Data Debunks Ocasio-Cortez’s Claim That Americans Need ‘Postal Banking’

[GURPS]

There’s not a significant need for “banking” at the post office.

During Thursday’s press conference, Ocasio-Cortez stated “millions” of Americans were likely to use “postal banking” because of fees associated with check cashing businesses.

“I can’t tell you how many families I see go in and they can’t afford to be banked. Think about that, how many millions of people in this country that either can’t afford to be banked or struggle to be banked,” she said. “And so they’ll show up to a check cashing place. Imagine cashing your stimulus check for $1,400 and having 10% to 20% of that check taken away from you. Those are diapers. That’s baby formula. And that’s food that is taken out of the hands of the families just to cash a check.”

Despite that, a 2019 study from the Federal Deposit Insurance Corporation (FDIC), found that “Nearly 95 percent of U.S. households (approximately 124 million households) were banked (i.e., had a bank or credit union account). This is the highest number and percentage of households with bank accounts since the survey was first conducted in 2009.”

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[PeoplesElbow]

Doesnt walmart cash government and payroll checks for $3?

 

[black dog]

10-20%.... Folks should stop cashing checks at the bar/grocery store.... ect.....

 

[SamSpade]

When I did H&R Block years ago - some people would get huge refunds - and you had three options. Direct deposit or a check mailed to you; a loan where you could get a check tomorrow for a small fee; or a loan RIGHT NOW for another fee.

Guess which option these folks collecting large refunds as a result of the Earned Income Tax Credit - essentially welfare - would take? Yep. They wanted it RIGHT NOW. For I think a 10 or 20% hit. THEN they’d take the check to a check cashing place and lose more of it.

And I would look incredulously and say why don’t they just go to their bank? Answer they don’t have one, because their credit is that bad. Then why don’t they just wait a few weeks for the check to be mailed to them? Instead of wasting hundreds of dollars to get it now? Answer - now you know why their credit is bad.

The problem is not because they can’t get to a bank - the problem is they’re so reckless with money no bank will trust them.

Neither should the taxpayer.

 

[black dog]

I dont believe I have ever had a credit check with opening a savings or checking account.

 

[Clem72]

Doesnt walmart cash government and payroll checks for $3?

Food lion cashes personal checks written to yourself or payrol checks up to $1000. I don't think they charge a fee.

 

[vraiblonde]

So would the be able to cash a check at the post office without a photo ID? Because AOC has also insisted that black people and poor people don't have that.

She is a hot mess of nonsense.

 

[RoseRed]

They should offer check cashing at the DMV. Two birds, one stone...

So would the be able to cash a check at the post office without a photo ID? Because AOC has also insisted that black people and poor people don't have that.

She is a hot mess of nonsense.

 

[PeoplesElbow]

Food lion cashes personal checks written to yourself or payrol checks up to $1000. I don't think they charge a fee.

Sounds like a real deal to me. I haven't cashed a check, other than a rebate check, since I was in college in the 90s.

 

[Clem72]

Sounds like a real deal to me. I haven't cashed a check, other than a rebate check, since I was in college in the 90s.

Me neither, but somehow every time I get in the express 15 items or less lane the person in front of me is always writing a check, and doing it for more than the grocery amount in order to get cash back.

 

[BOP]

There’s not a significant need for “banking” at the post office.

During Thursday’s press conference, Ocasio-Cortez stated “millions” of Americans were likely to use “postal banking” because of fees associated with check cashing businesses.

“I can’t tell you how many families I see go in and they can’t afford to be banked. Think about that, how many millions of people in this country that either can’t afford to be banked or struggle to be banked,” she said. “And so they’ll show up to a check cashing place. Imagine cashing your stimulus check for $1,400 and having 10% to 20% of that check taken away from you. Those are diapers. That’s baby formula. And that’s food that is taken out of the hands of the families just to cash a check.”

Despite that, a 2019 study from the Federal Deposit Insurance Corporation (FDIC), found that “Nearly 95 percent of U.S. households (approximately 124 million households) were banked (i.e., had a bank or credit union account). This is the highest number and percentage of households with bank accounts since the survey was first conducted in 2009.”

Outline.com

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She doesn't see any families who can't afford "to be banked," which is why she's saying she can't tell us.

 

[BOP]

Doesnt walmart cash government and payroll checks for $3?

I remember a time in the '80s when even banks wouldn't cash my Reserve checks.

 

[Hijinx]

I just had a go round with my credit card company over a check I wrote and sent them in march and they never received it. My wife is on the way noe to the bank to void the check and pay the bill right there.

Postal banking?? LMAO Why let the Post office which can deliver 200,000 ballots at 3 in the morning , but cannot get my mail to me or have my payment sent to the people I owe ,to start doing banking.
The we have that dip[stick potato head Pelosi bragging on the postal service.

Good lawd. We have morons in the Capitol, and they are in charge.