THE Post Office has increased access to cash for those affected by coronavirus.
Post Office has made two of its products – Payout Now and Fast PACE – available to all UK banks, building societies and credit unions, allowing them to offer these services to their customers.
Payout Now is the Post Office’s one-time voucher service. It allows banks to send a barcode voucher to their customers via text, email or post, which can be exchanged for cash in any Post Office brand.
Fast PACE, is a pre-authorised cheque encashment service which offers vulnerable customers the option of arranging to cash a cheque at a Post Office branch.
The Post Office has worked with the UK Government to offer customers the option to name an individual, such as a 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.”
Customers who wish to take advantage of Payout Now or Fast PACE should contact their bank or building society.
Their banking provider will then inform the Post Office of the customer’s account details and the Post Office will then arrange for that customer to be able to withdraw cash at their local branch.
