UK Post Office records record cash transactions

The UK Post Office has reported the highest ever amount of cash deposited and withdrawn from its branches in June, according to its Cash Tracker data.

In June, £2.87 billion was deposited and withdrawn in June. Personal cash deposits exceeded £1 billion for the fourth month in a row. Business cash deposits exceeded £1 billion for the first time in more than 18 months. Excluding Christmas, the last time such deposits exceeded £1 billion was October 2019.

Personal cash withdrawals were at their highest level at £636 million since March 2020. This is a sign that the economy is taking a turn back to the way life was before the pandemic.

Martin Kearsley, Banking Director at Post Office, said: “Millions of people and small businesses continue to rely on cash to budget, save and survive. Exceeding £1 billion in business cash deposits for the first time in over 18 months is a milestone moment for Post Office and especially for Postmasters, demonstrating the vital role they play in the cash eco-system in their local community as we come out of Covid19 restrictions.

“Many branches open late in the evening and at weekends, providing local businesses with a convenient location to deposit much needed takings and in turn serve their own customers longer too. The ability to withdraw cash securely over the counter is helping consumers who rely on cash to access it locally, resulting in more cash being spent with small businesses within local communities.”

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