(this short article first starred in the January-February 2016 problem of The American Postal employee mag.)
Postal banking has been doing the headlines a great deal in present months: Presidential prospect Bernie Sanders talked about it on Jimmy Kimmel Live; a fresh guide in regards to 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 options.
During an Oct. 21 look on Jimmy Kimmel Live, Sanders stated, вЂњWe have actually enourmous amount of people that need to head to these lenders that areвЂpayday and spend outrageous interest levels. TheyвЂ™re getting scammed appropriate and left.
вЂњWe may have our Postal offerr offer modest banking to low-income individuals where they are able to cash their checks as well as may do banking,вЂќ Sanders stated. вЂњI think it helps the postoffice and I also think it can help an incredible number of low-income people,вЂќ he thought to enthusiastic applause. Browse the clip at CampaignforPostalBanking.org.
The way the Other Half Banks
The way the Other Half Banks: Exclusion, Exploitation, therefore the Threat to Democracy, by Professor Mehrsa Baradaran examines вЂњhow an important part of the populace, deserted by banking institutions, is obligated to wander via a crazy western of payday loan providers and check-cashing services to pay for crisis costs and pay money for necessities.вЂќ
At a meeting hosted by the APWU together with National Association of Letter Carriers, Baradaran provided a lively breakdown of her premise: the usa has two split banking systems, she stated. One payday loans Massachusetts system acts the rich, even though the other has kept millions without usage of banking institutions, forcing them to turn to predatory loan providers and always check cashers.