Telegraph Money

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The Telegraph take

By Stephanie Baxter Deputy personal finance editor

Banks have been stripping away local services to save on costs as more customers use online and telephone banking. In the past five years, the number of branches has fallen from 9,803 to 6,549, with rural areas being the worst hit.
This has angered many Telegraph readers who rely on their local branch to do banking, especially those who live in areas with poor internet service.
To compensate, many of the big high street banks have allowed customers to manage their money at any of the 11,500 Post Office shops since 2015.
But Telegraph Money has found there is actually very little savers can do at the Post Office. Banks only offer basic services – pay cash in, take money out, deposit cheques and check bank balances – and most don't even offer all four. This chart shows which services are available at which banks.
The recent decision of Barclays to stop allowing customers to withdraw cash at the postal service from next January is disappointing and frankly very worrying. Even though it promises to invest in free ATMs, thousands of machines have already either been closed or started charging.
As customers complain and threaten to change bank, Barclays should reverse its decision that will clearly damage its reputation. More than 100 MPs are now putting pressure on the bank to think again, warning its decision “will only add to the cash crisis many of the most vulnerable and elderly in our communities are currently facing."
Its rivals should see this as an opportunity to entice disgruntled Barclays customers and make it easier for people to do their banking without having to travel miles. It would be a disaster if this started a trend of banks reducing their already limited Post Office services.
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