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Access to cash via bank accounts and the Post Office card account (POca) helps to fulfil the Government's commitment of allowing people to access their pensions and benefits in cash at a post office if they choose to do so.
The Department launched a public consultation on new financial products and services that could be offered by the Post Office. The consultation set out what the Post Office already offers in terms of financial services and set out the Government's vision for Post Office banking and the values that should underpin it. In addition it put forward a number of proposals for new financial products that the Post Office could offer. The deadline for responses to the consultation has now closed (24 Feb) and the the Government will be considering these and issuing its response in due course.
The Government announced on 13 November 2008 that it will award a new contract for the continuation of the POca up to March 2015 to Post Office Limited (POL), with the possibility of an extension beyond that. In addition to the POca, there are a range of bank accounts which allow customers to access their pension or benefit in cash free-of-charge at their local post office.
Customers with current accounts with 13 UK banks and building societies can access their cash free of charge at post offices branches. In addition, customers holding basic bank accounts with 17 banks and building societies can also access their cash free of charge at post offices branches. With many bank accounts, including some basic bank accounts, customers can also pay in cash and cheques, and get balance enquiries too.
More information about the role of basic bank accounts in promoting financial inclusion is available from the Financial Inclusion Taskforce at HM Treasury.
POL, in conjunction with its financial services partner, the Bank of Ireland, is currently implementing a programme to install up to 4,000 free-to-use cash machines at post offices across the country. By the end of March 2010 POL is expected to have installed over 2,000 free-to-use ATMs, of which some 60% are located outside of branches, thus allowing for access 24 hours a day.
