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Coming to a Post Office Near You: Loans You Can Trust? | Sen. Elizabeth Warren
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According to a new report, a quarter of all households don't have checking or savings accounts - relying instead on payday lenders and check cashing services with high interest and fees. The Office of the Inspector General has an interesting idea: If the Postal Service offered basic banking services - nothing fancy, just basic bill paying, check cashing and small dollar loans - then it could provide affordable financial services for underserved families, and, at the same time, shore up its own financial footing.
I actually think this is a good idea! Payday advance places are PREDATORY & BARELY "regulated" by the States they operate in & private banks make it hard for poor ppl to even get basic account services.
CREDIT UNIONS are always an alternative too, they want to work with people.
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According to a new report, a quarter of all households don't have checking or savings accounts - relying instead on payday lenders and check cashing services with high interest and fees. The Office of the Inspector General has an interesting idea: If the Postal Service offered basic banking services - nothing fancy, just basic bill paying, check cashing and small dollar loans - then it could provide affordable financial services for underserved families, and, at the same time, shore up its own financial footing.
I actually think this is a good idea! Payday advance places are PREDATORY & BARELY "regulated" by the States they operate in & private banks make it hard for poor ppl to even get basic account services.
CREDIT UNIONS are always an alternative too, they want to work with people.
but if a person can't get an account w/ a credit union...then i think being able to go to USPS for such services is a good idea.