How the Post Office changes will affect you
Published 11 November 2015 by Kyri Levendi
From this November, you’ll be able to pay in and withdraw money at the Post Office – find out more in our guide.
The Post Office has been an institution on the UK high-street for many years. There are over 11,000 branches across the UK, with some being directly managed by the Post Office while others are run by franchises, or local people. You probably know where your local Post Office is – most towns and villages have at least one.
Here at thinkmoney, we’re always looking for new ways to make managing your money that little bit easier, which is why we are now opening up the Post Office network to our customers. We’ll walk you through exactly what this means for you and your account with our helpful guide.
As of this month, you’ll be able to pay in and withdraw cash from your thinkmoney Managed Current Account at any Post Office branch across the UK. There are over 11,000 branches across the UK – if you don’t know where your nearest is, you can look it up here. This doesn’t mean that you won’t be able to still use RBS and Natwest branches though – you will, you’ll just have the added option of heading down to your local Post Office as well.
In order to use the services at the Post Office, you’ll need a new thinkmoney Prepaid Debit MasterCard®. We started sending these out this week (there’s no charge for this card). As soon as you get your new card you need to activate it by following the instructions on the card mailers and then you can start using it immediately. Your existing PIN won’t change. As soon as you activate your new card your old one will stop working and you can destroy it by cutting it up.
What this means
You’ll be able to withdraw and pay in cash at Post Office branches as soon as you’ve activated your new thinkmoney Prepaid Debit MasterCard. The daily withdrawal limit in the Post Office is £500 and any cash paid in using your thinkmoney Prepaid Debit MasterCard will be available in your salaries account straight away.
You can pay in up to £20,000 in cash at most Post Offices, although some smaller branches may only be able to accept £1,000 so check with your local branch first. If you don’t have access to your thinkmoney card you can still pay cash in – you just need to generate a special barcode on the thinkmoney website.
And as of next year, you’ll also be able to pay cheques into your account at the Post Office. We’re currently working to establish what the clearance times will be on these, so check back for more info in the near future.
These new changes should make it more convenient for you to access your thinkmoney Managed Current Account. Depending on what the nearest branch is to you, Natwest and RBS have either limited opening hours at the weekend or are closed. Not only are there far more Post Offices across the UK but also there are Post Office 3,000 branches open on Sundays and they’re excluded from the six-hour opening limit imposed on larger retailers.