Post Office Saving Stamps - no longer accepted after 28 August 2010!

Lyger

My apologies if this has already been mentioned elsewhere, or is in the incorrect forum. I did a search, and nothing on this came up.

Anyways, after trying to buy my monthly £10 in savings stamps today, I was told that the Post office are no longer selling savings stamps, and that the system is being replaced with a 'Budget Card'.

I've done a quick google on it, and the post office have mentioned it on their website here.

Anyway, long story short - you can use your savings stamps in the post office up until the 28th August 2010. After that, you will only be able to transfer any savings stamps to the new budget card or you will need to send your stamps to a central post office location, and arrange for their value to be refunded to you in the form of a post office payout letter.

Hope this helps all you stamp savers out there!

*edit*

Here's the link for the FAQ on the budget card.

philkirby

Hi there,

To be precise, you can use them up until the 28th February which is the last day you can use any leftover Savings Stamps as payment for a bill, Post Office service or car tax in a Post Office branch. Alternatively, unused Savings Stamps can be:

- Transferred on to the new Post Office Budget Card, which offers a convenient and secure way to put money away for bills

- Handed in over the counter to be exchanged for a Post Office Payout letter that can be cashed in at a Post Office branch. This letter will provide you with the full value of the Savings Stamps exchanged when presented in branch.

After the 28th February deadline, the Stamps must be sent to a central office for processing before a refund can be provided.

Sarah2312

That's what I've heard too - that savings stamps from the post office can be used up to the 28th February, but that you can't exchange them after that. I inherited some stamps so I need to dig them out and get to my local post office to exchange them pronto!

sonyhamster

This was on the news: http://www.google.com/hostednews/ukpress/article/ALeqM5jfe128arD2LbZclr1E4NtHotQ4og?docId=N0007001297938540104A

£1m Post Office stamps outstanding
(UKPA) – 23 hours ago
Consumers have been urged to use or cash in around £1 million of outstanding Post Office Savings Stamps.
The stamps, which can be used to budget and pay bills over the counter, are being phased out, and people will no longer be able to use them at post office counters from the beginning of next month.
After this date consumers will still be able to get a full cash refund for the value of the stamps, but they will no longer be able to put them towards bills.
The Post Office stopped selling the stamps in May last year after the introduction of the Post Office Budget Card, which it claims offers greater security and convenience to people looking to spread the cost of their bills.
But the group estimates that there are still around £1 million of the stamps across the country that have not yet been redeemed.
It is encouraging customers to use the stamps to pay their bills this month, or to take the stamps into a branch and have their value transferred on to a Budget Card or obtain a cash refund.
Michael Birchall, of the Post Office, said: "Savings Stamps ceased to be sold in May 2010 when the new Budget Card scheme was introduced.

"However, any customers still in possession of Savings Stamps can be reassured that the money will always belong to them.
"We believe the majority of customers have now transferred to the new Budget Card or redeemed their stamps. Stamps are of course still currently being redeemed and there is around £1 million still to be used to pay bills this month or be refunded."
People who cash in their stamps after February 28 will receive a payout letter 28 days after they hand in the stamps at a post office branch. They can then take the letter to a post office and exchange it for cash.