Use it or lose it
The next to time you are buying stamps, remember that you can get cash as well, over the counter, just like your bank. If you bank with Lloyds TSB, Barclays or Alliance & Leicester, you can use the automated service to take cash out of your account, instantly, at any Post Office branch.
Working in the same way as your bank, the counter top PIN pads allow you to get cash out in an instant. Unlike cash machines, which only allow you to withdraw multiples of £10, you can specify exactly the amount you want. So, if you want to withdraw £27.63, you can do just that. Don’t forget, if you have a basic bank account offering Switch, you can also use this service. How does it work? Hand your bank card or Post Office card to a member of staff. Tell them how much you want to withdraw. They swipe your card and enter the amount you want to withdraw. The PIN pad on the counter will show you the amount of money you have requested. If you are happy the amount is correct, enter your four digit Personal Identification Number (PIN) and press “Enter” to confirm the request. Your card will be returned to you, along with your money and a receipt. The government are also keen to do away with pension books and have all pensions they pay, credited to individual bank accounts. We are aware that banks are continuing to rationalise and close branches all across the country. Well, why not have your pension paid into the Post Office? Nothing could be easier, given that they have over 17,000 branches throughout the UK. It is likely that you will find a Post Office in the smallest village. Something that can’t be said for any major bank. However, you will require to set up a card account with the Post Office. This is a process where your patience will be tested. You should have received from the Department of Work and Pensions, a letter confirming what options are available to you. The department is called, Direct Payments. They will send you invitation documentation to complete. When you have completed this, you are required to go to the Post Office and they will issue you with an application for the account. You should then hand this back into your Post Office, when you have completed it, with your invitation documentation. The Post Office then sends this to “the banking team”. You should then receive reply within 10 days. You will be issued with a PIN number one day and under a separate letter, you will receive a “pick-up” notice. This will contain your sort code and account number. You should then write to Direct Payments with this information, to allow them to pay benefits. Next, you need to go back to the Post Office with your “pick-up” notice. At that point, you will be issued with your card. You can change the PIN number to something you can remember, after you have activated the account. Although there seems to be a lot of work involved in setting up the account, I think it is fair to say that it is not that bad. When we consider that hopefully, the pension is going to paid for a very long time, 2-3 weeks is short term! It is also possible to appoint a permanent agent to collect your pension for you. Their details must be given at the outset and if they collect your pension, they will require to prove their identity. This will be in the form of a passport, driving licence etc. The account itself is purely for the payment of your pension and the collection of your pension. It replaces the payment book. You can leave your pension to accumulate, but remember, the maximum amount of withdrawal in one day is £600. If you require more than that, you will need to call the helpline to ask them to talk to their banking team for approval. I hope you are successful. I really feel that if we all try and use our Post Office more, we can ensure that they are about for our children. The numbers for information again are:
- Direct Payments: 0800 107 2000
- The Post Office helpline: 08457 223344