Post offices to offer banking facilities

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Post offices could provide current accounts from early next year.

It would mean more than a thousand branches around the country would offer day to day transaction accounts to customers at a time when banks are cutting back on customer service.

The Irish Independent reports An Post's account would be accessible over the internet, by phone and using an app.

The account would offer a range of services already found in banks, including debit cards and ATMs, as well as plans to provide direct debit and standing order facilities.

Personal Finance Editor with The Irish Independent, Charlie Weston, told Newstalk Breakfast the services will be offered in the first quarter of next year: 

"It certainly should be the salvation of post offices. They are under pressure, as you know. There has been attempts to get people to direct their social welfare payments to banks - that has been pulled back on but that is coming and that is inevitable."

"Post offices seem to have a big threat so they need to broaden out what they are offering."

"It would be a problem for credit unions who are trying as well to get into online offerings. But that has been quite slow."

Listen to his full interview here:

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