Post Office to offer cash collection service

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Post Office is making two of its products – ‘Payout Now’ and ‘Fast PACE’ (a pre-authorised cheque encashment service) available to all UK’s financial institutions to enable customers who are most in need to access cash simply and speedily during the Covid-19 lockdown. 

The improved services mean that self-isolating or vulnerable citizens affected by the coronavirus pandemic can now contact their bank or building society to arrange the withdrawal of cash from their normal accounts through any Post Office branch, with the help of a friend, family member, carer or support worker. 

Martin Kearsley, banking director at the Post Office, says, “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.” 

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. 

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