Basic banking: the post office benefits
New findings from the National Consumer Council highlight the fact that only 2 in 5 basic bank accounts can be accessed over the post office counter.
Read the full report here.
The NCC’s plan for inclusive banking recognises the need for all 6.5 million accounts to be accessible at post offices. This is important for financial inclusion, but also to ensure the sustainability of the post office network.
It’s worth remembering that in rural areas, 78% of post offices are located in settlements without a nearby bank.
And without the income that financial services bring to the Post Office network, the number of post offices would be under even greater pressure - affecting access to postal services as well as access to cash.
Read the full report here.
The NCC’s plan for inclusive banking recognises the need for all 6.5 million accounts to be accessible at post offices. This is important for financial inclusion, but also to ensure the sustainability of the post office network.
It’s worth remembering that in rural areas, 78% of post offices are located in settlements without a nearby bank.
And without the income that financial services bring to the Post Office network, the number of post offices would be under even greater pressure - affecting access to postal services as well as access to cash.
posted by Anonymous at 11:54 am
3 Comments:
Why doesn't the Post Office run its own bank? It works well in France. The obscene profits the high street banks make show it could make money. These could be used to provide a basic banking service and support the local network.
Banks have themselves carried through massive programs of Branch closures. One could see the Post Office network being in effect the "branch network of last resort." If it survives that is. Perhaps one could require all the clearing banks to allow business to be transacted over post office counters, with the banks being required to pay for this service. In fact, isofar as it relieved the banks of having to run their own branches they might be pleased to do this.
Sadly the Post Office DID have its own bank- the National Giro- but that was privatised long ago.
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