correction
A previous version of this story misstated the number of American households that are unbanked or underbanked. It is 5 percent. It also misstated which federal agency found that more than 1 in 5 Black and Hispanic adults are unbanked or underbanked. It was the Federal Reserve.
The U.S. Postal Service quietly began offering paycheck-cashing services at several East Coast post offices last month, testing a plan that financial experts say has the potential to transform how low-wage and underserved Americans access their money.
Postal customers can now redeem paychecks in Washington, Baltimore, Falls Church, Va., and the Bronx, for Visa gift cards topping out at $500, an agency spokesperson said. Postal officials expect to expand the pilot into a fuller study with more locations and financial products, such as bill-paying services and ATMs, according to three people involved with the program who spoke on the condition of anonymity to discuss sensitive business strategy.
