The Incredible Change That Could Save the USPS: Offering Non-Bank Financial Services

It was recently proposed in a paper from the Office of Inspector General of the USPS for the Postal Service to begin offering "non-bank financial services to help the financially underserved," which would include substitutes for high interest payday loans as well as, prepaid cards, money orders, and other services often utilized by nearly 68 million Americans who do not use or have access to a traditional bank.

The paper highlighted the average household who uses "alternative financial services" spends nearly $2,500 a year—or 10 percent of their income—on interest and fees alone, and the Postal Service is seeking to