Many Post Office branches offer banking services – but there are limitations customers need to know about
Post Offices throughout the country now provide banking services, enabling customers to handle their finances easily at their local branch. The appeal of these services keeps increasing, hitting a milestone in December when cash withdrawals exceeded £1 billion for the first time.
If you’re keen to know precisely what you can and can’t do from your local branch and how this compares with a bank, look no further. The Daily Record has highlighted several key points from the Post Office’s official guidance, including three key banking rules.
The Post Office emphasises that customers can access ‘simple, safe and secure local banking’ at thousands of branches nationwide. Its services focus on ‘everyday banking needs’ that are swift and straightforward to do.
With this in mind, there are three general rules regarding what a customer can do with ‘personal banking’. This encompasses the following:
- Take out cash at counters and ATMs
- Deposit cash or cheques safely
- Check account balance
More sophisticated services, such as account opening and bank loan applications, are generally not offered at Post Office branches. This highlights that Post Offices are not meant to replace bank branches but to assist people in accessing essential services.
Advice from consumer champion Which? also echoes this, stating last year: “With 6,303 bank branches closing since January 2015, and 99.7% of the population living within three miles of a post office, the network plays a vital role in providing access to cash, banking and bill payment services in areas left behind by high street banks. However, post offices are not direct substitutes for bank branches.”
It’s important to note that the precise services available to you may depend on your chosen bank and account type, as different firms have their own rules. For example, only Nationwide customers with a FlexAccount, FlexPlus, FlexDirect or FlexBasic can use a local Post Office to view their balance or withdraw up to £500.
Other banking firms may also charge customers for selected services at Post Offices, so it’s essential to check with them for details if you’re unsure.
Online guidance from the Post Office adds: “We work with most major UK banks to provide cash withdrawals and cash and cheque deposits in lots of our branches. You can also check your balance. With some business accounts, you can also request change.
“The services available for each bank and how they work may differ slightly from bank to bank.” You can locate your nearest branch on the Post Office’s website here.
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