The United States Postal Service had a role that would surprise many Americans today: financial services for much of the 20th century. The USPS offered savings reports between 1911 and 1967, until low enrollment forced them to shutter that solution.
Adjusting that solution to match todayвЂ™s requirements, the USPS may help an incredible number of вЂњunbankedвЂќ and вЂњunderbankedвЂќ US households access banking solutions.
At the time of 2017, roughly 6.5% of households into the U.S., totaling significantly more than eight million, donвЂ™t have actually a merchant account available at an insured bank, based on the Federal Deposit Insurance Corporation . Yet another 24.2 million households use non-traditional economic services that frequently make sure they are susceptible to lending that is usurious.
Minus the loans and solutions afforded by old-fashioned banking, these Us citizens are forced into making use of alternate monetary solutions that reveal them to predatory loans and aggressive costs. Perhaps one of the most common of the services, pay day loans, offer individuals short-term loans from the vow that they’ll be paid back after finding a paycheck. Continue reading