New Post Office Banking Framework partner to help financially excluded customers

New Post Office Banking Framework partner to help financially excluded customers

Change Account customers can now benefit from convenient and secure everyday banking services in branch through Post Office’s Banking Framework, joining the millions of customers UK-wide who continue to have easy access to cash over the counter.

Post Office’s Banking Services Director, Martin Kearsley, said: “The Change Account becoming a Banking Framework partner aligns with Post Office’s social purpose and the critical role we play in supporting financial inclusion. In these difficult and challenging times, enabling access to cash in communities all over the UK has to remain a priority.”

According to The Financial Inclusion Annual Monitoring Report in 2016, around 1.7 million adults remain unbanked in the UK. The Change Account is designed to help this audience, which is currently underserved by existing retail banks, and help them to take back financial control.

All UK residents aged 18 or over can apply for the Change Account without any credit checks required. Regulated by the Financial Conduct Authority (FCA) as electronic money*, the Change Account has many of the benefits of a bank account, including a dedicated sort code, account number and a prepaid debit card, which customers can now use to deposit and withdraw cash at Post Office branches.

Through the Change Account, customers from over 40 credit unions across the UK will also be able to benefit from everyday banking services through Post Office. These non-profit-making, member-owned financial cooperatives are run on the principle of people helping people and provide members with credit at competitive rates.

For operational information about the Change Account launch and new Banking Framework partners joining soon, check out Branch Focus. For further information about the Change Account, visit https://www.thechangeaccount.com.

*The Change Account is an e-money product and is not covered by the Financial Services Compensation Scheme. However, once the Change Account has received customers’ money, it is deposited in a client account with Barclays.