Post Office strikes deal with major high street banks that will ensure customers can continue to access banking services at its 11,500 branches
La Poste has reached an agreement with major high street banks that will ensure customers continue to access banking services at its 11,500 branches.
The deal means that customers of all major banks – including small businesses – will be able to use the Post Office for basic banking.
This will include cash withdrawals and deposits as well as check deposit and balance enquiries. The agreement, known as “Banking Framework 3”, will come into effect early next year and will remain in force for three years.
A step in the right direction: the deal means that customers of all major banks – including small businesses – will be able to use the Post for basic banking
It has been minted by 30 brands of banks and building societies and includes Barclays.
In autumn 2019, Barclays drew widespread criticism when it said it would block customers from using the post office network to access cash from the start of 2020. But in response to a fierce backlash from customers, she quickly made a quick and embarrassing U-turn.
The Post Office announcement represents a victory for The Mail on Sunday’s Keep Our Cash Campaign.
We have passionately advocated for continued access to cash across the country amid bank branch closures and the removal of unprofitable ATMs.
Access to cash is vital for older people, many of whom balk at the idea of online banking, while many smaller retailers need to deposit cash receipts regularly.
On Friday, Nick Read, the Post’s chief executive, told the Mail on Sunday: ‘This deal provides a continued lifeline for the millions of cash-dependent people and small businesses across the country. In a separate development on access to cash, Lady Margaret Bloom – a former economist – has been appointed to oversee monitoring of future bank branch and ATM closures.
Under an agreement reached with banks last month, ATM operator Link will be able to review communities that have been notified that their last bank branch – or ATM – is being removed.
It will then assess whether to set up alternative banking services.