The Post Office 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 need to access cash simply and speedily during the coronavirus outbreak.
The improved services mean that self-isolating or vulnerable citizens can have a friend, family member, carer or support worker withdraw cash quickly on their behalf from their normal accounts through any Post Office branch.
‘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.”
In order for customers to be able to take advantage of both of these products, they need to 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.
