The Post Office in the United Kingdom has secured an agreement from 30 banks, building societies, and credit unions, which enables their customers to continue to do everyday banking at post offices.
The ‘Banking Framework 3’ agreement, which runs from January 1, 2023, to December 31, 2025, means that millions of individuals who rely on cash every day will be able to use the post office for their cash needs. This extends a critical service for consumers and businesses that will form an important part of supporting access to cash legislation expected from the government.
Post offices have grown their banking business throughout the Covid pandemic as communities have been supported through the pandemic, further highlighting their critical role. Over £3 billion a month’s worth of cash is deposited and withdrawn every month from post offices’ 11,500 branches – expected to continue throughout 2022. “This agreement highlights the unique and vital role that the country’s post offices play in local communities and economies”, says
Nick Read, Group CEO, Post Office, UK.
The customers of 30 banks and building society brands will continue to be able to use post offices to withdraw and deposit cash in their accounts. They can also deposit cheques and make balance queries.