By Yushen Wang
Earn, invest, save; these are the words that we frequently put before the word “money.” Some of us can do those things on our phones as easily as making a call, but that’s certainty not true for all Americans.
Nearly 28 percent of US households (or 68 million people) do not have access to affordable financial services. And even if they want, they have to pay far more (on average of $2,400 per household per year) to only have access to banking services. But, shouldn’t it be a right to be banked?
Politicians, economists, and the general public are craving a change to this unethical phenomenon, through a proven method: postal banking.
International or older people may be more familiar with this term. Postal banking, which allows anyone to do their banking — from bill payment to taking out small loans — at the same post office where they buy stamps, is not a new concept in this or other countries. In fact, it was used in the US from 1911 to 1966, and was so central to our banking system that it was seen as a precursor to the safety provided by federal deposit insurance. More