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Gloucestershire Business News

Post Office handles record amount of cash

The Post Office handled a record amount of cash in July.

Customers either deposited or withdrew more than £3.7bn, the BBC reported.

July's record beat previous highs set in May, April and December.

The increasing use of the Post Office to handle cash comes as the rate of closure of bank branches shows no sign of slowing.

More than 6,000 have shut their doors since 2015, an average of about 50 each month.

Banking hubs are slowly being opened to try to offer the public similar services. There are around 70 already in operation with 100 expected to have opened their doors by Christmas.

They aim to provide access to cash for those who need it, and to allow small businesses to deposit takings.

But with hubs and post offices unable to provide much more than the basic banking services, the BBC said closure of branches was likely to remain contentious for a long time to come.

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