You are here: Home - Saving-Banking - News -

Post Office extends service to help those self-isolating access cash

Written by:
The Post Office is making two of its existing products available to all UK banks, building societies and credit unions to enable the vulnerable and those self-isolating access their cash.

Payout Now is a one-time barcode voucher which is sent by text, email or post to someone who is self-isolating. They can then share it with a trusted individual to withdraw cash on their behalf.

The other product – Fast PACE – allows a customer to arrange for a trusted person to collect a cheque from them and cash it at a Post Office to give to the customer.

The Post Office has always run a pre-authorised cheque encashment (PACE) service enabling vulnerable customers to contact their bank and arrange to cash a cheque at a Post Office branch.

But the launch of Fast PACE comes after the Post Office worked with the Treasury, regulator, the Financial Conduct Authority, and banking trade body UK finance to give people quick access to cash during the coronavirus pandemic.

In order for customers to use either service, they need to contact their bank or building society. The provider will then inform the Post Office of the customer’s account details and the Post Office will arrange for that customer to be able to withdraw cash at their local branch.

Martin Kearsley, banking director at the Post Office, said: “Being able to easily access cash is a vital service for older people and those self-isolating. Our Payout Now and Fast PACE services mean they can access cash quickly and securely to repay someone for a helpful service like shopping, or simply manage their finances, providing peace of mind that cash can be securely sourced with the help of any trusted helper.”

Gareth Shaw, head of money at Which?, said: “Millions of people rely on cash every day but many will struggle to access their money during the coronavirus crisis. Our research has found a third of people, including those aged 65 and over and vulnerable consumers, have concerns about managing their money digitally, so this initiative will ensure those who rely on cash will not be cut off during this difficult time.

“Initiatives like this also highlight how close to collapse the UK’s cash network is and further drives home the need for swift action to guarantee access to cash over the long-term.”

The Post Office has 11,500 branches in the UK.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week