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Thread: Sick of Shady Banks? Get a Loan from the Post Office!

  1. #41
    Veteran Member Southern Dad's Avatar
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    Quote Originally Posted by Sassy View Post
    And people who lack bank accounts, so they cash their checks there. That is part of what this is about. I have been in such places to use Western Union. Everything about them is not bad or shady. Whether I went there or Safeway grocery store had to do with which location was more convenient. The rates were the same.
    You can now get a bank account online. Walmart cashes checks for a $4 fee. Payday lenders are shady. They are truly predatory lenders. There is nothing good about payday lenders. They charge the highest legal interest rate that they can charge. But they'll keep rolling it over month after month. Payday lenders are worse than used car salesmen, ambulance chasing attorneys, and pimps.
    Thanks from Babba

  2. #42
    Cat-tastic Babba's Avatar
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    Quote Originally Posted by Southern Dad View Post
    You can now get a bank account online. Walmart cashes checks for a $4 fee. Payday lenders are shady. They are truly predatory lenders. There is nothing good about payday lenders. They charge the highest legal interest rate that they can charge. But they'll keep rolling it over month after month. Payday lenders are worse than used car salesmen, ambulance chasing attorneys, and pimps.
    Wow. Something you and I agree on.

  3. #43
    Veteran Member Southern Dad's Avatar
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    Quote Originally Posted by Babba View Post
    Wow. Something you and I agree on.
    Mark this day on the calendar. It's rare but it happens. When Georgia outlawed payday lending more than a decade ago, everyone said how this would just devastate the poor. What it did was get them out of a cycle of ever increasing debt. Yes, they probably had a hard month when it first was outlawed but after they got through those first weeks, they figured out how to make it without paying those huge interest rates, fees, and the bogus insurance that are tacked on to the payday lending.

  4. #44
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    Quote Originally Posted by publius3 View Post
    Congress gives USPS monopoly on first-class mail and is given uniqie access to mailboxes. The USPS also enjoys a range of other benefits including: Low interest loans from UST. It is exempt from state and local sales, income, and property taxes. It is not bound by local zoning ordinances, is immune from a range of civil actions, and has the power of eminent domain. It also possesses government regulatory power, which it has used to impede competitors.

    All that and the USPS has managed to lose somewhere on the order of $50bn +/- in the last decade alone in the industry in which its supposed to possess a core competence.

    So we're going to make them a bank? That's insane.
    Publius3, now that U.S. Treasury yields are extremely low, banks have less or no profit from servicing small depositors or consumers, (except by their profitable credit card products). They're not eager to serve the public altruistically; they're commercial rather than a charitable organizations, and there's a limit to their benefits due to public's good-will.
    Less wealthy people are more often neglected (if not actually disfavored), rather than served by USA's banking industry.
    If the Congress sincerely threatened to re-establish an improved U.S. Postal savings system, l believe the U.S. Banking industry would better serve all our population, rather than induce the additional competition. If the banks do not reform, there's certainly a need for re-establishing and improving upon the historic U.S. Postal Banking services.

    I'm a proponent of public marketplaces with independent competitive participants.
    When there are public needs for services and products that the commercial entities cannot or do not satisfy, then it becomes by default considered as a proposed additional government task.
    We have Medicaid and Medicare because the commercial insurance companys did not, could not, or would not properly perform. We need increased government regulations of our financial institutions and government backed deposit accounts insurance because the commercial financial industries cannot properly regulate and fully insure themselves.

    Just as the government regulates banks and insures their depositors, there's a need for government catastrophic medical insurance to back all government and non-government insurance plans, and there may be a renewed need for a U.S. Postal banking system.

    Refer to https://about.usps.com/publications/...pub100_025.htm
    Respectfully, Supposn
    Last edited by Supposn; 6th June 2018 at 09:29 PM.

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