To the Point

Could the Post Office Be a Bank for the Poor?

With almost no banks in their neighborhoods, 68 million Americans don't have checking or savings accounts. Fees to pay-day lenders and other financial predators cost some 10% of their incomes. That's according to the Inspector General of the Postal Service , who says his agency may have a solution.

By Warren Olney • May 12, 2014 • 1 min read

With almost no banks in their neighborhoods, 68 million Americans don't have checking or savings accounts. Fees to pay-day lenders and other financial predators cost some 10% of their incomes. That's according to the Inspector General of the Postal Service, who says his agency may have a solution. With three fifths of all post offices in ZIP codes with only one bank or no banks at all, the Postal Service is well positioned to provide such financial services. The banking industry doesn't like it.

Warren Olney
former KCRW broadcaster
Andrea Brody
Senior Producer, KCRW's Life Examined and To the Point podcast
Caitlin Shamberg
KCRW
Katie Cooper
Producer, 'One year Later'
Joshua Brustein
Businessweek

News

National

Politics

To the Point

Could the Post Office Be a Bank for the Poor?

With almost no banks in their neighborhoods, 68 million Americans don't have checking or savings accounts. Fees to pay-day lenders and other financial predators cost some 10% of their incomes. That's according to the Inspector General of the Postal Service , who says his agency may have a solution.

Share

To the Point

Could the Post Office Be a Bank for the Poor?

With almost no banks in their neighborhoods, 68 million Americans don't have checking or savings accounts. Fees to pay-day lenders and other financial predators cost some 10% of their incomes. That's according to the Inspector General of the Postal Service , who says his agency may have a solution.

Share