Nearly one in ten Post Office (PO) branches opened on Christmas day, handling a record-breaking amount of cash transaction.
The PO’s latest cash tracker figures show transactions were carried out at 1,500 branches, predominantly those operated by independent convenience store owners.
In total, £3million in cash withdrawals and deposits were processed by these sites, equivalent to an average of £2,000 per open PO store. The overall figure represents a 30% year on year leap in demand for Christmas Day PO cash services.
Friday 22 December also broke the Post Office record for the highest cash withdrawals by personal customers in a single day, with £62.4m handed over at PO counters. The figure is £10m more than PO branches have ever given out in a single day to individuals.
Post Office head of banking Ross Borkett explained: ““For some people, being able to withdraw cash for free helped them to finish last-minute shopping for the big day, for others it may have been a last-minute gift. Business cash deposits being made on Christmas Day indicate just how vital it is that pub and restaurant owners have somewhere open and convenient to deposit their much-needed Christmas cash takings.”
Under new 20% higher remuneration rates for banking services for PO retailers introduced in April 2023, the boom in Christmas transactions in late 2023 also means a much-needed boost for remuneration for partnered stores. Just last week the PO’s annual report showed total pay for the average branch had remained roughly flat despite crippling inflationary cost pressures for branches in 2023.
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