As we already know, over the last year, our nation’s economy has been ransacked by a deadly pandemic. Even with vaccine distribution ramping up, there are millions still out of work. Millions wondering how they’re going to pay their rent or utility bills.
And amidst all this economic fallout, as the top 0.1% of the richest people in America have expanded their wealth, banking tactics that prey upon the working poor have persisted. Tactics like predatory lending, unconscionable interest rates, and overdraft fees. The average American family earning $25,000 per year spends nearly 10% of that income on financial transactions – literally more than they spend on food in a year.
There’s an easy solution to this. Save the U.S. Postal Service and bring back postal banking.
The current banking system – one run by the strongest adherents to trickle-down economics – continues to sap the working poor’s resources and therefore limits their ability to participate in the economy. We know that when more people participate in the economy, the stronger the economy will be – but millions of Americans’ income is being eaten up by unfair financial practices.
Postal banking would protect the working poor’s resources and enhance their ability to participate in the economy. It would allow consumers to open a bank account from their local post office, for no cost and with no minimum amount, which could help over 7 million American households that currently lack access to a checking account or basic financial services.
This is not a new concept. Our country had a Postal Savings System for decades, up until the late 1960s, and at one point it had $3.4 billion in assets.
Bringing back postal banking wouldn’t just be good for the working poor – it would also be good for the Postal Service. After four years of mismanagement and sabotage under Donald Trump, the Postal Service is on life support. Bringing back postal banking could bring additional business and investment to this vital U.S. institution.
It’s time we put postal banking on the agenda of Capitol Hill – and you can make a difference by being one of the 2,500 to sign on to our petition. Will you add your name right now and urge Congress to save the USPS and revive postal banking?
Hey, while you’re here: At Civic Action we’re trying to buck the status quo and expand the middle class through activism and education. We’re not afraid of making a little trouble, but we can’t do it without your help. Will you pitch in to support our efforts? We promise to put every penny toward ending the neoliberal stranglehold on our economic and political system. Pitch in now: