Post Office extends agreement to handle bank deposits and withdrawals

The announcement follows a backdrop of bank branch closures

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Post Office have announced an extension for the continuation of an agreement to handle bank account cash deposits and withdrawals for a further three years.

The agreement runs from 1 January 2023 to 31 December 2025.

This will ensure the Post Office is continuing to support the millions of people and small businesses nationwide that rely on cash.

Under the new agreement, known as ‘Banking Framework 3’, customers of 30 bank and building society brands will continue to be able to use Post Offices to withdraw and deposit cash in their accounts.

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Nick Read, chief executive at the Post Office, said this new agreement, “highlights the unique and vital role that the country’s Post Offices play in local communities and economies.

“While Banks are cutting their branch networks, Post Offices are seeing more deposits and withdrawals with Postmasters keeping their branches open long hours and helping to draw people to our High Street,” he added.

The announcement follows a backdrop of bank branch closures and concerns from groups representing businesses, older people and vulnerable members of the public who have limited access to cash in their communities.

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John Glen MP, economic secretary to the Treasury, said: “The Post Office, with its presence in local communities across the UK, plays an important role in the levelling-up agenda and this agreement will continue to allow 95% of business and 99% of personal banking customers to carry out their everyday banking, including withdrawing and depositing cash, at 11,500 Post Office branches in the UK.”

Since 1 January 2020 – when the current agreement came into effect – until 31 December 2021, business and personal customers have deposited over £46 billion and withdrawn over £16 billion in cash in total.

In 2022, the third and final year of the present agreement, Post Office predicts it will handle over £3 billion in cash every month.

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