Warning to anybody with £20 and £50 as financial institution notes to run out inside days

Individuals are being warned to swap their paper £20 and £50 banknotes which can now not be accepted after the tip of this month.

The outdated paper notes have regularly been changed by the brand new polymer variations since February 2020, however will exit of circulation altogether on September 30.

You are reading: Warning to anybody with £20 and £50 as financial institution notes to run out inside days

After this date, you will not be capable to spend them as outlets and companies might not settle for them as authorized tender.

Royal Financial institution of Scotland, Clydesdale Financial institution and Financial institution of Scotland, that are all a part of the Committee of Scottish Bankers (CSCB), introduced the deadline and mentioned they’d be taking the outdated paper notes out of circulation.

A spokesperson for the CSCB confirmed: “Due to the work that the issuing banks have already undertaken to swap the older paper notes with the safer, environmentally pleasant polymer notes, the vast majority of £20 and £50 notes have already been changed with polymer.

“We’ve got set a deadline for utilizing paper £20 and £50 notes as thirtieth September. The Scottish word issuing banks will proceed to simply accept outdated paper primarily based notes and there are at present no plans to alter this.”

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The polymer notes have been launched as a manner of making an attempt to fight monetary crime, as they function a movie coating that protects them from counterfeits being made.

What can I do with my outdated notes?

Scots are being urged to take their outdated paper notes into their native financial institution department. There, they will be deposited as credit score into your checking account, or exchanged for polymer notes

The CSCB is encouraging folks to trade or deposit their cash earlier than the deadline, however you’ll nonetheless be capable to do that after the deadline has handed.

Financial institution of Scotland prospects can deposit their outdated notes into their accounts anytime earlier than or after September 30.

And anybody who is not with Financial institution of Scotland can trade their paper notes for polymer ones at any department, however solely as much as the worth of £250.

Financial institution of England can also be utilizing this similar deadline to cease circulation of its paper £20 and £50 notes.

Why are paper notes being changed?

The old notes were easier to make fake copies of, and causing financial crime
The outdated notes have been simpler to make faux copies of, and inflicting monetary crime (Picture: Bloomberg by way of Getty Pictures)

In keeping with Financial institution of England, there are a number of explanation why the choice was taken to scrap paper notes in favour of polymer ones.

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The brand new polymer notes enable for enhanced security measures, such because the see-through window and holograms. This makes them more durable to copy than paper notes.

They’re additionally far more sturdy, and final round two and a half occasions longer on common than paper ones. This additionally makes them extra environmentally pleasant, as they don’t have to be changed as usually.

Lastly, polymer notes are extra sanitary since their smoother surfaces are immune to grime and moisture.

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