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.
Your challenge, if you choose to accept it, is to reduce undeliverable as addressed (UAA) mail by 50 percent. Okay, those weren’t the exact words, but that was the challenge put forward 10 years ago by then-Postmaster General Jack Potter.
At that time UAA mail – undeliverable because of...Read More