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      postal banking

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      Why Postal Banking Can Help Solve So Many Problems at Once

      We need a public option for banking that is focused on providing a basic service to people who need it as opposed to satisfying wealthy shareholders, and USPS is perfectly placed to provide that public option.

      Annie Norman
      Aditi Sen
      May 29, 2023

      he need for a public banking option is urgent. Nearly 10 million households, a disproportionate number of whom are people of color, are unbanked in the United States.

      Unbanked or underbanked households must pay expensive fees for non-bank financial services to access their own money for paying bills, cashing checks, remittances, rent, and ATM withdrawals — costing upwards of $2,400 annually.

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      Opinion
      postal banking
      JPMorgan Chase CEO Jamie Dimon

      USPS Reportedly Considering Plan to Let Wall St Set Up ATMs in Post Offices

      "What JPMorgan Chase wants to do looks like another attempt for big banks and corporations to privatize our public infrastructure so their shareholders gain while working families suffer."

      Jake Johnson
      Aug 20, 2020

      JPMorgan Chase, the largest financial institution in the United States, is reportedly in talks with the U.S. Postal Service about a proposal to set up ATMs in post offices in several states across the country--a plan critics warned is an effort to eliminate the possibility of a public postal banking system.

      Capitol Forumreported Wednesday that the Postal Service--currently headed by Louis DeJoy, a Republican megadonor to President Donald Trump--is "considering a proposal from JPMorgan Chase (JPM) to offer banking services in post offices in a move that could give the Wall Street giant an exclusive right to solicit postal customers."

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