UK banks and Post Office in landmark agreement
Written by Anthony Strzalek
A landmark partnership between the Post Office and UK banks has been hailed as the “biggest expansion in face-to-face banking access in a generation”.
The industry-wide agreement gives 99 per cent of UK personal bank customers and over 75 per cent of business customers the ability to undertake their day-to-day banking at the Post Office.
It will bring together the Post Office’s existing arrangements with individual banks into a single set of cash and cheque services available to customers of virtually all UK banks. Card-based transactions will enable real-time credit and debit payments into customer accounts.
Last year the Post Office carried out 110 million banking transactions across its network – an average of over 200 a minute and a six per cent increase from the previous year.
This is set to increase even further, as the new simplified service will offer easy access to day-to-day banking for both personal and business customers offering cash withdrawals, cash and cheque deposits and balance enquiries. Customers will also benefit from longer opening hours and over 4,000 branches open on Sundays.
Some of the Post Office’s 11,600 branches around the UK are often the most accessible place for handling financial transactions, particularly in remote areas.
Nick Kennett, chief executive of Post Office Financial Services, said: “This is great news for both personal and business customers of our partner banks. We are working with banks to ensure that our network of bricks and mortar locations gives consistent and widest possible availability of face-to-face banking services across the UK, with many customers already benefitting from this.”
Business minister Margot James, added: “Millions of consumers and small businesses across the UK will now benefit from unrivalled access to banking services, including on Sundays, thanks to the Post Office. This is the biggest expansion in branch banking services in a generation and I am delighted the network is able to offer these services to so many customers.”