Barclays has taken a decision and announced that the bank is pulling out of the agreement that it had with Post Office which allowed customers to deposit and withdraw cash from Posts Offices across the UK.
BBC reported yesterday that Barclays has taken a decision to abandon the previous agreement with Post Office in which customers could deposit and withdraw cash from any Post Office on high street, but Barclays is threatening the services to communities again as the branches and ATMs started disappearing.
Barclays has been criticized heavily among various circles due to this move; the consumer association says it is a “shocking decision” which exposes the fragility of the UK’s cash system.
The Payment Systems Regulator, which oversees the cash system, warned it was “concerned about the impact”, while Rachel Reeves, chair of the Business, Energy and Industrial Strategy (BEIS) Committee, called the decision “unjustifiable”, adding that Barclays needs to “think again”.
The Post Office has previously inked agreements with as many as 28 banks and building societies in which the customers from these banks could deposit and withdraw cash from the Post Office without having a visit to the nearest bank or ATM.
Barclays is the first bank with announced to opt-out from cash withdrawals from Post Office, however, Barclays customers would only be able to deposit money through Post Office and they were unable to withdraw cash from the Post Office.
Natalie Ceeney, who wrote an Access to Cash Review this year, says Barclays customers make 1.2 million cash withdrawals from Post Offices every month. She is calling on the bank to reverse its plan for the sake of people who still rely heavily on cash, saying: “The cash system that supports them must be cherished, not undermined.”
Zoe McLean a twitter user said, “What a load of rubbish. Hay-on-Wye is in a remote location – our nearest alternative is 25mins drive away. Barclays was the last bank in town yet you still closed the branch, which also meant we lost the last ATM in town.”
Barclays UK said, “we’re committed to giving our customers #AccessToCash; we’re investing in ATM’s and launching a scheme to allow cash withdrawals from local businesses where there’s no branch in the area. You can still use the Post Office for cheque and cash deposits.”
Manager at Research Snipers, RS-NEWS, Digital marketing enthusiast and industry professional in Digital Marketing, Social Media, Business News, and Technology News, with vast experience in the media industry, I have a keen interest in business technology, News breaking.