The announcement made by Barclays means their customers will no longer be able to use some critical banking services at local Post Offices.
This step by Barclays reduces the number of places their customers can go to get cash. We are concerned about the impact this will have, and we will be closely monitoring the steps Barclays plan to take to make sure there are suitable alternatives for its customers to access their cash - especially those who rely on cash or who live in rural areas.
However, the Post Office has also confirmed today that the rest of the UK’s banks will continue to offer full banking services to their customers through the Post Office. This is very welcome and gives people assurances that they will still be able to access important banking services.
We are considering whether LINK’s current policies on the Post Office are still appropriate and also whether we need to use our regulatory powers to further ensure public commitments about the ongoing availability of access to free-to-use ATMs for UK consumers are met.
There is an ongoing debate about how best to protect access to cash and we will continue to work closely with Government and our fellow regulators to consider whether further steps are needed.
On 24 October, Barclays confirmed that it will commit to full participation in the Post Office Banking Framework from the renewal date in early 2020, including maintaining the cash withdrawal facility using debit cards for Barclays’ customers.
This means that its customers will now continue to be able to access the full range of banking services at Post Offices.