Why Banking during the postoffice could possibly be a Better Option Than Payday Loans — and Wall Street

New york postoffice. Picture by John Donges.

The U.S. post office on Martin Luther King, Jr. Blvd. is a bastion on its Harlem block. Entrenched beside a pawnshop, a business that is cash-for-gold and a commercial bank numerous within the community are not able to make use of, the center is actually a fortress. That includes hefty stone walls, metal displays, vaults, ATMs, and trucks that are armored the premises evoke one word: protection. In the event that you’ve followed recent news, in addition they recommend an additional term: Bank.

Post workplaces are designed like banking institutions.

And that’s just one single good reason why postal banking, a hot concept in financial policy debates, is viable. Real and functional structures already occur which could assist USPS provide basic economic solutions: prepaid debit cards, mobile deals, brand brand new check cashing solutions, cost savings reports, and also simple, small-dollar loans.

“There’s a post workplace every five obstructs in Manhattan — there’s accessibility in almost every zip code,” explained Frankie Wright, 32, a USPS Supervisor of Customer Services in East Harlem.

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