£50' notes
Apr 28th 2014, 11:41 am
#1
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£50' notes
If any of you like me have a stash of them, from 30Apr, they will not be legal in shops and I think from Oct is up til when you can bank them.
I hope Sabadell will take them tomorrow. I only found out today
I hope Sabadell will take them tomorrow. I only found out today
Apr 28th 2014, 12:08 pm
#3
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Apr 28th 2014, 12:29 pm
#5
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Re: £50' notes
Apr 28th 2014, 12:31 pm
#6
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Re: £50' notes
Interesting definition of legal tender.
6. 'Legal tender' means that if a debtor pays in legal tender the exact amount they owe under the terms of a contract, they have a good defence in law if they are subsequently sued for non-payment of the debt. In practice, the concept of 'legal tender' does not govern the acceptability of banknotes as a means of payment. This is essentially a matter for agreement between the parties involved.
In any event most banks and bld socs will continue to accept them to credit to customer accounts
.
...... or else exchange them in amounts of £200 up until Sept 30th.
It applies to notes issued before 2011, later ones are ok.
6. 'Legal tender' means that if a debtor pays in legal tender the exact amount they owe under the terms of a contract, they have a good defence in law if they are subsequently sued for non-payment of the debt. In practice, the concept of 'legal tender' does not govern the acceptability of banknotes as a means of payment. This is essentially a matter for agreement between the parties involved.
In any event most banks and bld socs will continue to accept them to credit to customer accounts
.
...... or else exchange them in amounts of £200 up until Sept 30th.
It applies to notes issued before 2011, later ones are ok.
Last edited by Dick Dasterdly; Apr 28th 2014 at 12:38 pm. Reason: add on
Apr 28th 2014, 3:33 pm
#7
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Re: £50' notes
It's ONLY the Houblon £50 note.
You can NOT spend them after 1st April and then only have until 1st October to exchange them at the Bank of England (no other bank apparently).
Apr 28th 2014, 3:38 pm
#8
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Re: £50' notes
Apr 28th 2014, 3:55 pm
#9
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Apr 28th 2014, 4:13 pm
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Re: £50' notes
Having read the excellent link that Fredbargate provided, it seems that some of the information reported recently was not correct. Other banks will exchange them as well.
Apr 28th 2014, 7:13 pm
#12
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Re: £50' notes
I imagine it will give the Inland Revenue the opportunity to enquire about the source of any unusually large amounts of cash that suddenly turn up in bank accounts from unexpected sources, say no more, wink, wink.
Apr 28th 2014, 8:56 pm
#13
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Re: £50' notes
They don't have to do anything, the system automatically throws up a query if irregular or unusual amounts are deposited.
Moral of this story, don't keep all your eggs...
Apr 30th 2014, 9:24 am
#14
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Re: £50' notes
Will these new plastic notes that they plan to introduce in 2016 be still as soft in my mattress?
May 1st 2014, 12:44 am
#15
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Re: £50' notes
There's no deadline for exchanging them at the Bank of England after they are withdrawn. You can still exchange pre-decimalisation currency if you have it.