The monthly Post Office Cash Tracker across the 11,500 branch network has illustrated the continuing reliance that small businesses and individuals place on being able to quickly and securely deposit and withdraw cash at Post Office branches.
New figures have revealed that cash transactions totalled £3.35bn at Post Offices in June – the highest level since last September (£3.35 billion, September 2022). Cash transactions were up partially month-on-month (£3.33 billion, May 2023).
Netherfield ‘s Its Inn The Bank landlord David Murphy said: “Its no surprise – I used to queue for 20 minutes at the Netherfield HSBC, then that closed and I had to drive to Arnold for the same poor service until that closed.
“Now I do my banking 20 yards away at Netherfield Post Office, Ketan the Post Master is amazing and I’m in and out in less than ten minutes.
“With no other banking facilities in Netherfield I would assume that all of the local businesses around here are doing the same”
The record cash transactions at Post Office branches have been driven by continued bank branch closures, highlighting the importance of Post Offices within communities. Since 2015, a total of 5,632 banks and building societies have closed or are scheduled to close and over 500 bank branch closures have been announced for 2023 so far.
Post Office has partnerships with over 30 banks, building societies and credit unions meaning that 99% of UK bank customers can access their accounts at their Post Office branch.
Martin Kearsley, Post Office Banking Director, said: “Postmasters continuing to handle well over £3 billion each month demonstrates just how vital being able to deposit and withdraw cash securely and conveniently is for millions of people. These figures clearly show that Britain is anything but a cashless society and people are reliant on cash as the tried and tested way to manage a budget.”
Between 01 July 2022 and 30 June 2023, Post Office collected a total of £1,878,547.50 for long-affiliated charities BBC Children in Need and the Disasters Emergency Committee. In addition to the national charities, many Postmasters also fundraise for causes important to them and their communities, all through their Post Office branch. Over 80% of all donations were made in cash, highlighting the important role cash plays in charitable giving.
Kearsley added: “I am delighted that despite the cost-of-living crisis, our wonderful customers continue to dig deep, giving close to £2million in donations through Post Office branches for the charities we support over the last year. With over 80% of those donations coming in as cash and coin, this shows just how important cash is to supporting charities and making sure everyone can provide financial donations to charities, however they want to pay.”
Further details are available Post Office Corporate HERE.
