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Rural Services Network

Bank causes uproar by scrapping free post office cash withdrawals

The Guardian reports a decision by Barclays to pull out of an agreement allowing bank customers to withdraw cash from post offices for free has been criticised as “shocking”.

The bank is the only one to scrap over-the-counter cash withdrawals at Post Office branches, with 28 other UK banks signing up to a new deal that means millions of people can continue to benefit from free access to everyday banking services.

The move by Barclays prompted a wave of criticism, including from a regulatory body, and appears to be linked to a sizeable rise in the bank-funded fees paid to postmasters for providing these services.

Barclays has separately announced its own proposals, which it said were designed to boost bank branch demand and improve access to cash.

The Post Office announcement comes against a backdrop of concern that as bank branches and cash machines continue to close, many people, particularly in rural or deprived areas, could find themselves unable to access cash. In March 2019, a major report claimed the UK’s “cash infrastructure” was in danger of collapsing.

Full article:

The Guardian - Barclays causes outcry by scrapping free post office cash withdrawals

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