Economic hardships from COVID-19 highlights the need to bring back Postal Banking Services
By Melanie G. Long, Assistant Professor of Economics, The College of Wooster Financial services play a major role in the economic lives of most Americans, from the moment their paychecks are directly deposited into a bank account to the loan taken out to buy their first home or car. Yet over 12 million people – about 6% of U.S. adults – cannot access these services because they do not have a bank account. Economists call these individuals financially excluded or the “unbanked.” Being unbanked is costly, both financially and in terms of missed economic opportunities, and afflicts communities of...
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