Jan 24, 2017
Post Office agrees counter service deal with banks
High street banks have struck a deal with the Post Office to provide nearly double the number of small businesses with over-the-counter services as they step up branch closures across the UK. The Post Office, which has 11,600 branches, has signed an agreement to provide nearly all of the large banks' personal customers and 75 per cent of their small business clients with face-to-face services, from depositing cash and cheques to reviewing balances. Until now, various banks have offered limited access through the Post Office - covering only 40 per cent of business customers. PO has signed an agreement to provide nearly all of the large banks' personal customers and 75% of their small business clients with face-to-face services. Last year, some 110m transactions were carried out at Post Offices on behalf of banks, up from 104m the year before. The Post Office has come under scrutiny in the past month for planning to close nearly 40 flagship branches, opting in some cases to install services in local retailers as a more cost-efficient alternative.
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