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Thursday, 24 June 2021

Gillibrand proposes postal banking

Credit: WKTV
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Gillibrand proposes postal banking
Gillibrand proposes postal banking

Sen.

Kirsten Gillibrand is looking to introduce postal banking pilot programs to remedy the issue of 'banking deserts' in rural areas.

U-s postal service at the same time.

But the pilot program that u-s senator kirsten gillibrand is proposing is going to cost 6 million dollars to start.

Gillibrand says one in four americans live in zipcodes without banks.

It's called a bank desert.

But do you know what every zipcode (does( have?

A post office.

Gillibrand is proposing that the u-s postal service start offering "non bank" financial services like surcharge free atms, wire transfers and check cashing.

Gillibrand says without access to a bank.... families are pushed into a never ending cycle of poverty.

A 1:06 90 percent of zipcodes without banks are in rural areas and banks are rarely found in low income neighborhoods.

That leaves families with no where to turn but to predatory lenders, predatory practices that charge interest rates that can be 20 times higher than the average credit card interest rate 1:26 gillibrand says unbanked families spend 100 billion dollars every year on pay-day loans, check-cashing services and overdraft fees.

A hot-button issue during the presidential campaign....

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