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Numerous Post Offices throughout the UK now provide banking services, enabling customers to handle their finances conveniently at their local branch. The appeal of these services continues to expand, hitting a milestone in December when cash withdrawals exceeded £1 billion for the first time.
If you’re eager to understand precisely what you can and can’t do from your local branch and how this compares with a bank, look no further. There are several key points from the Post Office’s official guidance, including three key banking rules.
The Post Office emphasises that customers can access ‘simple, safe and secure local banking’ at thousands of branches throughout the UK. Its services focus on ‘everyday banking needs’ that are swift and straightforward to complete.
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In light of this, there are three general rules regarding what a customer can do with ‘personal banking’. This includes the following:
More complex services, such as account opening and bank loan applications, are typically not available at Post Office branches. This demonstrates that Post Offices aren’t intended to replace bank branches but rather to help people access essential services.
Guidance from consumer champion Which? also echoes this, stating last year: “With 6,303 bank branches closing since January 2015, and 99.7% of the population living within three miles of a post office, the network plays a vital role in providing access to cash, banking and bill payment services in areas left behind by high street banks. However, post offices are not direct substitutes for bank branches.”
It’s important to note that the exact services available to you may depend on your chosen bank and account type, as different firms have their own regulations. For example, only Nationwide customers with a FlexAccount, FlexPlus, FlexDirect or FlexBasic can use a local Post Office to view their balance or withdraw up to £500.
Other banks may also charge customers for selected services at Post Offices, so it’s crucial to check with them for details if you’re unsure.
Online advice from the Post Office adds: “We work with most major UK banks to provide cash withdrawals and cash and cheque deposits in lots of our branches. You can also check your balance. With some business accounts, you can also request change.
“The services available for each bank and how they work may differ slightly from bank to bank.” You can locate your nearest branch on the Post Office’s website here.
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