THE Post Office has published figures showing the organisation’s fast-growing and vital role in supporting local communities and economies with cash handling services in Scotland.
The use of Post Offices in the depositing and withdrawal of cash has soared in Scotland over the past two years, rising by 11% year on year.
The Post Office believes demand has been driven by bank branch closures and rising awareness of Post Offices’ availability to bank customers, opening hours and other benefits.
Cash plays a vital role in local economies and communities, and especially for small businesses and vulnerable members of society, meaning Post Offices play a “lifeline” role.
The figures were announced as the Post Office’s banking director, Martin Kearsley, gave evidence yesterday at a Scottish Affairs Committee evidence session on Access to Cash in Scotland. Post Offices can be used by personal and business customers of 30 banks, building societies and credit unions to deposit and withdraw cash, deposit cheques and check balances.
READ MORE: Temporary Post Office closures are 'not defined by time', MPs are told
Last year, total cash deposits and withdrawals by business and personal customers at Scotland’s 1300 branches rose to a total of £2.41 billion, up 11% compared with £2.18bn in 2020.
Which?, the consumer advocacy group, earlier this month told the Scottish Affairs Committee in Westminster that the number of bank branches in Scotland had fallen by 53% over the past seven years, as 1040 branches have been closed.
There is also a growing awareness of other benefits to using Post Offices for everyday banking.
Often located in convenience stores, they usually have longer opening hours and customers can pick up groceries and pay bills at the same time.
In addition, communities appreciate the crucial role that Post Offices play in local economies, where cash transactions can be critical for small businesses, and where many individuals, and especially vulnerable members of society, rely on cash.
READ MORE: The Scottish genius who deserves credit for inventing stamps
Postmasters frequently handle deposits and withdrawals to the penny, reflecting customers’ careful budgeting.
The data also shows that the average personal deposit last year was £324.83, and the average withdrawal was £85.34. For business customers, the average deposit was £1063.02, and the average withdrawal was £226.05.
Kearsley said: “Post Offices increasingly provide a lifeline for individuals and businesses across Scotland, especially amid branch closures.”
The Post Office is also trialling “banking hubs” whereby five major banks (RBS, Santander, Virgin Money, Bank of Scotland, TSB) rotate a provision of weekday services as part of an industry commitment to protect the UK’s cash and banking services.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel