Banks are rapidly abandoning low-income and rural neighborhoods. … Luckily, there is an organization with the public mission, the infrastructure, the experience and the well-trained employees needed to help address this problem: the U.S. Postal Service. …
The Postal Service already has a presence in low-income and rural communities, and it could leverage that infrastructure to provide access to lower-cost basic banking services.
"The Big Benefits of Postal Banking,"
US News and World Report, July 7, 2014
Given the track record of the existing private-sector options – from banks ‘too big to fail’ to payday lending – the time is now to institute a proven solution: postal banking.
"Private sector lenders aren’t helping those underserved by banks," Washington Post, April 6, 2015
Postal banking [1911-1967] was America’s most successful experiment in financial inclusion — a problem we face again today.
"A Short History of Postal Banking," Slate, August 18, 2014
Postal banking would help decentralize money, meet a real need, save billions of dollars for America’s struggling families, and enhance and extend the agency’s historic mission of public service.
"Cupid and His Friends,” Hightower Lowdown, March 2015
Having access to the payment system is a necessary condition of living and working in the modern economy, and far too many people can only access it on the most predatory terms. …
The Postal Service should be authorized to create a “post card” debit card available with minimum fees and high protections for consumers. Its scale and size would significantly allow both access and efficiency to help citizens build wealth, and it would force banks and payday lenders to actually compete on price and services rather than confusion and predation.
"Rewriting the Rules of the American Economy," May 2015