80 online
Most Popular Choices
Share on Facebook 13 Printer Friendly Page More Sharing
OpEdNews Op Eds    H3'ed 11/15/15

This Postal Banking Petition Is Important

By       (Page 1 of 1 pages)   2 comments
Follow Me on Twitter     Message Dave Johnson
Become a Fan
  (12 fans)

Reprinted from Campaign For America's Future

Can The Post Office Save Itself By Becoming A Bank?
Can The Post Office Save Itself By Becoming A Bank?
(Image by Newsloop Business)
  Details   DMCA

Postal banking serves the public, not Wall Street. We the People could have postal banking right now if enough of us speak up and demand it. SIGN THE PETITION HERE.

Traditional banks have abandoned communities, leaving people stranded, unable to cash checks, pay bills, etc. (For example, Bank of America has closed more than 1,400 branches in the last five years.) Nearly 28% of U.S. households either don't have regular bank accounts or otherwise have to turn to payday lenders, check cashers and the like to fill that void. The people who have to use these predators end up paying nearly an average of 10 percent of their incomes in fees and services.

There is a simple solution: postal banking. The United States Postal Service (USPS) has more than 30,000 branches -- at least one branch in every zip code. Allowing the USPS to expand into simple banking services would not even be a complicated new idea -- we used to do it!

February's post, "Postal Workers And The Public Want A Postal Banking Public Option," explained:

"Until 1967, the Postal Service (then called the Post Office) operated postal banking through the United States Postal Savings System. Reviving postal banking would be like offering a 'public option' for financial services. It would let people have accounts they could use to cash checks, get small loans, pay bills and even get prepaid debit cards. These services would enable lower-income Americans to avoid the exploitative 'payday lenders' and check-cashing 'services' that eat up working people's earnings."

We need a nonprofit "public option" for banking. If the USPS expanded into postal banking this would provide people with affordable, consumer-driven, basic financial services ranging from paycheck cashing and bill payment to savings accounts and small-dollar loans. Here are some of the things that a postal banking "public option" could do for people:

-- Debit cards
-- ATMs that do not charge fees
-- Cash paychecks
-- Pay bills
-- Electronic funds transfers
-- Small loans

People could get all of these with low fees. Plus there is an added benefit, these fees would strengthen and preserve the USPS.

Postal Banking Is A No-Brainer

Postal banking is an obvious no-brainer solution to two national problems. It helps millions of Americans obtain simple, basic banking services with low fees, and it helps the USPS stay afloat at a time when corporate/conservatives argue that it should "make a profit" off of the public instead of serve the public.

If you think this is a good idea SIGN THE PETITION HERE.

And take a look at the Campaign for Postal Banking website and their Know the Facts page.

The Grand Alliance to Save Our Public Postal Service includes:

Alliance for Retired Americans
American Postal Workers Union
Americans for Financial Reform
Brave New Films
Campaign for America's Future
Center for Effective Government
Commonomics USA
Consumer Action
Daily Kos
Democracy for America
Farm Aid
Jobs With Justice
National People's Action
People Demanding Action
People for the American Way
Public Citizen
Social Security Works
United for a Fair Economy

Join with these organizations to tell the Postmaster General to implement postal banking now.

Well Said 2   Must Read 1   Valuable 1  
Rate It | View Ratings

Dave Johnson Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Dave has more than 20 years of technology industry experience. His earlier career included technical positions, including video game design at Atari and Imagic. He was a pioneer in design and development of productivity and educational (more...)

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Follow Me on Twitter     Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEd News Newsletter
   (Opens new browser window)

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Three Charts To Email To Your Right-Wing Brother-In-Law

Upcoming Trans-Pacific Partnership Looks Like Corporate Takeover

Actually, "the Rich" Don't "Create Jobs," We Do

Now We Know Why Huge TPP Trade Deal Is Kept Secret From The Public

Does Clinton Really Oppose TPP? There Is A Test For That

Will TPP Kill The Post Office?

To View Comments or Join the Conversation:

Tell A Friend