World News – UK – Post has focused 600 free cash machines ‘as part of new ATM investment’


Instead, in the affected areas, posters will be placed to encourage customers to withdraw cash at the counter, as 1400 ATMs are to be equipped with the latest technology

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Hundreds of free cash machines to be scrapped as part of the Post’s investment in new ATMs

The Post has announced a £ 16million investment that will allow it to own and operate around 1,400 free cash machines which will be equipped with the latest technology

But that will mean around 600 free pick-up points at post offices than there are currently

The Post already has an agreement with many banks which allows their customers to carry out daily banking transactions, such as payment and withdrawal of cash, over the counter in branches

In areas where ATMs will be closed, it will provide postmasters with marketing support, such as posters, to encourage customers to withdraw cash at the counter

Of the 1,400 ATMs kept, there are almost 60 that are not commercially viable, but are in places where the next free machine to use is a significant distance away

Martin Kearsley, Post’s Banking Manager, said: “Our fleet of post-owned and operated ATMs will see postmasters operate some of the most modern and secure ATMs on the market.

« We also identified almost 60 additional locations where we decided to keep a free ATM to serve the needs of the community although it is not commercially viable

« In areas where we have not been able to sustainably operate existing ATMs, customers can still withdraw cash at the counter free of charge and in a secure manner

« Many of our branches are open long hours and on weekends, which guarantees continuous access to cash »

The post said it looked at each ATM and considered factors such as weekly usage and proximity to other free facilities

He said the £ 16million investment has been one of the largest in the market for over a decade and he needs to ensure it delivers the best long-term returns

The 600 machines that will close will be closed on a phased approach by March 2022

The post office said the investment will focus on maintaining and upgrading existing ATMs, but it has not ruled out operating more ATMs in the future when the new technology will be in place

This may be to support the opening of a new post office or to reflect increased demand in a particular region

Currently the Post does not own or operate any ATMs in its branches They are owned and operated by its partner, Bank of Ireland, which is leaving this area in the UK

Towards the end of 2021, the first ATM will be migrated to the postal domain, all machines transferred by the end of March 2022

All ATMs will be replaced with new machines with the latest cash dispensing technology and security measures, which are expected to be completed by mid-2023

The use of cash fell sharply at the start of the coronavirus pandemic, with some retailers asking customers to pay through alternatives such as cards, but many people still rely on cash and rural communities and disadvantaged risk being cut

ATM, Post Office Ltd

News from around the world – UK – Post Office ax 600 free ATMs « as part of new ATM investment »


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