The Post Office Can Bring People-Centered Banking To Every ZIP Code
The need for a public banking option is urgent. Nearly 10 million households, a disproportionate number of whom are people of color, are unbanked in the United States. Unbanked or underbanked households must pay expensive fees for non-bank financial services to access their own money for paying bills, cashing checks, remittances, rent, and ATM withdrawals — costing upwards of $2,400 annually. The widely trusted U.S. Postal Service has a long history of postal banking and is physically located in every community, making it the sensible option to provide a public banking solution. But this requires a good faith effort, done well.