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Why Banking in the postoffice might be a Better Option Than Payday Loans — and Wall Street

Why Banking in the postoffice might be a Better Option Than Payday Loans — and Wall Street

New york postoffice. Photo by John Donges.

The U.S. postoffice on Martin Luther King, Jr. Blvd. is a bastion on its Harlem block. Entrenched beside a pawnshop, a cash-for-gold company, and a commercial bank numerous into the community aren’t able to make use of, the center is basically a fortress. Filled with hefty brick walls, metal displays, vaults, ATMs, and armored vehicles, the premises evoke one word: protection. In the event that you’ve followed current news, additionally they recommend an extra word: Bank.

Post offices are designed like banking institutions.

And that is only one reasons why postal banking, a hot concept in financial policy debates, is viable. Real and functional structures already occur which could assist USPS provide basic monetary solutions: prepaid debit cards, mobile deals, brand new check cashing solutions, cost cost cost savings reports, as well as easy, small-dollar loans.

“There’s a post workplace every five obstructs in Manhattan — there’s accessibility in almost every zip rule,” explained Frankie Wright, 32, a USPS Supervisor of Customer Services in East Harlem. “On a operational degree, we’re already capable.”

The concept, popularized by journalist David Dayen and legislation teacher Mehrsa Baradaran, would develop public selection for credit which help insulate Main Street in the most likely event of some other crisis that is financial. Continue reading Why Banking in the postoffice might be a Better Option Than Payday Loans — and Wall Street