Barclays bosses face MPs’ inquiry over the bank’s ban on customers taking cash out at the Post Office
- Barclays could face Commons over ban on using Post Office branches for cash
- Move saves the company £7million per year but leaves thousands without access to cash
- Customers made 15million cash withdrawals at Post Offices last year
Barclays bosses are facing a Commons inquiry into their decision to ban customers from withdrawing cash at Post Office branches.
Independent MP Frank Field, chairman of the Commons work and pensions committee, plans to launch the investigation that would see the bank’s chief executive Jes Staley hauled before MPs.
He said yesterday: ‘I’m determined that we’re going to stop this and I’m going to start a parliamentary fight-back.’
Barclays bosses are facing a Commons inquiry into their decision to ban customers from withdrawing cash at Post Office branches
Mr Staley and chairman Nigel Higgins were called ‘out of touch’ yesterday after it emerged they both live within a few minutes’ walk of a cash machine.
More than 15million cash withdrawals were carried out by Barclays customers at post offices last year. The service is available in 11,500 branches.
Work and pensions committee chair Frank Field plans to launch the inquiry
Pressure on the bank to reverse its decision continued to build as dozens of Daily Mail readers spoke out in support of their local post offices and to protest the decision.
It hopes to save a reported £7million per year from the move, while leaving thousands without access to cash.
The figure pales in comparison to the £11.7million that Mr Staley, 62, has earned since he took over the top job.
Pulling the service will also put yet more post offices at risk of closure after a tough year.
The Post Office slumped to a pre-tax trading loss in 2019, down from a £42million profit the year before, according to its annual accounts, released yesterday.
Last night, Mr Field warned other banks could follow Barclays’s lead, mortally wounding the network.
He said: ‘The banks have justified the closure of branches for a decade by saying customers can use the post office instead.
‘Now they are ratting. And if Barclays’s ratting is allowed to stand, then I fear many other banks will follow.’
The Mail has been campaigning to protect local post offices and maintain access to cash for the vulnerable or isolated.
High streets lost 3,300 bank branches, around a third of the network, between January 2015 and August 2019.