National Journal--The post office isn't known as the most efficient or reliable business in America. It can't run its operations at a profit, it's got serious financial troubles, and just try mailing a package on a Saturday without waiting in line for 30 minutes.
Now imagine relying on this institution for your banking needs, everything from loading up a debit card to taking out a small personal loan. It's a hard sell, but one that progressives and congressional Democrats are making as they search for a way to keep this American institution running.
The idea, most recently floated in a white paper by the U.S. Postal Service's inspector general and supported in theory by Sens. Elizabeth Warren and Bernie Sanders, estimates that the money-losing agency could make $8.9 billion a year by offering limited banking services to the tens of millions of people who are not served by traditional banks. (These are people locked out of the current banking system due to geography or relative poverty and who often rely on payday lenders, pawnshops, and title loans for their cash.) Read more!
Now imagine relying on this institution for your banking needs, everything from loading up a debit card to taking out a small personal loan. It's a hard sell, but one that progressives and congressional Democrats are making as they search for a way to keep this American institution running.
The idea, most recently floated in a white paper by the U.S. Postal Service's inspector general and supported in theory by Sens. Elizabeth Warren and Bernie Sanders, estimates that the money-losing agency could make $8.9 billion a year by offering limited banking services to the tens of millions of people who are not served by traditional banks. (These are people locked out of the current banking system due to geography or relative poverty and who often rely on payday lenders, pawnshops, and title loans for their cash.) Read more!