27 Oct Greetings from the Editor ~ November 2021
The United States Postal Service (USPS) has begun a paycheck-cashing service pilot program in several locations across the East Coast, where patrons can cash paychecks for Visa gift cards up to $500. Currently available in Washington, DC; Baltimore; Falls Church, Virginia; and the Bronx.
The Post Office’s foray into banking services offers a safer alternative for underbanked and unbanked individuals, who previously relied on predatory paycheck cashing stores and payday lenders for their financial services. Backed by the American Postal Workers Union.
Postmaster General Louis DeJoy has begun to implement plans to deliberately slow the mail to raise revenue ~ with the delivery time for standard first class mail going from three days to five and will couple this with postage price increases.
Post offices are essential centers of the community and interestingly, postal banking existed for decades before ending in 1967.