Postal banking: A realistic and trustworthy alternative to big banks [View all]

[LuckyTheDog]

Each year, the average underserved household spends $2,412 – nearly 10 percent of gross income – in fees and interest for non-bank financial services. These transactions might include a payday or car title loan, cashing a paycheck, or simply accessing Social Security benefits. As United for a Fair Economy puts it, “Each year, over $103 billion is stripped from these people and their communities and ends up in the hands of Wall Street. For the underserved, there is little opportunity to create a credit history, have access to affordable, safe and sustainable financial services, or build assets over time.”

Is there an alternative? What if a trusted, accessible, and non-profit institution (that receives no tax dollars for operating expenses) with the world’s largest retail network (31,000 branches serving every urban, suburban, and rural community in the country) existed that could help fill this void?

Well, actually, it does exist. It’s the United States Postal Service.

MORE HERE: http://yonside.com/postal-banking-alternative-trustworthy-to-big-banks/