Cash deposits and withdrawals at Post Offices top £3bn in a month for first time

Cash deposits and withdrawals at Post Offices top £3bn in a month for first time

In November, the Post Office handled the highest amount of cash in a single month in its 360-year history

Cash deposits and withdrawals at Post Office branches have topped £3 billion in a single month for the first time.

The milestone was reached in November, when the Post Office handled the highest amount of cash in a single month in its 360-year history.

In total, £3.01 billion was deposited and withdrawn by personal and business customers across the UK.

The Post Office also recorded its biggest month for personal cash withdrawals in November, with £743 million withdrawn over its 11,500 counters, up by 7% month on month. The previous peak was in December 2019, when £707 million was withdrawn.

Post Office branches also handled £1.04 billion in business cash deposits in November, a total which was up by 4% month on month.

A recent Post Office survey found nearly half (44%) of small hospitality and leisure businesses in the UK rely on cash daily.

Business cash deposits at the Post Office have exceeded £1 billion every month since June 2021.

Bank branch closures have spurred some customers to visit Post Office branches for their cash needs. The Post Office has an agreement with many banks which allows customers to do their everyday banking at its branches.

Many branches are open long hours and at weekends, the Post Office said.

Martin Kearsley, banking director at Post Office, said: “Each month comes news of further bank branch closures and, in many communities across the country, Post Office is already the last counter in town.

“Business and personal cash deposits, as well as personal cash withdrawals, are all significantly up on last year and postmasters are now routinely handling around £3 billion worth of cash every month.

“Post Office’s services ensure the millions of people who rely on cash everyday can access their cash in a quick, convenient and secure manner and we’re working closely with the banks to develop shared branches and offer wider services.”

There have been 736 bank branch closures this year so far, with another 220 planned to go in 2022, according to figures recently released by Which?

Trade association UK Finance has said the banking and finance industry is committed to ensuring there is continued access to cash for those who need it, now and in the future.

Published: by Radio NewsHub
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