Bank of England warns of ‘long queues’ ahead of September’s £20 and £50 deadline.

That Bank of England has issued an update on plans to scrap old £20 and £50 notes featuring the Queen later this month.

Anyone who still uses paper 20 and 50 euro notes has a little more than a week until they can no longer buy anything with their money.

September 30 is the last day the bank’s £20 and £50 notes will have legal tender status.

It encourages anyone who still has them to use them or deposit them at their bank or post office before the end of September.

They are replaced with polymer notes introduced to increase security and prevent fraud.

A statement from the Bank of England said: “The Bank of England counter is currently open Monday to Friday from 9.30am to 3pm and is experiencing very high demand. There will be long queues and you may encounter wait times in excess of an hour.

“We would like to ask you to consider the long waits if you are traveling to the bank to make an in-person exchange – if you arrive after 2pm you may not be served before we close. Unless you require your banknotes immediately, we would suggest sending your banknotes by post.”

In addition to banks, Brits can also exchange old banknotes at post offices.

Bank of England Treasurer Sarah John said in June: “The switch from paper to polymer banknotes in recent years has been an important development as it makes them more difficult to counterfeit and more durable.

“The majority of paper banknotes have now been phased out but a significant number remain in the economy so we urge you to check you have any at home.

“These can still be used for the next 100 days or deposited with your bank as normal.”

https://www.theargus.co.uk/news/22314020.bank-england-issues-long-queues-warning-ahead-20-50-september-deadline/?ref=rss Bank of England warns of ‘long queues’ ahead of September’s £20 and £50 deadline.

Fry Electronics Team

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