Post office to offer more financial services

03/12/2009

The Post Office could be expanding its financial services according to a paper publishes by the government.

Lord Mandleson described it as a trusted brand and said it should develop its services to help secure its future.

If you have a low income you might be able to take advantage of a proposed weekly budgeting account, offered to people who usually are unable to take advantage of preferential direct debit rates.

The account would help budgeting for household outgoings by keeping aside a proportion of income each week and then pay bills on a monthly or quarterly basis.

Also proposed are current accounts and business accounts and a closer link between the Post Office and credit unions, allowing credit union members to access their funds across the country.

EuroDebt has set up a bank switching facility to enable people in financial difficulty to establish a bank account with totally transparent monthly fees and no penalty charges at www.bankswitching.co.uk.

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