Post office cash transactions totalled £3.35bn in June - the highest level since September 2022, according to the latest figures from Post Office cash tracker.
This record month has been driven by continued bank branch closures, highlighting the importance of post offices within communities, claimed the business.
Since 2015, a total of 5,632 banks and building societies have closed or are scheduled to close and over 500 bank branch closures have been announced for 2023 so far, noted the firm, adding that Post Office has partnerships with over 30 banks, building societies and credit unions meaning that 99% of UK bank customers can access their accounts at their local post office.
Both the value and volume of business and personal cash deposits rose partially month-on-month, while the volume of cash deposit transactions was up 12.3% year-on-year.
Business cash deposits totalled £1.17bn, up 3.7% year-on-year, while the volume of personal cash deposits was up 3% month-on-month and up 12.6% year-on-year.
Personal cash withdrawals were £836.21m in June, up 2.4% month-on-month from £816.83m in May, and up 12.5% year-on-year versus £743.46m in June 2022.
Martin Kearsley, Post Office banking director, said: “Postmasters continuing to handle well over £3 billion each month demonstrates just how vital being able to deposit and withdraw cash securely and conveniently is for millions of people. These figures clearly show that Britain is anything but a cashless society and people are reliant on cash as the tried and tested way to manage a budget.”
Between 01 July 2022 and 30 June 2023, Post Office collected a total of £1.88m for long-affiliated charities BBC Children in Need and the Disasters Emergency Committee. In addition to the national charities, many Postmasters also fundraise for causes important to them and their communities, all through their Post Office branch. Over 80% of all donations were made in cash, highlighting the important role cash plays in charitable giving.
Kearsley added: “I am delighted that despite the cost-of-living crisis, our wonderful customers continue to dig deep, giving close to £2 million in donations through Post Office branches for the charities we support over the last year. With over 80% of those donations coming in as cash and coin, this shows just how important cash is to supporting charities and making sure everyone can provide financial donations to charities, however they want to pay.”
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