Just as MPs warn that shops and services may need to accept cash to protect vulnerable customers, a new agreement will allow millions of bank users to access vital banking services at their local Post Office from next year. On his first day as CEO, Neil Brocklehurst has announced a major new deal with 30 big UK banks and building societies that will ensure customers can continue to withdraw and deposit cash, check balances and deposit cheques at Post Office branches until at least the end of 2030. The agreement, which is called the Banking Framework 4, is a five-year extension of the existing partnership that secures the Post Office’s role in supporting local communities, particularly for those left behind by widespread bank closures.
Post Office Minister Gareth Thomas said: "Neil Brocklehurst has provided stability and strong leadership to the Post Office over the last year, and I’m looking forward to working with him to deliver for Post Office customers up and down the country. This includes those who struggle to travel to a bank to access basic services, where the local post office is a lifeline.
"As part of Post Office’s New Deal for Postmasters and Transformation Plan, this new Banking Framework 4 deal will provide a better commercial offer for postmasters over the next five years while improving cash services for the people and businesses that need it most."
As part of the new framework, the Post Office is also increasing pay for postmasters for handling banking transactions and investing in cash automation in branches to reduce costs and improve efficiency, as reported by Chronicle Live.
Post Office CEO Neil Brocklehurst said: "This new, five-year agreement with banks and building societies ensures our branches remain vital hubs for cash access and provides certainty for businesses and individuals nationwide regarding their everyday banking.
"This agreement also means that we will be able to increase the income postmasters receive for delivering banking services, a key pillar of our transformation plans."
Here is the list of the banks involved in the deal:
