BUSINESS INTELLIGENCE
POST OFFICE
Post Offices handle record £3.2bn in March
New figures highlight the continued recovery in the use of cash and there are high hopes for the Easter period.
P
ost Office’s 11,500 branches handled a record £3.2bn in cash in March, highlighting a continued recovery in the use of cash, new figures reveal. The data shows personal cash deposits were up 15% month-on-month and totalled £1.31bn in March. In addition, business cash deposits were up 15% month-on-month and totalled £1.09bn in March. Personal cash withdrawals at Post Office counters were up 20% monthon-month and totalled £779m in March. The increase in personal cash withdrawals coincided with Post Office exceeding its £250,000 fundraising target for the Trussell Trust. Since 30 November,
1p from every cash withdrawal at the counter has been donated to the charity. Post Office customers raised £295,000 for the charity by the end of March. Martin Kearsley, Banking Director at Post Office, said: “Postmasters handling a record £3.2bn in cash, in a single month, demonstrates just how vital being able to deposit and withdraw cash, securely and conveniently, is for millions of people. This is a difficult period for people with rising bills and we’re proud to have raised almost £300,000 for the Trussell Trust who will be supporting people over the coming months. "Cash has been around for centuries and is the tried and tested way of
managing a strained budget. People can always withdraw the amount of cash that they need to the penny at any of our 11,500 Post Offices.” Over last year’s Easter Bank Holidays, Post Offices saw £30m worth of cash withdrawn over its counters, and current trends suggest cash withdrawals this Easter will be higher as people holiday around the UK. Kearsley added: “Bank branches are typically closed over the Easter weekend and some cash machines, particularly in tourist hot spots, can run out of cash. Thousands of post offices are open across the Easter weekend ensuring those that need cash have somewhere to get it.”
WEDNESDAY 13TH APRIL 2022 / ISSUE 100 / SLRMAG.CO.UK I 21
