Isn’t it astounding that we live in world where we can purchase almost anything from the comfort of our desk chairs and even deposit checks using a cell phone camera? Quite frankly, I was even more surprised when I read this story the other day citing the tens of millions of people who don’t even have personal bank accounts:
Such people rely on check cashing stores and payday lending businesses, incurring fees estimated at 10 percent of their income. The Democratic senator from Massachusetts suggests that the United States Postal Service should provide this service. I’m no economist, plaudit, pundit, partisan policy wonk, etc. but I believe this plan has some merit, especially considering that the US Post Office receives a sizable amount of negative publicity nowadays. People depend on postal services less and less for personal correspondence, third class mail, and package delivery in an era of email, social networking, and private sector carriers. This plan might see the postal serivce pull in billions of dollars while providing additional convenience for millions of people.
Perhaps yet unforeseen obstacles stand in the way of this idea actually working. But it’s nice to see someone in government actually identify a problem and propose a concrete solution without the usual pandering, fear mongering, and grandstanding. There’ll be more to this story for sure. You can bank on it!