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

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

New york post office. Picture by John Donges.

The U.S. postoffice 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 into the community are not able to make use of, the center is basically a fortress. Detailed with hefty stone walls, metal displays, vaults, ATMs, and armored vehicles, the premises evoke one word: safety. They also suggest a second word: Bank if you’ve followed recent news.

Post offices are designed like banking institutions.

And that is only one reasons why banking that is postal a hot concept in financial policy debates, is viable. Real and functional structures already occur that may assist USPS provide basic monetary solutions: prepaid debit cards, mobile deals, brand brand new check cashing solutions, cost savings reports, as well as easy, small-dollar loans.

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