Banking Fair

New report details the shortcomings of the current postal banking pilot program and challenges Congress to do postal banking right

A new paper published by Save the Post Office, Take On Wall Street, and Americans for Financial Reform Education Fund takes a hard look at the real world challenges of the unbanked and how the Post Office could restart its successful historical services and provide accessible low-cost basic banking services. The report describes how the current pilot program has been far too limited in scope:

“This paper examines the limitations of the current suite of financial services available at the USPS, and offers suggestions for both how to improve and expand the products on offer. It finds that the existing money order program costs double what it does at Walmart, and that the remittance program has recently been sabotaged through triple-digit price increases.”

[Read the report]

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