Post Office helps self-isolating customers access cash

Post Office helps self-isolating customers access cash
Post Office, a retail post office company in the United Kingdom, is making two of its products – ‘Payout Now’ and ‘Fast PACE’ (a pre-authorised cheque encashment service) available to all UK’s banks, building societies and credit unions so they can be offered to any of their customers who are most in need of access to cash simply and speedily during this national emergency.

The improved services mean that self-isolating or vulnerable citizens affected by the coronavirus pandemic can now contact their financial institution to see if they choose to offer these and arrange to withdraw cash quickly from their normal accounts through any local Post Office branch, with the help of a friend, family member, carer or local support worker.

‘Payout Now’ is the Post Office’s one time voucher service that is available to all banks, building societies and credit unions to enable them to send a barcode voucher to their customers via text, email or in the post and which can be exchanged for cash in any Post Office branch.

The Post Office has always run a pre-authorised cheque encashment (PACE) service that enabled vulnerable customers to contact their bank and arrange to cash a cheque at a Post Office branch. Working with HM Treasury, the Financial Conduct Authority and UK Finance, the Post Office has launched its ‘Fast PACE’ service. Customers can now name an individual, such as carer or family member, to cash a pre authorised cheque on their behalf at a Post Office branch.

Martin Kearsley, Banking Director at the Post Office, 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.”

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