Auto Amazon Links: No products found. Blocked by captcha.
The Post Office has seen a new record in July for amount of cash handled, with customers depositing or withdrawing over £3.7bn. This new record follows on from previous high amounts set in May, April, and December. The usage of Post Office branches to handle cash is becoming increasingly popular due to the ongoing rate of closure of bank branches, with over 6,000 closures since 2015 – averaging around 50 per month.
Banking hubs are being opened gradually to provide similar services, with around 70 in operation and a further 100 expected to be open for Christmas. The aim is to provide access to cash for people who need it and to allow small businesses to deposit takings. However, with the limited services provided by branches and post offices, the issue surrounding bank branch closures is a contentious one.
Despite the previous Horizon IT scandal causing immense damage to the reputation of the Post Office, it has managed to keep its visits stable, with around 10 million each week. Located on the High Street, the Post Office offers a local alternative to many people when bank branches shut down.
Mairi Wingate, postmistress at Barton-upon-Humber for the past 19 years, attests to a wide range of reasons why people prefer using cash. “It can range from anything from people wanting £10 to go to the local hairdressers to get their hair done, to ranging up to £300 or £400 and it’s just budgeting for the weekly shopping and bills.”, she explains. “They know exactly what they’ve got and they can’t overspend what they haven’t got.”
John, a frequent Post Office visitor, says he prefers cash as “Cash is still king in my book. I do have cards but very rarely use them. You can flash a card around without really knowing what you’re doing…Cash in the pocket [though] you know where you are.
Read the full article from The BBC here: Read More
Auto Amazon Links: No products found. Blocked by captcha.