A Santander customer has expressed frustration after discovering he had reached a daily cash deposit limit, compounding the inconvenience of losing his local branch. The man attempted to deposit £365 at a Post Office but was unable to complete the transaction.
According to Santander's website, the maximum daily cash deposit limit is £2,000, with a rolling annual limit of £10,000. Some Post Office branches have a lower limit of £1,000. The customer believed he had exceeded the annual limit.
A Santander representative explained that the limits apply across the Post Office and ATM network for a rolling calendar year, but deposits can still be made at a Santander branch. The customer, living in rural south Devon, noted that his nearest branch is over an hour away due to closures.
Since 2015, over 6,000 bank branches have closed across the UK, leaving 33 parliamentary constituencies without a branch by the end of this year. A Nationwide Building Society study found that 70% of savers value their local branch, with 41% considering it essential for vulnerable individuals.
