UK Post Office to install further 500 ATMs in branches
22 June 2006 | 2378 views | 0
Source: Post Office Ltd
The Post Office® today announced plans to install an extra 500 free-to-use automated teller machines (ATMs) in its branches – on top of the 1,000 it had already committed to rollout within the next five years.
Alan Cook, Managing Director of Post Office Ltd, said the expansion in free-to-use ATMs underlined the Post Office®’s vision to be a universal provider of free cash access for its customers.
The Post Office®, under an agreement with its financial services partner, Bank of Ireland, announced last summer that 1,000 free-to-use ATMs would be installed in the network. The Post Office also confirmed its intention to withdraw from its involvement with third party fee-charging ATM suppliers.
Following a review of its 14,300-strong branch network, the Post Office® is identifying additional sites where it is economically feasible to replace existing third party surcharging ATMs with their new free-to-use ATM service. The Post Office® is also identifying more new sites that are suitable for free-use cash machines. It is anticipated that installations will soon hit an average of 10 per week.
The Post Office® recently installed a free-to-use ATM service at the Speke branch in Liverpool, replacing a fee-charging ATM. Since installing the free ATM service, use of the cash machine has already increased seven-fold.
Mr Cook said: "The expansion in free-to-use ATMs in Post Office® branches complements the free cash access service we offer at the counter on behalf of 19 banks and building societies.
"More than one million free cash withdrawals are made every day at the Post Office®, making us the largest, free-to-use cash network in the UK. But we want to do more; our goal is to be able to offer every one of over 25 million customers who visit us every week access to their cash free of charge - no matter who they bank with – across the counter in every branch and, where it’s economically feasible, via a cash machine as well."
The roll-out of free-to-use cash machines began in October 2005. One of the first new Post Office® ATMs was installed in Cowie, Scotland - an area where there were two other non-Post Office® ATMs, both of which made a charge for cash withdrawals.
Zulf Ahmed, the subpostmaster at Cowie, said he has seen a dramatic rise in the number of people visiting the branch because of his new cash machine.
"Many of my customers rely on an old-age pension or other benefits and they love the local convenience of free access to their cash – I can now provide them with that along with everything else. My Post Office® is a real hub for the local community," he said.