(this informative article first starred in the January-February 2016 dilemma of The United states Postal employee mag.)
Postal banking has been around the headlines a lot in present months: Presidential prospect Bernie Sanders talked about it on Jimmy Kimmel Live; a fresh guide concerning the subject has garnered considerable 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 untold thousands of people that need certainly to head to these lenders that areвЂpayday and spend crazy rates of interest. TheyвЂ™re getting scammed appropriate and left.
вЂњWe may have our Postal Service offer modest banking to low-income individuals where they could cash their checks and so they may do banking,вЂќ Sanders stated. вЂњI think it can help the postoffice and I also think it can help an incredible number of low-income people,вЂќ he believed to payday loans in Massachusetts enthusiastic applause. Read the clip at CampaignforPostalBanking.org.
The way the Other Half Banks
The way the Other Half Banks: Exclusion, Exploitation, additionally the Threat to Democracy, by Professor Mehrsa Baradaran examines вЂњhow an important percentage of the populace, deserted by banking institutions, is forced to wander via a crazy West of payday loan providers and check-cashing services to pay for crisis costs and purchase necessities.вЂќ
At a conference hosted by the APWU in addition to National Association of Letter Carriers, Baradaran offered a lively breakdown of her premise: the usa has two split banking systems, she stated. One system acts the rich, as the other has kept millions without use of banking institutions, forcing them to show to predatory loan providers and check always cashers.…