We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
Brits have been warned they only have until September 30 to spend paper £20 and £50 notes in shops before they are no longer accepted as legal tender. The old money has been replaced with longer-lasting polymer notes.
The Bank of England is encouraging anyone who still has these to use them or deposit them at their bank or a Post Office during these last 30 days, reports The Daily Star.
After the deadline you can still swap them at the Bank of England for the new polymer notes.
You can do this either in person or by post, just make sure you send your bank notes by recorded delivery in case they get lost.
To post it, the address is: Dept Nex, Bank of England, Threadneedle Street, London EC2R 8AH.
If you are going to the Bank of England in person, you might have to fill in a form and provide ID too.
In return, you will get the same value back in the new polymer notes.
£24 billion in old bank notes left to be exchanged say experts
The Bank of England said most places should still allow customers to exchange old bank notes after they’re no longer legal tender.
Even the Post Office might still accept withdrawn notes as a deposit into any bank account you can access with them.
The Bank of England said: “30 September 2022 will be the last day you can use Bank of England paper £20 and £50 notes.
“We encourage people to spend them or deposit them at their bank ahead of this date.”
Former Bank of England governor Mark Carney – who spearheaded their introduction – previously said: “Polymer notes are safer than paper notes and last more than twice as long.”
The polymer banknotes are not without issues though.
Some notes can accidentally shrink to a quarter of their size if ironed while inside a pocket.
Source: Read Full Article