November 26, 2015
By Bob Levine, LaborPress USA
Washington DC – The American Postal Workers Union (APWU) has called on the US Postmaster General Megan Brennan to “make postal banking a reality now”. The APWU is backing the Campaign for Postal Banking.
Postal banking could strengthen the US Postal Service (USPS) by establishing a new source of revenue, and also help the “28% of U.S. households who are underserved by traditional banks. Postal banking services would provide Americans an alternative to payday lenders, and check cashers. This service would also put most financial predators out of business.“The more than 30,000 branches of the US Postal Service.
Can provide affordable, non-profit, consumer-driven financial services ranging from paycheck cashing and bill payment to savings accounts and small dollar loans,” the Campaign for Postal Banking has argued. While the USPS already provides some limited financial services, the Campaign would like to see it go much further. Examples of the possible initiatives would include: installing surcharge-free ATMs at USPS branches; expanding services to include payroll check cashing; and providing bill paying and electronic fund transfers.