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Postal Banking - Banking Available for All
Did you know that traditional banks have been quietly abandoning our communities? Bank of America, for example, has closed more than 1,400 branches over the last five years,1 forcing many people to do their everyday banking with the flood of payday lenders and check-cashing services that have been opening up shop. This woefully under-regulated predatory lending industry rakes in a whopping $103 billion a year by ripping off Americans, taking nearly 10 percent of their incomes in fees and services on average.
But there’s a simple solution: Our U.S. Postal Service can provide affordable, nonprofit, consumer-driven financial services in every community in the country. Write the USPS Postmaster General now and ask her to implement postal banking!
With more than 30,000 offices –that’s at least one branch in every zip code – the USPS is ideally suited to step in to serve our communities with affordable banking options. The USPS already provides customers with financial services such as money orders. The USPS can expand those services to offer surcharge-free ATMs, payroll check cashing, bill payment, electronic funds transfers, savings accounts, small-dollar loans and more.
For those without access to traditional banks as well as those looking for an alternative to the Big Banks and predatory lenders, postal banking is a real solution – and one that creates jobs! Stand with us and speak up for postal banking NOW!
We’re part of a large coalition working to make postal banking a reality. Do you think we could all benefit from a well-trusted public institution providing fundamental banking services? Are you concerned about unscrupulous payday lenders and their exploitative fees? Do you want to make sure that everyone has access to basic consumer financial services? If you agree that banking should serve the people and not Wall Street – now is the time to act!
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