The Post Office is geared up for a “last-minute rush” of clients this week who want to deposit paper £20 and £50 banknotes before they expire.
The paper notes issued by the Bank of England will no longer be considered legal currency after September 30.
After Friday, only Bank of England polymer notes with the portraits of Alan Turing and JMW Turner from Bletchley Park will be accepted.
Over £100 million worth of the notes have already been deposited at Post Office’s 11,500 locations this month. Post Office banking director Martin Kearsley said that staff members are “on standby” to assist customers who “delay depositing their paper notes until the last minute.”
However, after the deadline has past, the general public may still deposit paper currency at their local Post Headquarters or exchange it for fresh currency at the BoE’s London office.
With over £3 billion in cash being deposited and taken from Post Offices each month, Postmasters have their branches geared up to handle enormous amounts of cash.
We completely understand that individuals lead busy lives and that some may wait until the last minute to deposit their paper £20 and £50 bills, according to Mr. Kearsley.
A receipt and human confirmation that your old notes have been put into your bank account are available from postmasters and their personnel at all times. The majority of post offices are open late, even on Friday.