Nearly 7 million Americans have no access to a bank, according to an FDIC survey. They're low income, non-creditworthy or new immigrants who depend on a web of check cashers and prepaid cards with high fees.
The Postal Service could offer check cashing or sell its own prepaid cards with lower fees. This would be no small addition -- consider that the Italian Post prepaid card generated revenue of $124 million in 2010.
Without help from Congress, the Postal Service will not only default on payments for retiree health care benefits, but it could lack cash for operations by mid-October.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.39%||4.31%|
|15 yr fixed||3.42%||3.33%|
|30 yr refi||4.40%||4.31%|
|15 yr refi||3.40%||3.34%|
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