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-   -   £50 note withdrawal (http://www.accountantforums.com/50-note-withdrawal-t144957.html)

Major Scott 02-11-2013 07:05 PM

£50 note withdrawal
 
My bank just brought this to my attention:
http://www.bbc.co.uk/news/business-15539934

Apparently very shortly banks will not accept the old £50 notes.
I just paid an old one in and the woman stared at it and said they stopped being made years ago, how on earth did I have one?

The link above on the BBC says "But that remains as legal tender until awithdrawal date is set by the Bank."
Yet the Bank of England says they will ALWAYS be legal tender accepted at the Bank of England: http://www.bankofengland.co.uk/bankn...bout/faqs.aspx

I guess if you don't live near a Bank of England.....

--
http://petersparrots.com
http://petersphotos.com

Once you've seen one shopping centre, you've seen a mall.

Anthony R. Gold 02-11-2013 11:55 PM

Re: £50 note withdrawal
 
On Mon, 11 Feb 2013 19:05:45 -0000, "Major Scott" <no@spam.com> wrote:

> My bank just brought this to my attention:
> http://www.bbc.co.uk/news/business-15539934
>
> Apparently very shortly banks will not accept the old £50 notes.


What makes it apparent to you that the older note will be withdrawn very
shortly?

> I just paid an old one in and the woman stared at it and said they stopped being made years ago, how on earth did I have one?
>
> The link above on the BBC says "But that remains as legal tender until a withdrawal date is set by the Bank."
> Yet the Bank of England says they will ALWAYS be legal tender accepted at the Bank of England: http://www.bankofengland.co.uk/bankn...bout/faqs.aspx


It does not say they will always be "legal tender", only that they will
always be exchanged.

> I guess if you don't live near a Bank of England.....


Near "a" Bank of England? The Bank of England is in Threadneedle Street,
London EC2 and it has no branches.

Major Scott 02-12-2013 12:30 AM

Re: £50 note withdrawal
 
On Mon, 11 Feb 2013 23:55:13 -0000, Anthony R. Gold <not-for-mail@ahjg.co.uk> wrote:

> On Mon, 11 Feb 2013 19:05:45 -0000, "Major Scott" <no@spam.com> wrote:
>
>> My bank just brought this to my attention:
>> http://www.bbc.co.uk/news/business-15539934
>>
>> Apparently very shortly banks will not accept the old £50 notes.

>
> What makes it apparent to you that the older note will be withdrawn very
> shortly?


The teller in Lloyds TSB (where I paid two of them in) said they wouldn't be accepting them shortly. She looked at me as though I should have known, and showed the "obvious" differences between the two that were oldand the one which was not.

>> I just paid an old one in and the woman stared at it and said they stopped being made years ago, how on earth did I have one?
>>
>> The link above on the BBC says "But that remains as legal tender until a withdrawal date is set by the Bank."
>> Yet the Bank of England says they will ALWAYS be legal tender accepted at the Bank of England: http://www.bankofengland.co.uk/bankn...bout/faqs.aspx

>
> It does not say they will always be "legal tender", only that they will
> always be exchanged.


Which I would call legal tender. As in, if you were to give me one in 10 years time, I could always change it for a new one and have my £50. Mind you not living near the Bank of England may be a nuisance.

>> I guess if you don't live near a Bank of England.....

>
> Near "a" Bank of England? The Bank of England is in Threadneedle Street,
> London EC2 and it has no branches.


Oh. I assumed it would be like "Bank of Scotland" and act like a normalbank aswell as it's extra functions.

So presumably it has one building the public can walk into, if only to exchange the old £50s.

Can you have an account with them? What about if you're a big company?

--
http://petersparrots.com
http://petersphotos.com

The most ejaculatory orgasms ever recorded in 1 hour for a boy is 16.

Janitor of Lunacy 02-12-2013 02:28 AM

Re: £50 note withdrawal
 

"Major Scott" <no@spam.com> wrote in message
news:op.wsdadhaa2eh2io@i7-940.lan...
On Mon, 11 Feb 2013 23:55:13 -0000, Anthony R. Gold
<not-for-mail@ahjg.co.uk> wrote:

> On Mon, 11 Feb 2013 19:05:45 -0000, "Major Scott" <no@spam.com> wrote:
>
>> My bank just brought this to my attention:
>> http://www.bbc.co.uk/news/business-15539934
>>
>> Apparently very shortly banks will not accept the old £50 notes.

>
> What makes it apparent to you that the older note will be withdrawn very
> shortly?


The teller in Lloyds TSB (where I paid two of them in) said they wouldn't be
accepting them shortly. She looked at me as though I should have known, and
showed the "obvious" differences between the two that were old and the one
which was not.

>> I just paid an old one in and the woman stared at it and said they
>> stopped being made years ago, how on earth did I have one?
>>
>> The link above on the BBC says "But that remains as legal tender until a
>> withdrawal date is set by the Bank."
>> Yet the Bank of England says they will ALWAYS be legal tender accepted at
>> the Bank of England:
>> http://www.bankofengland.co.uk/bankn...bout/faqs.aspx

>
> It does not say they will always be "legal tender", only that they will
> always be exchanged.


Which I would call legal tender. As in, if you were to give me one in 10
years time, I could always change it for a new one and have my £50. Mind
you not living near the Bank of England may be a nuisance.

>> I guess if you don't live near a Bank of England.....

>
> Near "a" Bank of England? The Bank of England is in Threadneedle Street,
> London EC2 and it has no branches.


Oh. I assumed it would be like "Bank of Scotland" and act like a normal
bank aswell as it's extra functions.

So presumably it has one building the public can walk into, if only to
exchange the old £50s.

Can you have an account with them? What about if you're a big company?
---------------------------------------------------------------------------------
You can have an account with the BoE; a friend of mine did, but then he did
work for them. Any major bank should accept £50 notes as long as they are
legal tender, and possibly during a transitional period- I'd expect an
announcement to have been made first, however.



Chris Blunt 02-12-2013 03:05 AM

Re: £50 note withdrawal
 
On Tue, 12 Feb 2013 00:30:43 -0000, "Major Scott" <no@spam.com> wrote:

>Which I would call legal tender. As in, if you were to give me one in 10 years time, I could always change it for a new one and have my £50. Mind you not living near the Bank of England may be a nuisance.


That is not what legal tender is. The term legal tender refers to the
acceptability of certain notes and coins as settlement of a debt. It
is often misunderstood, and has actually has little relevance for most
practical purposes.

http://www.royalmint.com/aboutus/pol...der-guidelines

Chris

Jeff 02-12-2013 09:43 AM

Re: £50 note withdrawal
 

>> Near "a" Bank of England? The Bank of England is in Threadneedle Street,
>> London EC2 and it has no branches.

>
> Oh. I assumed it would be like "Bank of Scotland" and act like a normal
> bank aswell as it's extra functions.
>


You obviously do not realise that none of the notes issued by Scottish
banks are actually 'legal tender', even in Scotland.

Jeff

®i©ardo 02-12-2013 10:40 AM

Re: £50 note withdrawal
 
On 11/02/2013 23:55, Anthony R. Gold wrote:
> On Mon, 11 Feb 2013 19:05:45 -0000, "Major Scott" <no@spam.com> wrote:
>
>> My bank just brought this to my attention:
>> http://www.bbc.co.uk/news/business-15539934
>>
>> Apparently very shortly banks will not accept the old £50 notes.

>
> What makes it apparent to you that the older note will be withdrawn very
> shortly?
>
>> I just paid an old one in and the woman stared at it and said they stopped being made years ago, how on earth did I have one?
>>
>> The link above on the BBC says "But that remains as legal tender until a withdrawal date is set by the Bank."
>> Yet the Bank of England says they will ALWAYS be legal tender accepted at the Bank of England: http://www.bankofengland.co.uk/bankn...bout/faqs.aspx

>
> It does not say they will always be "legal tender", only that they will
> always be exchanged.
>
>> I guess if you don't live near a Bank of England.....

>
> Near "a" Bank of England? The Bank of England is in Threadneedle Street,
> London EC2 and it has no branches.
>


Really?

http://www.listofbanks.info/web/Comp...D/Company.aspx

--
Moving Things in Still Pictures!

®i©ardo 02-12-2013 10:42 AM

Re: £50 note withdrawal
 
On 12/02/2013 09:43, Jeff wrote:
>
> >> Near "a" Bank of England? The Bank of England is in Threadneedle

> Street,
> >> London EC2 and it has no branches.

> >
> > Oh. I assumed it would be like "Bank of Scotland" and act like a normal
> > bank aswell as it's extra functions.
> >

>
> You obviously do not realise that none of the notes issued by Scottish
> banks are actually 'legal tender', even in Scotland.
>
> Jeff


In fact, the only bank note to have (had) legal tender status in
Scotland was the Bank of England £1 note.

--
Moving Things in Still Pictures!

tim..... 02-12-2013 10:45 AM

Re: £50 note withdrawal
 

"Major Scott" <no@spam.com> wrote in message
news:op.wscvbv102eh2io@i7-940.lan...
> My bank just brought this to my attention:
> http://www.bbc.co.uk/news/business-15539934
>
> Apparently very shortly banks will not accept the old £50 notes.
> I just paid an old one in and the woman stared at it and said they stopped
> being made years ago, how on earth did I have one?
>

Are you referring to the "first" series which was withdrawn in 1996

or the second series which they stopped issuing 18 months ago?

If the first they she shouldn't have taken in at all.

and if the second then 18 months old is hardly a surprise for such a high
value note, is it?

tim




Anthony R. Gold 02-12-2013 11:19 AM

Re: £50 note withdrawal
 
On Tue, 12 Feb 2013 10:40:27 +0000, ®i©ardo <here@somerset.co.uk> wrote:

> On 11/02/2013 23:55, Anthony R. Gold wrote:
>> On Mon, 11 Feb 2013 19:05:45 -0000, "Major Scott" <no@spam.com> wrote:
>>
>>> My bank just brought this to my attention:
>>> http://www.bbc.co.uk/news/business-15539934
>>>
>>> Apparently very shortly banks will not accept the old £50 notes.

>>
>> What makes it apparent to you that the older note will be withdrawn very
>> shortly?
>>
>>> I just paid an old one in and the woman stared at it and said they stopped being made years ago, how on earth did I have one?
>>>
>>> The link above on the BBC says "But that remains as legal tender until a withdrawal date is set by the Bank."
>>> Yet the Bank of England says they will ALWAYS be legal tender accepted at the Bank of England: http://www.bankofengland.co.uk/bankn...bout/faqs.aspx

>>
>> It does not say they will always be "legal tender", only that they will
>> always be exchanged.
>>
>>> I guess if you don't live near a Bank of England.....

>>
>> Near "a" Bank of England? The Bank of England is in Threadneedle Street,
>> London EC2 and it has no branches.
>>

>
> Really?


Yes.

> http://www.listofbanks.info/web/Comp...D/Company.aspx


I do not believe those are bank branches, i.e. non head-office premises that
provide banking services. The Bank of England does employ some staff outside
of their head office for other purposes:

http://www.bankofengland.co.uk/monet...cypamphlet.pdf

But if bank branches are found at any of those addresses, please tell.


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