Oct 10, 2022
Post Office handles more cash as banks close and prices rise
Post Office branches handled increased amounts of cash in August, a trend it expects to continue, as banks close branches and the cost of living bites. "We expect cash transactions to continue to exceed expectations in October and for the rest of the year," said Martin Kearsley, banking director at the Post Office. Customers of most banks can already use post office counters for basic banking, but at the hubs there is a wider range of services and the banks taking part send representatives once a week to help customers. While the Post Office is processing more cash transactions in the short term, over the longer-term, the trend away from cash is set to continue, with UK Finance, the body representing the banking industry, forecasting cash will account for only 6% of payments by 2031. The Post Office said personal cash withdrawals at its branches totalled £805m in August, up 0.5% compared to July, while personal cash deposits exceeded £1.4bn for the first time.
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