Post Office handles more and more cash as bank branches close

The continuing surge, which is begin attributed to bank closures, saw £2.99bn pass through post offices in September, according to latest figures.

This is the highest ever in a single month, which the post office says has built up despite the increase in contactless card payments to £100 per transaction.

Martin Kearsley, banking director at the Post Office, said: “Each month brings news of further bank branch closures, and in many communities across the country Post Office is already the last counter in town.

Despite the impending increase in contactless payments, we know that small businesses in particular recognise the value of cash now more than ever.

We’re preparing for continued increases at our branches as Postmasters support local businesses in their community by staying open long hours and weekends, providing a convenient and secure place for businesses and the self-employed to deposit much needed cash takings.”

The £2.99bn figure in September included £1.06bn deposited in post offices by business customers, up 3.1% on the previous month and 9.6% on the same month last year.