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Gloucestershire Business News

Post Office demands fee rise from banks

The Post Office is demanding more money from banks to provide vital cash services, especially in areas where banks have pulled out altogether.

Places in Gloucestershire like Newent and Winchcombe have been left without a bank after branch closures.

Across the board, the Post Office is asking for an extra £200 million, in a three-year deal, to allow customers to access cash at its branches.

A total of 30 high street lenders are being asked to pay about £800 million to be able to use the Post Office's more than 11,000 branches.

The current three-year deal ends in December.

The Post Office handles 150 banking transactions a year, with that number increasing with every bank closure.

A spokesman for the Post Office said: "Establishing a long-term, secure solution for cash is in the interest of banks, Post Office and the millions of small businesses and consumers that rely on it every day.

"Withdrawals and deposit volumes are rising across our 11,500 branch network as others close theirs, and our partnership with the banks means Postmasters can continue to be rewarded properly for the increasingly important support they offer their communities.

"A long-term agreement would provide millions of the banks' customers certainty that they can continue to deposit and withdraw their cash safely and securely at a conveniently located Post Office for many years to come."

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