UK charity Age Concern has called upon all banks and building societies to extend account accessibility to Post Offices, claiming that the finance institutions are failing to recognize the importance for older consumers of being able to access cash at the Post Office.
Many Post Office Card Account (POCA) and bank account holders are dependent on accessing free cash at Post Offices. Over one million free cash withdrawals are made everyday at Post Offices. At present, there are approximately 3,000 more Post Offices nationwide than the total number of all banks and building societies.
Despite this, many banks refuse to provide customers with access to their current account through the Post Office network. This poses a particular problem in rural and deprived urban areas, where there are less banks and many fee-charging ATMs. Age Concern is therefore placing increased pressure on the UK government and banking groups to ensure financial services are accessible for older people in these areas.
A POCA is appealing to older citizens amid the growing concerns over the introduction of bank charges for services. However, it can be a complicated process to access pensions and benefits through a POCA. The charity has called for an improved POCA and for a simple application process for the replacement POCA.
Post Offices allow essential free access to cash in rural and deprived urban areas where there are fewer banks, said Gordon Lishman, director general of Age Concern. This is particularly important for those living on a low income. All banks and building societies should rise to the challenge and allow their customers to access their cash in this way, and the government should pressure these organizations to make this happen.