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.
In 2001 First-Class Mail (FCM) hit an all-time peak of 104 billion pieces. Fast forward to today and it is down more than 40 percent.
Well, if you’re a reader of this blog, you also know that despite this, First-Class Mail remains the biggest provider of revenue and contribution (profit...Read More