10/22/2018 - On October 16, APWU members and retirees, our sister postal unions, community leaders and allies filled the Hunts Point Post Office in the Bronx, NY to deliver a petition of more than 5,300 signatures to Bronx Postmaster Scott Farrar, calling for expanded financial services at the Bronx post office and nationwide. “Postal Banking brings a service to the people that’s not only important to the community of the Bronx,” said Jonathan Smith, New York Metro Postal Union President, “but it’s important to this nation”.
An astounding 52.3 percent of Bronx households are underserved by traditional Wall Street banks. These residents either have no bank account or have an account and use “alternative” financial services including paycheck cashing and pawn shops.
The Campaign for Postal Banking invited Postmaster Farrar to accept the petitions. He declined to attend the event. Rep. Serrano agreed to deliver the petitions and the letter of Congressional support to Postmaster Megan Brennan.
07/26/2018 - On Wednesday, July 18, the APWU and our allies won a big victory by defeating an attempt to prohibit the Postal Service from expanding financial services. In a vote on the floor of the U.S. House of Representatives, an amendment to a government appropriation bill (H.R. 6147) offered by Representative Patrick McHenry (R-NC) was rejected by a bipartisan vote of 212 to 201. The APWU greatly appreciates the bipartisan support from lawmakers who voted down this proposal.
07/24/2018 - (This article first appeared in the July-August 2018 issue of The American Postal Worker magazine)
Postal services across the world provide tried and tested and successful models for postal banking, or the provision of financial services via the post. New research by Holly Feldman Wiencek, Research Assistant at the National Association of Letter Carriers (NALC), shows differing models for postal banking across the world and the factors that drive their success.
05/01/2018 - (This article first appeared in the May-June 2018 issue of The American Postal Worker magazine)
Bank of America, the country’s second largest bank, ended its popular free e-checking account and is now requiring customers to maintain a minimum balance of $1,500 or a monthly direct deposit of at least $250. Customers who fail to meet those minimums will be charged a $12 monthly fee.
03/01/2018 - (This article first appeared in the March-April 2018 issue of the American Postal Worker magazine)
U.S. voters strongly support holding Wall Street accountable, according to a 2017 poll by Americans for Financial Reform (AFR). Majorities of Democrats, Republicans, and Independents favor more regulation of ﬁnance, not less.
11/01/2017 - (This article first appeared in the November-December 2017 issue of the American Postal Worker magazine)
Way back in 1956, an article in the Monthly Business Review made a case for ending the Postal Savings System (see box). “It would seem that the Postal Savings System has outlived any social or economic need it may have once satisfied,” wrote the Cleveland Federal Reserve
09/01/2017 - (This article first appeared in the Sept-Oct 2017 issue of the American Postal Worker magazine)
Although the payday lending industry slowed in California in 2016, it increased dramatically among senior citizens. For the first time, seniors took out more short term loans than any other age group, according to a study California’s Department of Business Oversight released in July.
07/01/2017 - (This article first appeared in the July-August 2017 issue of The American Postal Worker magazine)
Every day, people receiving public assistance pay a portion of their benefits in fees to access their own money. It could be Social Security Disability Insurance, Supplemental Security Income, Veterans Affairs benefits, refugee benefits, or one of many state and local programs.
05/01/2017 - (This article first appeared in the May-June 2017 issue of The American Postal Worker magazine.)
The market for international remittances – sending money abroad – is rapidly expanding. Between 2010 and 2014, money transfers worldwide increased between three percent and 11 percent annually, according to the USPS Office of Inspector General (OIG). The United States ranks first worldwide for this service, with 22 percent of the global market.