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It is taking over the ownership and operation of ATMs in its outlets as part of a programme that will see it invest £16m in the 1,400 free-to-use ATMs that it is retaining.
It will also become a member of the Link network which runs the cash machine system in the UK.
There are currently 2,000 ATMs in post office outlets, which are owned and operated by the Bank of Ireland, but it has decided to exit the business.
That means that by the end of this year the first of the bank’s ATMs will be moved to the post office estate with all equipment being transferred by the end of March 2022.
The Post Office says a subsequent ATM replacement programme will be undertaken so that all ATMs are replaced with new devices that have the latest cash dispensing technology and security measures.
It says this programme should be completed by the middle of 2023.
It has committed to retaining almost 60 lower transacting ATMs at locations where the next free-to-access ATM is a “significant distance” away.
For those postmasters at locations which will no longer have an ATM, the Post Office says it will provide support including posters informing customers that they can carry out their everyday banking needs over the counter.
Postmasters are also able to apply to Link’s “request an ATM” scheme to have equipment installed at their branch.
Martin Kearsley, banking director at the Post Office, said: “This is one of the largest investment programmes in the free-to-use ATM market for over a decade.
“Millions of people rely on cash every day and we are ensuring anyone who wants cash can get it in whichever way is most convenient for them.”
“Our estate of Post Office-owned and operated ATMs will see postmasters operating some of the most modern and secure ATMs in the market.
“We have also identified almost 60 additional locations where we have decided to retain a free-to-access ATM to serve the communities needs despite it not being commercially viable.
“In the areas where we have been unable to sustainably operate the existing ATMs, customers can still withdraw cash over the counter free of charge and in a secure manner.
“Many of our branches are open long hours and at weekends, ensuring continued access to cash.”
Earlier this month, the government proposed that cashback could be made available to shops for customers that do not make a purchase to help address the issue of limited access to cash in some communities.
