The cost of financial services continues to increase for Black families each year. This means we are less able to build wealth and to have to work harder to get ourselves out of poverty. But there is an alternative that could make all the difference for us: postal banking.
Post offices could offer financial services such as check cashing, access to ATMs, bill paying, money orders and expanded wire transfers. Even if we don’t have access to banks, nearly 87 million people have access to a post office. One exists in every zip code in the nation.
Since many of us cannot afford the minimum to open bank accounts, postal banking could alleviate the need for commercial banks and predatory lenders that often discriminate against us and charge us high fees. We could save over $40,000 in financial fees each year. But this isn’t a new idea.
Postal banking began in 1911, much to the dismay of commercial banks. It ended during the Civil Rights movement, when these banks falsely promised to include Black customers.
Postal banking is an issue that would greatly help our community, so our job is to hold politicians and policy makers accountable for this move. Contact your local post office and make your voice heard.