EXCLUSIVE: Post Office conducts wider rollout of over the counter banking service

Post Office (PO) has begun a wider rollout of over-the-counter banking services, enabling subpostmasters to offer personal and commercial banking services to customers.

Vince Malone, of Tenby Stores in Pembrokeshire, will become one of the latest stores operating the “enhanced banking counter” service when it goes live in mid-March. He told Better Retailing he will get a dedicated banking counter to operate the counter.

A smaller version of the PO’s banking hubs, branches will also receive a cash counter machine which acts as a secure safe for the money. The device is designed to reduce note handling time and improve security.

Postmasters will receive remuneration for handling cash withdrawals, deposits, balance enquiries and cheque deposits.

There are currently nine branches, with the sites chosen by Link following an access to cash survey. All improvements are funded through Link’s operating company Cash Access UK. Both companies will be investing in more branches this year.

Commenting on the opportunity, Malone said: “It’s a new service and without a doubt will help attract more footfall to the store. Banks in the community have been closing, so it’s important to ensure access to cash is still available.

“Parcel services are important, but you’ve got more companies such as PayPoint expanding their services in the category. Having additional banking services will certainly help us differentiate.”

Better Retailing understands there are certain size requirements to have the service, while branches will always require a staff member at the counter.

A Post Office spokesperson said: “In partnership with Cash Access UK, the organisation set up to protect nationwide access to cash, and our local Postmasters, we are enhancing the banking facilities at Post Offices to support consumers and businesses with their cash needs. Together we have introduced faster banking services in a number of Post Offices which has included new machines to make transactions quicker and, in some branches, a dedicated banking counter. Through technology and customer experience, we are supporting individuals and small businesses to access their cash faster when they are visit one of our Post Offices.”