What is Postal Banking? Allowing post office banking services could benefit low income areas, communities of color

An important way to provide decent banking opportunities for low-income communities is to allow the U.S. Postal Service to engage in basic banking services." And beyond increasing revenue and employment for the USPS, this measure would eliminate the prevalence of payday loan centers that prey on poor communities of color.

A building serving as the post office, store and bar in Luckenbach, Texas. In many rural areas that lack banks, residents rely on costly "off-the-grid" services such as payday loans and check.

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Bernie Sanders, with his call for postal banking and robust government programs, is the only candidate offering a real plan to revive the postal service and the futures of black public-sector workers. Origins. The story of black workers in the post office begins with the legal end of slavery and the soldiers who fought for that freedom.

This is an excellent idea and a needed resource in low income communities plagued by check cashing and payday loan predatory businesses. The post office has experience with financial instruments like money orders and money transfers. Going back to a historical tradition of check cashing and savings on small amounts of money would not be a stretch.

A postal banking system would be great for many low income residents in this country. There is no low cost banking available in the neighborhood where they live, which leaves them to use payday lenders for their banking needs.

Advocates for the industry say there are plenty of banking options for customers in low-income areas, and that there’s no guarantee the sorts of services the Postal Service might offer would be.

Post offices could give low-income americans access to financial services. a bank or a credit union – mostly in rural areas. If a community has a bank, the study notes, people are more likely.

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Advocates say that postal banking systems would help low-income individuals and communities of color. 2012 data from Pew found that African-Americans are 105 percent highter to use payday loans.