Could the U.S. Postal Service help the nearly 70 million Americans who are cut off in some way from the mainstream financial system? We’re talking about people who, because they lack ready or full access to normal banking services, paid $89 billion in fees and interest to alternative financial service outlets such as payday lenders and check cashers in 2012 alone. They are the financially underserved – also known as the underbanked or unbanked – and many of them are one unexpected expense away from bankruptcy or homelessness.
Mail collection boxes are practically as American as apple pie. They also seem to be disappearing as quickly as mom’s homemade apple pie.
Nationally, the number of collection boxes declined by more than 12,000 in the past 5 years. Some customers have complained the U.S. Postal Service...Read More