is Best

September 18, 2023
Bank Statements are Critical to Financial Livelihood

Bank Statements are Critical to Financial Livelihood

September 18, 2023

About

Investors aim to make money and build wealth over time through the practise of investing. There are a variety of ways to generate future income, and an investment can be defined as any of these methods.

Recent Post

Core Code Ambassador Spotlight: Adam Emberton

September 29, 2023
Preparing for End of Year, A Five Part Series: Reviewing Fee Schedules

Preparing for End of Year, A Five Part Series: Reviewing Fee Schedules

September 21, 2023

Categories

  • Banking
  • Financial Banking
  • Forex
  • Home
  • About
  • Forex
  • Banking
  • Financial Banking
  • Contact Us
  • Privacy Policy
  • Terms And Conditions

Copyright@2022 All rights reserved by Millennial Pocket

No Result
View All Result
  • Home
  • About
  • Banking
  • Financial Banking
  • Forex
  • Contact Us

Copyright@2022 All rights reserved by Millennial Pocket

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.
SIGN UP FOR NEWSLETTER NOW