Opinion: The U.S. Post Office Banks on the Poor

Tuesday, February 11, 2014

Approximately 88 million people in the United States, or 28 percent of the population, have no bank account at all, or do have a bank account, but primarily rely on check-cashing storefronts, payday lenders, title lenders, or even pawnshops to meet their financial needs. And these lenders charge much more for their services than traditional banks. The average annual income for an “unbanked” family is $25,500, and about 10 percent of that income, or $2,412, goes to fees and interest for gaining access to credit or other financial services.

Source: The New York Times (link opens in a new window)

Categories
Uncategorized
Tags
branchless banking, financial inclusion, financial innovation