Post Office Ltd (PO) has made two of its financial products available to banks, building societies and credit unions to assist vulnerable customers most in need of fast and simple access to cash during the pandemic.
Payout Now is a voucher-based product sent by SMS text, email or post to a self-isolating customer who can share it with a trusted individual to withdraw cash on their behalf; while Fast PACE is a service that allows a customer to arrange for a trusted individual to collect the cheque from them, cash it at a post office, and return with the cash.
Vulnerable or self-isolating people can contact their financial institution to see if they offer these and arrange to withdraw cash quickly from their normal accounts through any post office branch, with the help of a friend, family member, carer or local support worker.
PO Banking Director Martin Kearsley said: “Being able to easily access cash is a vital service for older people and those self-isolating. Our Payout Now and Fast PACE services mean they can access cash quickly and securely to repay someone for a helpful service like shopping, or simply manage their finances, providing peace of mind that cash can be securely sourced with the help of any trusted helper.”
For customers to take advantage of these products, they need to contact their bank or building society. Their banking provider will inform the Post Office of the customer’s account details. The Post Office will then arrange for that customer to be able to withdraw cash at their local branch.