Implement Post Office Banking Services
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- Well Being In the Nation Network
The U.S. Postal Service had its own banking system from 1911 to 1967. This system helped people who do not have banks close to them. They could cash checks, pay bills, and borrow money at the post office. Today, over 18% of African American households live in banking deserts. This is compared to 3% of White households. People that don't have access to banks spend more on simple financial tasks. They can't borrow money as easily. They have a harder time building wealth by buying a house or starting a business, for example. They have more challenges with savings and building credit. Banking services at the post office could help people living in low-income or communities of color have better access to these important services.