Withdrawn Banknotes

[Mamyalynne]

I was asked today by an elderly neighbour about the near withdrawal of the £20 with Elgar on reverse, seems she has a fair few (amount not disclosed and I didn`t like to ask) and seems not to want to pay them in the bank, again reasons not disclosed. I could not think of a solution for her. Suppose its a problem we may all like and seems the practice of stashing money at home is still alive. Not sure what I would do., what do you think?

[northernmonkey]

Give her advice & thats all you can do

[razza]

It will still be legal tender until £20 notes are withdrawn from circulation.

[Mamyalynne]

Thats the point I don`t know what advice to give.

[mike11111]

The simplest thing would be to pay them into the bank shortly before they are withdrawn and draw the money out later.

[Mamyalynne]

Seems they are to be withdraen in June, I will advise her to deposit them, thankyou.

[ABerrant]

The available options are:

1. Use them before the official withdrawal date, 30th June.
2. Use them for the few months after that date in establishments that will still accept them at their own discretion for transactions (e.g. Building Societies, Post Offices, etc.).
3. Exchange them after withdrawal via the Bank of England.

[northernmonkey]

put in bank, withdraw amount back out
simple quick easy

[daffy654]

Take the notes into a bank after changeover and they are legally obliged to change them for the new ones.

[Mamyalynne]

Thankyou all.

[ABerrant]

Only the Bank of England is legally obliged to exchange these banknotes after withdrawal from circulation. Other banks may offer to accept them for transactions at their discretion and some have expressed that they shall do so for several months.

[spudqueen]

Post Offices will accept these notes, and all other withdrawn notes.

[northernmonkey]

mamyalynee: Update ?

[Mamyalynne]

Sorry for not getting back to you, seems she has reluctantly paid into the bank.

Thanks again.

M