Post Office: cash withdrawals up 12% year-on-year at £777 million

New figures revealed cash withdrawals at Post Offices dipped one per cent in October with £777 million withdrawn over the counter at its 11,500 branches.

Personal cash withdrawals in October were up over 12 per cent year-on-year and come as the Post Office recently announced its renewed partnership with the Trussell Trust. From November, Post Office will again donate 1p from every cash withdrawal and hopes to raise £330,000 for the charity over the winter.

Post Office attributes the continuing high levels of cash withdrawals to the on-going closure of local bank branches, with people turning to the Post Office to support them with their cash needs.

In Northern Ireland, personal cash withdrawals in October were up 25 per cent year-on-year (£54.3 million, October 22 compared with £43.5 million, October 21).

In total, Post Offices handled £3.26 billion in cash withdrawals and deposits in October. This was slightly down on the £3.35 billion handled in September.

Personal cash deposits totalled £1.35 billion in October. This was a 6% fall month-on-month (£1.43 billion, September 22) and up over 12% year-on-year (£1.2 billion, October 21).

Business cash deposits totalled £1.1 billion in October, almost identical to September, and up over 10% year-on-year (£1 billion, October 21).

“I’m delighted that we’re working with the Trussell Trust again this year,” said Martin Kearsley, Banking Director at Post Office. “More and more people are choosing to use cash to help them manage their budgets. The cash withdrawal services provided by our Postmasters, including the ability to withdraw the exact amount of cash needed, means customers of all the High Street banks can help us raise money for this vital charity.”

In the coming weeks, Banking Hubs in Brixham (Devon) and Cottingham (East Riding of Yorkshire) are expected to open. The hubs are shared spaces operated by Post Office and intended for communities whose access to cash has been restricted as a result of bank branch closures. Post Office already operates the two pilot hubs in Rochford and Cambuslang.

“We’re delighted that we will be operating all of the banking hubs across the country that have so far been announced,” added Kearsley. “Post Offices already handle well over £3 billion-worth of cash every month and we’re increasingly seen as the only place on the High Street where everyday banking can be done. We’re looking forward to working closely with the banking industry and participating banks so that these hubs can be opened and start fulfilling people’s banking needs as soon as possible.”