Around 7.1 million Americans lack a bank account, while nearly 24.2 million are considered "underbanked," since they need to rely on payday lenders and shops that charge a fee to cash checks. Low-income families and communities of color find themselves paying higher fees and interest rates and unable to get mortgages or loans because they cannot build up a credit history. In states with poor access to internet connectivity, they cannot rely on online banking either. And the pandemic has only made matters worse. In this context, policymakers and advocacy groups are exploring options to bring back postal banking in the US as a viable option for the financially underserved. A system that once existed and still exists in other countries ,is now being re-energized in the US to bring about equity and expand access to financial services.

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