NEWS

Post Office Limited Withdrawals Per Day To Reserve Cash

"Expanding the post office into a supermarket chain would help retain cash for withdrawals," Ms Rachel said.
03 Aug 2022 17:11
Post Office Limited Withdrawals Per Day To Reserve Cash

A rural post office sometimes run out of cash after withdrawals outstripped deposits, amid mounting dependence from islanders, businesses and nearby island resorts.

Vanuabalavu Post Office, Lau, has since limited its cash reserves.

Post mistress, Shirley Rachel, said they had limited reserves to cater for the third largest island in the Lau group.

“Shortage of cash was brought on when withdrawals were made for communal soli, or contributions,” she said.

She said a person was allowed to withdraw a maximum of $500 a day to allow enough cash to go around for other withdrawals.

“Islanders were heavily reliant on remittances,” Ms Rachel said.

“Last Friday, $11,000 was withdrawn, she said. In another instance, one individual withdrew $89,000 over a span of two months,” Ms Rachel said.

 

Cikobia-i-Lau and Tuvuca postal agencies were closed, prompting islanders to turn to the Vanuabalavu Post Office, she said.

“When civil servants’ pay falls during the social welfare payout, we experience a shortage of cash,” Ms Rachel said.

“That is when I have to send a request to Suva for more cash, as our reserve was low,” she said.

“Expanding the post office into a supermarket chain would help retain cash for withdrawals,” Ms Rachel said.

“When they shop, the money is deposited back into the agency, to help maintain reserves,” she said.

“Or other businesses continue to deposit at the post office, instead of sending the money directly to Suva.”

Ms Rachel said they cannot exceed the current amount on their reserve as it would be too risky to monitor a larger amount of money.

 

Feedback: laisa.kabulevu@fijisun.com.fj



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