Post Office prepares for customers handing over many old-style notes

Post Office prepares for deluge of customers handing over old-style £20 and £50 notes as deadline looms

• September 30 is last day Bank of England’s paper notes have legal tender status
• Only polymer ones with JMW Turner and Alan Turing on them will be accepted
• So far this month, over £100million worth of the notes have been deposited

The Post Office is preparing for a ‘last moment’ rush in customers depositing paper £20 and £50 banknotes this week before they can no longer be used.

September 30 is the last day the Bank of England’s paper notes will have legal tender status.

After Friday, only polymer Bank of England banknotes which feature artist JMW Turner and Bletchley Park codebreaker Alan Turing on them will be accepted.

So far this month, over £100million worth of the notes have been deposited at Post Office’s 11,500 branches. Martin Kearsley, Post Office’s banking director, said staff ‘are on hand’ to help those who ‘put off depositing their paper notes until the last moment’.

The Post Office is preparing for a ‘last moment’ rush in customers depositing paper £20 and £50 banknotes this week before they can no longer be used

But the public can still deposit paper notes at their Post Office, or exchange them for new notes at the BoE’s London office, once the deadline has passed.

Postmasters have their branches set up to handle large volumes of cash, with over £3 billion in cash deposited and withdrawn at Post Offices every month.

Mr Kearsley said: ‘We’re fully aware that people lead busy lives and some may put off depositing their paper £20 and £50 banknotes until the last moment.

‘Postmasters and their staff are on hand to provide that human reassurance that your old notes have been deposited into your bank account and will provide a receipt too. Most Post Offices are open long hours including on Friday.’

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