Cash transactions at eight-month high as Brits turn to Post Office amid mass bank branch closures
Cash transactions at post offices reached an eight-month high in May.
Some £3.33 billion-worth of transactions were made, marking the highest total since last September, when it was £3.35 billion.
Business and personal cash deposits totalled £2.48 billion in May, marking a 10% month-on-month increase.
Personal cash withdrawals totalled £817 million in May, up by 7.5% month-on-month.
The Post Office said the figures underline the important role of its branches as the leisure and hospitality sectors enter their busiest time of the year.
It has partnerships with more than 30 banks, building societies and credit unions meaning that 99% of UK bank customers can access their accounts at their Post Office branch.
Martin Kearsley, Post Office banking director, said: “Postmasters continue to provide vital everyday banking services to millions of people and thousands of small businesses each month.
“In many communities, post offices are the only location where banking can be done.
“With good weather forecast across the UK for June, postmasters are on hand to support Britain’s pubs, restaurants, ice cream sellers, hoteliers and many others in the hospitality and leisure sector who rely on their local post office to deposit cash takings conveniently, quickly and securely.”
This comes as hundreds of major banks have closed branches across the country, as millions of Brits go digital-only.
Vicky Shaw – Press Association