Forbes, September 2,2020: Would Postal Banking Save the Post Office?
There are numerous reasons why someone may be unbanked or underbanked, from a lack of trust in traditional banking to an irregular income schedule. But many people simply don’t have easy access to bank branches. They may live in rural areas or neighborhoods where banks have closed branches, leaving them in what’s known as a banking desert.
Whatever the reason, being un- or underbanked can be expensive. “They’re paying more to access credit,” by paying fees to check cashers or other bank alternatives, explains Jesse Van Tol, CEO of the National Community Reinvestment Coalition.
Nearly every ZIP code in the United States is served by a post office, which adds up to more than 30,000 branches nationwide. Those branches could fill the gap for banking services that can’t be conducted online, like cash handling for small businesses, Von Tol says.