Changing Denominations

[andy-hughes]

You used to be able to walk into the bank and exchange five twenty-pound-notes for two fifty-pound notes.

My bank tells me I need to pay the cash into my account, and then draw it out again.

Are there any branches that will still allow such a simple transaction over the counter?

[Redhelen72]

the post office

 

[Gizmonster]

My bank branch doesn't have the facility for payments over the counter anymore - you've got to pay cash in using one of theit automated machines.

I pay cash into my bank account at the post office now .... I've always found them to be very accommodating  :)

[vulcan42]

I don't think any bank will offer any useful service these days, their main priority is to make any transaction as awkward as possible.

[drmorgans]

Or maybe to sell you stuff, loans, mortgages, life insurance.

 

[barry1010]

It's because when money is deposited or withdrawn from accounts the computer records not just the amounts but also the denominations.  At the end of the day the computer know exactly how many £50 notes etc the branch should have.

There isn't the facility to record swaps

[theshedman]

I tried doing this a few times and the bank said the same as yours, pay in take out.  They told me it was because of money laundering.  I even went into my son's bank once for him as he needed to put money in that day and he was working so couldn't get there and they told me to put in into my account then pay it into his, what a palaver.

[Buenchico]

Barry's given one possible reason.

However, when old pound coins were being withdrawn and replaced by the newer design, I went into my bank (Barclays) and asked to swap £120 worth over.  Like Andy, I was told that I'd need to pay the coins into my account and then make a withdrawal. 

The reason I was given was that the Money Laundering Regulations required the bank to ensure that there was a clear paper trail for all transactions carried out.  Assuming that to be correct, it must surely apply to all banks, meaning that there's no point in Andy looking elsewhere.

[youngmafbog]

As above, its to tally what the Bank has and also AML.  

//My bank branch doesn't have the facility for payments over the counter anymore - you've got to pay cash in using one of theit automated machines.//

Yes to combat 'hold ups'.

As for AML the Bank must send details of some transactions to the Government (MiFID). Doing a cash only transaction with no account could be problematic especailly if the notes turned out to be fraudulent or stolen/drugs etc.

[Peter Pedant]

the post office

no -  imagine the scene - Mrs Venal now a counter clerk.

AH can i  change these then?

Mrs V of course you can you dear fellow - give him here

AH - eeeking and grunting hands her 5 x 20s

Mrs V opens till and puts lullu in and closes it.

right well that has gone then!

AH - well what about the fifties then?

Mrs V well what about them? In a suspence account, they are. NOt there. Gone away. Times you moved on my love or else I will get the police

AH starts blubbing and piping his eye

 

[Peter Pedant]

a little joke: not really. - - - - -  I  have to say that, because it is AB

[Peter Pedant]

Chris BC - has it - MLR - and an audit trail.

earlier - when £10 changed, I went into a bank and said when i return from Egypt can I pay in  old £10s ?

and the clerk said - yes -  and I said yippee etc

and he added - because we know it is you

oo-er Mrs  Vennels !

I exchanged the  at par in Egypt who  didnt seem to know their stores of old £10s were just about to become worthless....

[Old_Geezer]

Banks, like supermarkets and other services, don't believe in giving that service any more, nor that customers are to be valued. (Have you seen the Woolwich adverts ? They would be informative were they not to imply they aren't closing branches.)

 

Good luck finding a barely adequate one these days.

[Canary42]

I paid a couple of paper £20s into my account today - after having to take a 30-minute bus ride to my nearest local branch.

[Buenchico]

^^^ Haven't you got a Post Office branch nearer to you than that, Canary42?  You could have paid in your banknotes there for any High Street bank account:
https://www.postoffice.co.uk/everydaybanking

[Canary42]

Yes, there is still a Post Office on the island (Hayling) but the bus stop is a lot nearer to home 😋.   We had three banks on the island at one time, in the good old days.