Fortune article

A recent article in Fortune by McKenna Moore examines the costly challenge of being unbanked — $40,000 just in fees over a lifetime — and mentions public banking among the suggested solutions, with a link to PBI. Moore describes the urgent need for direct payments, which PBI highlighted in our Open Letter to Congress early in the pandemic shutdown:

“As American adults faced economic hardships brought on by the pandemic this year, a real-time payment system—which many countries around the world have already instituted—could have saved money and prevented suffering, [says Aaron Klein, a fellow in economic studies at the Brookings Institution who serves as policy director of its Center on Regulation and Markets.] Anyone receiving their stimulus check by direct deposit, including those who are underbanked, had to wait several days before being able to actually use their money because of the way clearinghouse settlements work in America. This was not ideal for many who lost their income during the pandemic and were just scraping by, desperate for the stimulus funds to hit their accounts.”

[Read the full article]