Post Office sees record £1bn in cash withdrawn in a single month for first time ever

Post by **TrueBlueTerrier** » 13 Jan 2025, 11:47

https://www.independent.co.uk/money/cas ... 78459.html

Cash withdrawals topped £1 billion at post offices in December, marking the first time on record that this has happened in a single month.

The Post Office recorded £979m worth of personal cash withdrawals in December and £35m worth of business cash withdrawals.

A previous record high was set in December 2023, when a total of £962.8m worth of personal and business cash withdrawals were made. In total, cash deposits and withdrawals across the counter at post offices in December 2024 totalled £3.7bn.

This record in cash withdrawals comes after Nationwide Building Society announced an uptick in ATM useage across 2024, including a 16 per cent rise in cash withdrawals from non-Nationwide customers, partly due to branch closures by banks.

Over £3.7m in cash was withdrawn or deposited over the counter on Christmas Day at 1,300 branches that were open.

The Post Office has an agreement with many banks, enabling customers to do their day-to-day banking over its counters. It helps to plug gaps in the cash system, following bank branch closures.

Ross Borkett, Post Office banking director, said: “Our figures demonstrate that millions of people clearly still rely on cash to manage their budget on a day-to-day basis.

“We saw significant amounts of cash withdrawn every day in the run-up to Christmas Day, highlighting just how vital it is for people to be able to withdraw the amount of cash that they need, to the penny if they require, at our branches.

“It’s testament to the hard work of postmasters and their staff that over a billion pounds was withdrawn over the counter in a single month. They keep their branches open long hours, with many open at weekends.

“We know that where cash is withdrawn locally it tends to be spent locally, demonstrating the vital role postmasters play in keeping local high streets going and attracting footfall which benefits other nearby retailers too.”