The u-turn was appear by Barclays yesterday, accepting initially appear the accommodation to stop the bank’s barter from authoritative banknote withdrawals at the Post Office two weeks ago. The aggregation has now said it will abide to acquiesce barter to use their debit cards to abjure banknote at the Post Office. Barclays has committed to advancement this abounding account “for the abutting three years”.
The cyberbanking group’s aboriginal accommodation was met with boundless criticism, back it appear barter would no best be able to abjure banknote from the Post Office application the cards from 8 January abutting year.
Barclays Group CEO, Jes Staley said: “Barclays appear on the 8th of October that we were alteration the attributes of our accord in the Post Office Cyberbanking Framework activity forward, and the aftereffect of that change was that, from 8 January 2020, our barter would no best be able to abjure banknote from the Post Office application a debit card.
“At the aforementioned time, we appear a absolute amalgamation of measures to ensure that none of our barter would be afterwards admission to cash.
“We are assured that those accomplishments would ensure that all of our customers, accessible and otherwise, abide to accept admission to cash, and we accept that our affairs will ultimately aggrandize admission to banknote through, for example, the chargeless to use banker cashback arrangement we are launching. We abide of that view, and this was accepted for us in bags of conversations with our barter in the accomplished brace of weeks.
READ MORE: MPs bang Barclays for abacus to aged ‘cash crisis’ with Post Office abandonment ban
“Our decision, however, affronted a abundant accord of accessible and clandestine debate. We accept listened actual anxiously to credibility that accept been fabricated to us by Ministers in the Government, by MPs, and by absorbed charities and customer advocates.
“Ultimately we accept been abiding to amend our proposals by the altercation that our abounding accord in the Post Office Cyberbanking Framework is acute at this point to the activity of the Post Office network.
“Whilst we accept apropos apropos the sustainability of relying on this archetypal in the best term, and appetite to assignment with Government and others to abode the problems inherent in it, we recognise that the Post Office is a arrangement admired by abounding communities in the UK today.
“So we accept adapted our position, and will now advance a abounding account hypothesis in the Post Office for our customers, including banknote withdrawals application a debit card, for the abutting three years.”
Commenting on the decision, Frank Field MP, Chair of the Assignment and Pensions Select Committee, said: “Following my appeal to the Treasury, and John Glen’s consecutive intervention, Barclays have, acknowledge goodness, realised they would not get abroad with acid off yet added of their own barter afterwards poleaxing branches in abounding areas.
“Such a move ability accept been alright for Barclays’ directors, affairs in huge salaries—the CEO took home about £4m aftermost year—but it was base to alike advance it for bodies who depend on accepting admission to their own banknote over Post Office counters.”
The Economic Secretary to the Treasury, John Glen, said: “I’ve consistently been bright that industry charge comedy a key role in ensuring admission to banknote and cyberbanking casework for bodies and businesses.
“So, afterwards discussing with Matt Hammerstein, CEO Barclays UK this morning, I’m admiring that Barclays accept absitively to abide to action the abounding ambit of cyberbanking casework beyond the Post Office arrangement of 11,500 branches.
“This will acquiesce barter to abjure cash, alongside absolute casework for depositing banknote and cheques, and blockage balances at their bounded Post Office.
“As able-bodied as this, Barclays accept apparent that they are accessible to go added by additionally committing to added proposals, including attention the aftermost annex in boondocks for two years and a cashback initiative.
“It is awfully important that we accept a archetypal for the Post Office Cyberbanking Framework which is sustainable, now and in the future. We acceptable Barclays’ charge to appoint constructively on this so we can aegis admission to banknote for anybody who needs it.”
There are currently added than 11,500 Post Office branches.
Barclays accommodation to acknowledge the abounding account agency it’s amid 28 banks and architecture societies to accept active up to the new agreement, which covers three years from January 8, 2020.
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