Ben Lake MP welcomes Lloyds move after backing 121-MP campaign on cheque deposits
Ben Lake, MP for Ceredigion Preseli, has welcomed a major breakthrough after Lloyds Banking Group agreed to seek the restoration of cheque deposit services at Post Office branches until the end of 2030.
Ben Lake MP was one of 121 MPs from across the House of Commons who signed a cross-party letter calling on Lloyds to think again.
The letter was sent to Lloyds Banking Group Chief Executive Charlie Nunn after residents and MPs warned that older, vulnerable and digitally excluded customers were being left without access to basic banking services still offered by other major banks.
The issue matters to Lloyds customers who rely on Post Office branches across Ceredigion Preseli for local banking services.
In its response, Lloyds said it has reflected on feedback from customers and MPs had asked the Post Office to accept cheque deposits into Lloyds accounts in Post Offices until the end of 2030. The change is subject to the Post Office agreeing acceptable commercial terms with Lloyds.
MPs say Lloyds and the Post Office must now get the agreement signed so customers can deposit cheques locally again.
Lloyds was the only major British bank which did not allow its customers to deposit cheques at Post Office branches and Banking Hubs.
That caused problems for customers who still rely on cheques, especially older residents, disabled people, small businesses, charities and community groups.
The cross-party letter was signed by MPs from across Parliament, including Mel Stride, the Shadow Chancellor; Daisy Cooper, the Liberal Democrat Treasury Spokesperson; Adrian Ramsey, Green MP and former Green Party co-leader; former Labour leader Jeremy Corbyn; senior Labour backbencher Graham Stringer; Dave Doogan MP for the SNP; and Ben Lake MP from Plaid Cymru.
In its letter, Lloyds said it understood that for some customers, particularly those who are older or vulnerable, familiarity and reassurance remain important.
It also said the decision to extend cheque deposits for a transition period until 2030 would ensure that those who may need more time are supported.
Ben Lake MP said:
"I welcome Lloyds' decision to seek the restoration of cheque deposit services at Post Office branches. Access to local Post Offices is essential for people across Ceredigion Preseli, as it keeps face-to-face banking available for residents, small businesses and community groups.
"It is a matter of fairness that people - often elderly, vulnerable or digitally excluded - who rely on cheques should not be forced to struggle with digital services, sending cheques through the post, or having to travel miles when other major banks allow deposits through Post Offices and Banking Hubs.
"Whilst I acknowledge that Lloyds have moved in the right direction, they now need a concrete agreement so that customers are able to have the same access to financial services that other banks offer through the Post Office. Everyone should be afforded access to the full range of basic banking services."