Customers from ALL banks to be given acces through local PO

[TrueBlueTerrier]

Cash on delivery: Customers from ALL banks to be given access through local Post Office

Post Offices are to be transformed into ‘mini-banks’ in an attempt to breathe life into the struggling network.

Everybody in Britain who has a current account with any bank should be able to use the Post Office for all basic transactions, the Government will say today.
These will include withdrawing cash, checking your balance, and paying in cash or a cheque.

Everybody in Britain with a current account should be able to use the Post Office for all basic transactions, the government will say today

Edward Davey, Postal Affairs Minister, said he wants 100 per cent of current accounts to be accessible from the 11,500-strong network of Post Offices.
He hopes the initiative will help protect the remaining network, which has lost key Government contracts, triggering a sharp slump in customers.

If more people have a reason to visit a Post Office, they are also likely to buy something at the same time, such as a pack of stamps or a pint of milk.
The majority of Post Offices are a single counter in a local shop, selling groceries, newspapers and cards.

The move will be a huge relief for millions of pensioners and other vulnerable groups who face a daily struggle to get access to their own money.
Many are forced to travel long distances to get to their nearest bank, a journey which can be difficult without a car.

Labour presided over the mass closure of Post Offices, which have been shutting at an alarming pace.

When Tony Blair came to power, there were 19,000 Post Offices. Today there are just 11,500 following the most recent closure programme of 2,500.
There are 9,900 bank and building society branches in total across the UK.

At present, just 60 per cent of current accounts from banks such as Alliance & Leicester, Halifax, Lloyds and The Co-op can be accessed at a Post Office.

Postal Affairs Minister Edward Davey wants 100 per cent of current accounts to be accessible from the 11,500-strong network of Post Offices
Three of the country’s biggest banks – HSBC, Royal Bank of Scotland and Abbey, now known as Santander – do not let their customers use Post Office for basic transactions.

Mr Davey said he will make it abundantly clear to these banks that he considers it vital that they sign up. He said: ‘Clearly these are commercial decisions for the banks involved.

‘It is up to these banks to negotiate deals with the Post Office.

‘But the Government is encouraging that process and explaining to the banks how important we think this is.’

Yesterday the National Federation of SubPostmasters said the move was a ‘step in the right direction’ for a network that had been under attack for years.
George Thomson, general secretary of the NFSP, welcomed the move, but warned that it was ‘just one part of a much bigger picture’.

He said: ‘We believe that ministers could ensure a sustainable future for Post Offices, boost local economies, support small businesses and restore public trust in the banking system by creating a state-backed Postbank at the Post Office.

‘The key to survival is for the Government to make better use of its own network with a trusted local presence in every community in the UK, by making more government, council, banking and other services available to the public over our counters.’

Andy Burrows, a postal services expert at the watchdog Consumer Focus, said: ‘This would be great news, especially for people living in rural areas or where high street banks have closed.

‘With as many Post Offices as banks and building societies put together, consumers would have much wider free access to cash regardless of who they bank with.’

A survey earlier this year showed that most people would not just like to access their own account in the post office, but would like to see a new publicly-run Post Bank.

The poll of more than 2,000 adults in February by the Post Bank Coalition showed that four out of five backed the idea, and two thirds would use a bank in post offices.

The coalition, which includes business and pension groups and trade unions, said the Government should act on the findings and establish a publicly owned bank in post offices as quickly as possible.

There was now a growing consensus among politicians and the public for a new model of banking based on the ‘trusted’ post office network, said the campaigners.


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[Straight4ward]

Everybody in Britain who has a current account with any bank should be able to use the Post Office for all basic transactions, the Government will say today.
These will include withdrawing cash, checking your balance, and paying in cash or a cheque.

In other words, the non-profitable stuff the banks would rather not handle.

Yet another case of a public service being forced to subsidize the private sector.

[andy2007]

No surprises there! Still, at least it'll make life easier for people who struggle to get into town, to go to the Bank. So it's not all bad. It's just a shame that there's no mention of rewarding the POs financially for taking on this service. Still, what else could we expect from a ConDem Government. They're even worse than the inapropriately named Labour Government.

[plainpat]

Everybody in Britain who has a current account with any bank should be able to use the Post Office for all basic transactions, the Government will say today.
These will include withdrawing cash, checking your balance, and paying in cash or a cheque.

In other words, the non-profitable stuff the banks would rather not handle.

Yet another case of a public service being forced to subsidize the private sector.

I think you will find that the PO will be able to charge a fee for each transaction as is the case already with the ones that have similar arrangements in existance such as The Cooperative Bank.

What it may mean is that the banks will use this as a reason to close more branch offices.

[Lounge Lizard]

Everybody in Britain who has a current account with any bank should be able to use the Post Office for all basic transactions, the Government will say today.
These will include withdrawing cash, checking your balance, and paying in cash or a cheque.

In other words, the non-profitable stuff the banks would rather not handle.

Yet another case of a public service being forced to subsidize the private sector.

I think you will find that the PO will be able to charge a fee for each transaction as is the case already with the ones that have similar arrangements in existance such as The Cooperative Bank.

What it may mean is that the banks will use this as a reason to close more branch offices.

I think it's 8p per withdrawal, and then they get old codgers asking for it all in £5 notes, and then in December everyone moans at being paid in £50 notes because that's all that's been sent due to a shaortage of £20s at that time of year.

[andy2007]

Thank goodness we don't have that problem here. I can't remember the last time I even saw a £50 note.

[Straight4ward]

I'll stand by what I said earlier.

So at the end of 100 transactions, the PO has made the princely sum of £8.00. Whoopee!
Consider the time taken to enact those transactions. The salary to be paid for the person carrying them out.

It is non-profitable business that the banks would rather not handle.

[andy2007]

I agree. They should recieve a higher payment, to make it worth their while. But sadly, our current ConDem Government is no more likley to do the decent thing, than their Labour predecessors.

[Lounge Lizard]

I'll stand by what I said earlier.

So at the end of 100 transactions, the PO has made the princely sum of £8.00. Whoopee!
Consider the time taken to enact those transactions. The salary to be paid for the person carrying them out.

It is non-profitable business that the banks would rather not handle.

Yes, and to earn that £8 there needs to be £5,000 or so stashed away behind then counter making the Post Office more of a target for robbers.

[brothermagrew]

Know Your Banknotes Leaflet.

Your Easy to Follow Guide to Checking your Banknotes.pdf