Post Office to invest £16m in new ATMs as 600 cash machines shut down

The Post Office has announced that it will be investing £16m on maintaining and upgrading its ATMs.

The service is set to cut 600 of its cash machines over the next 18 months, meaning that a third of its free to use ATMs will be shut by March 2022.

This comes as the Bank of Ireland, which currently operates the machines, pulls out of the business.

The £16m investment will see all remaining ATMs replaced with new devices by the middle of 2023.

Martin Kearsley, banking director at the Post Office, commented: “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 community’s 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.”