The ability to access cash is vital for older people and those self-isolating during this difficult COVID-19 period.
The Post Office is making two of its products, Payout Now and Fast Pace, available to all UK banks, building societies and credit unions, making retrieving cash easier for vulnerable people.
The Payout Now and Fast Pace services mean that people can arrange to withdraw cash quickly from their normal bank accounts through any local Post Office branch with the help of a friend, family member, carer or local support worker.
How does Payout Now work?
Payout Now sends a voucher by text, email or post to the customer, who can then share it with a trusted person to withdraw cash at any Post Office branch on their behalf.
How does Fast Pace work?
Fast Pace is a service which allows vulnerable customers to arrange for a trusted person to cash a cheque for them at a local Post Office branch.
How can people access these services?
Self-isolating or vulnerable people affected by the COVID-19 pandemic should contact their financial institution to see if they offer these products.
The banking provider will inform the Post Office of the customer’s account details and the Post Office will arrange for the cash to be withdrawn at the customer’s local branch.
Those who wish to collect cash on behalf of someone self-isolating should remain mindful of safe social distancing practices. These services aim to make accessing cash as safe and easy as possible during the COVID-19 situation.