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For America's Unbanked: Re-establishing the Postal Savings Bank


For America's Unbanked: Re-establishing the Postal Savings Bank

Ralph Nader

Fact: Tens of millions of Americans do not have a bank account. As a result, many of these Americans spend a reported $89 billion annually in interest and fees by using predatory services such as payday loan and check cashing services. It’s a perpetuating cycle of poverty in which the poor get poorer just by accessing their own money. Fortunately, there is an ideal solution staring us in the face. An important voice driving the conversation is Professor Mehrsa Baradaran of the University of Georgia Law School.


Does the idea of a Postal Savings Bank seem like a fringe theory/crank idea or even some kind of capitalist heresy to you? A little people's check cashing service? Small loans even? Nah... it'd never work - what have you been smokin'? Right? Flaky shaky!

Except that there was one until 1967!

Banks are for those with money honey! Need a bank to cash a paycheck or little people (some call them workers) have to pay a little extra from the little they get at a check cashing place.

If everyone gets paid by check... the lowest paid will end up getting paid even less. Keep enough money on deposit and you can get free checking... all you need is money to be able to save money.

Heck of a system we have here ain't it?


While I wholeheartedly agree with your sentiment and intentions Mr. Nader, I do question the effectiveness of your proposal in light of the overwhelming trend toward electronic-only money (about which I have great reservations--but try to be a realist).


The Rothschild banking cartel which controls our currency via the FED will never permit such a sensible proposal. The sheep must be sheared , and often.


Sorry I don't subscribe to Conspiracy Theory Magazine and missed the conspiracy theory for today piece.


Once the conversion to electronic-only money is complete the banks will impose fees that negatively impact the poor and the rest of us. My investor-owned utility sends me flyers with each month's bill admonishing me to sign up for electronic bill payment. The fine print confirms that I will be paying a fee much higher than the cost of the stamp to mail bill to them.


1967 was a watershed year for the Rothschild banking cartel, the aircraft lobby, and highway lobby as in addition to ending the Postal Savings Bank, in October 1967 Congress required the Post Office (subsequently relabeled the Postal Service in 1971) to shift mail transport away from railroads and on to trucks and jets. Nearly all of the railroad mail was carried on passenger trains (all run by private railroads, no Amtrak until 1971) during that era and half of the passenger trains running in 1967 ended service by 1970 seeing how there was no way for them to even break even if they no longer hauled mail.


"Conspiracy" implies criminal activity and we have all witnessed that decriminalization ("deregulation" in DC speak) of financial crime during the past three decades. What may have been crime and conspiracy in 1967 is no longer crime or conspiracy, its "very savvy businessmen" as Obama calls them.


Feel the Bern, we need real change like this and much more. What happens when elected?


Aside from a few 'sneaking suspicions' concerning an assassination or two and a Supreme Court decided election/Two Trillion $ tax cuts/Enron to 17 trillion in bank bailouts and other incidentals...I believe in only ONE conspiracy!

The Conspiracy of Greed!

That a greedy person will ally themselves with another greedy person and work together to increase the money they can make even without knowing that someone else is doing the same thing somewheres else.

A wealthy oligarch in one country will work to remove an international banking regulation, trade restriction, environmental law or what have you almost automatically and by whatever means available simply as a matter of course. Or as was described in an earlier age as a matter of economic class.

The conspiracy of greed has been behind the scenes in most things and is now seeking a One World Corporate Government that can supersede a national government's laws.

That conspiracy I believe exists.


Driving through the western US during the late 90s I stopped at a local eatery for lunch and talked to several patrons who told me that they were recent arrivals from Mexico working in agriculture and construction jobs.
They told me that they and all of their Hispanic co-workers used US Postal Service (USPS) money orders exclusively to send money to their families in Mexico and other Latin American nations. They said that compared to bank money order, transfers, etc. the USPS money orders were the least costly and most secure way to send money internationally.

USPS already has the cred, they just need the Congressional action.


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Oh yes, Ive heard that a hundred times on our media. If they dont like what you are saying, then they label it a "conspiracy theory". Once this label is applied, then a conjecture no longer need consideration, and anyone who persists with evidence for the conjecture may be subjected to ridicule. They say "Thats a conspiracy theory and all conspiracy theories are false.". I guess someone has the right to declare that something is false by labeling it a conspiracy theory, and those someones are our friendly corporate media conglomerate monopolies. Good for you that you have saved yourself from the possibility of ridicule, and the effort of having to work out what is actually true by conforming to this manipulation.


Conversely some will hear the word conspiracy and immediately assume that if anyone disagrees with it then they are stooges for the Corporate Coup.

Hitler and the anti-semites believed and promulgated the Jewish banking conspiracy which included Jeish control of the media and disastrously the accusations of jewish conspiracy to destroy Germany.

Some conspiracies are false as history shows. I do not happen to believe in the Illuminati and Rothchilds Bankers or Vatican One World Orders and a whole lot of crackpot things.

You are free to do so but I responded to someone who posted to me.

What's your excuse?


I think we are in agreement here. But I smell a conspiracy right now, because I cant find my chocolate, and I think someone got it.


There was a man with an umbrella but it was a bright sunny day out in the open plaza near a grassy knoll but no rain clouds in sight. He was wearing sunglasses too and it looks like he was trying to pass himself off as a corneal transplant patient which as we all know is a common disguise used by operatives of the Illuminati. He was seen eating what could well have been chocolate by several witnesses who have all mysteriously dropped from view or have refused to speak to investigators about the man with the umbrella who was believed to be eating chocolate.

One of these former witnesses exclaimed "Get a f'n life and stop ringing my bell." This may be a code recognition phrase as several investigators have reported that they have heard similar words from other witnesses showing that there may very well be a link between the witnesses.

At this time, it appears that your chocolate has disappeared (probably into Langley) and all records of it having existed have been disposed of. However there are credible reports of similar looking confections which may also be chocolate and may lead investigators to new avenues of investigation that could potentially resolve the question of the missing chocolate conspiracy!

Donations to our site will help us pursue the unanswered questions at the root of this mystery. No chocolate coins please.


With Republicans always wanting to shut down the post office ..I dont see them on board with this ..Besides it would conflict with the scam loaners profits and they have bought off law makers with lots of campaign cash...To many criminals in Washington.. would never let it happen...Personally I hope it does...I hate these greedy loan sharks preying on those who dont know better...I hope they rot in hell.