The Post braces for a rush as the Bank of England’s £20 and £50 deadline approaches

More customers are expected to deposit £20 and £50 notes in branches before the end of the month when they can no longer be used in shops or to pay for businesses.

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

That Bank of England has encouraged anyone who still has them to use them or deposit them at their bank or post office.

The Argus: PAPA

The Post is forecasting a rush when the Bank of England’s paper note deadline ends

£1.2bn worth of paper £20 and £50 notes have so far been deposited in the Post’s 11,500 branches.

So far this month over £100m worth of banknotes have been deposited in post offices.

Only Bank of England polymer banknotes have legal tender status after the deadline.

The new polymer £20 notes feature artist JMW Turner, while the new polymer £50 notes feature Bletchley Park codebreaker and scientist Alan Turing.

Post offices were set up to handle large volumes of cash with over £3 billion a month in cash deposits and withdrawals at post offices.

Martin Kearsley, Banking Director for the Post, said: “We are fully aware that people lead busy lives and some put off depositing their £20 and £50 notes until the last moment.

“Postmasters and their staff stand by to give you human reassurance that your old bills have been deposited into your bank account and will also issue a receipt. Most post offices are open late, including on Fridays.”

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What happens after the Bank of England £20 and £50 note deadlines?

The Bank of England will withdraw legal tender status from £20 and £50 paper banknotes from 30 September.

People can drop off their paper notes at their post office even after the deadline.

Many UK banks also accept confiscated notes as cash deposits from customers.

However, you cannot use these paper bills in stores or to pay for companies.

https://www.theargus.co.uk/news/22643458.post-office-braces-rush-bank-englands-20-50-deadline-nears/?ref=rss The Post braces for a rush as the Bank of England’s £20 and £50 deadline approaches

Fry Electronics Team

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