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UK Post office - new deal with 28 banks

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UK Post office - new deal with 28 banks

Ian Kerr

The UK Post Office has announced a new Banking Framework agreement with 28 UK banks. The new agreement ensures subpostmasters and the Post Office receive a fair remuneration for providing banking services.

Last year Post Office branches handled over 130 million transactions on behalf of UK banks - often in communities where bank branches no longer exist.

“We have been working with the banks to ensure we have the right service levels across our network to meet their customers’ needs and to ensure our branches receive a fair remuneration for providing these vital services.” - Martin Kearsley, Director of Banking Services, Post Office

All the banks have reconfirmed their commitment through the new agreement that their customers can access a range of cash and cheque banking services at Post Office branches.

Well, all except one.

Barclays has chosen to stop allowing their customers to make cash withdrawals from 8 January 2020. Barclays’ customers will be able to continue to deposit cash, cheques and access change and balance enquiries at Post Office branches after this date as these services are unaffected by this decision.

This has sparked petitions and media outrage in the UK, despite Barclays committing to freeze last-in-town and remote branch closures for two years.

If you think this all sounds familiar… you’re right! Australia Post signed agreements with three of Australia’s four major banks to continue offering banking services via post offices but with an improved fee structure. When I say “improved”, I mean, "Australia Post and Licensees get more”.

One bank - ANZ - refused to pay the additional fees, and despite the bad press the bank has stuck to its guns. In the meantime, second-tier banks and other financial institutions have also signed up to the new Bank@Post deal with Australia Post. ANZ has not wavered.

Let’s see if Barclays follows ANZ’s lead in this respect.


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