31 Banks Sign Post Office Deal on Cash Access

With the demise of high street banking, concerns have been raised by those living in smaller towns, rural and seasonal/coastal areas that access to cash as well as private and business banking is getting ever hard.

For example, where financialadvice.net’s head office is in Newquay, Cornwall, there are now no banks and only one building society in the town centre in addition to two bank branches on the outskirts, if you have transport or live that side of town.   The situation is much worse in smaller towns and villages across the country.

We are already mainly a cashless society and with the growth of online banking, it makes sense for banks to close smaller branches.  That said, there have long been concerns that lack of banking access can isolate people such as pensioners or those that have poor digital skills and local businesses having to travel 20 or 30 miles for their business banking.

A new and updated deal, the ‘Banking Framework 3’ has been signed by 31 banks and the post office to continue offering banking services at post office counters until 2026 when the agreement will come up for renewal.

Most towns and villages have post offices or sub post offices in their local grocery stores, so this is welcome news.

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