Experts at the Post Office have predicted a 'last moment rush' as we approach the Bank of England's deadline for using paper £20 and £50 notes.
Increased numbers of customers are expected to be depositing paper £20 and £50 banknotes in its branches before the end of the month when they can no longer be used in shops or to pay businesses.
September 30 is the last day that the Bank’s paper £20 and £50 banknotes will have legal tender status.
The Bank of England has been encouraging anyone who still has them to use them or deposit them at their bank or a Post Office.
Post Office predicts rush as Bank of England paper note deadline closes
£1.2 billion worth of paper £20 and £50 banknotes have been deposited at Post Office’s 11,500 branches to date.
There have been over £100 million-worth of notes deposited at Post Office branches so far this month.
Only polymer Bank of England banknotes will have legal tender status after the deadline has passed.
The new polymer £20 notes feature artist JMW Turner, while the new polymer £50 notes feature Bletchley Park codebreaker and scientist Alan Turing.
Post Office branches have been set up to handle large volumes of cash with over £3 billion in cash deposited and withdrawn at Post Offices every month.
Martin Kearsley, Post Office banking director, 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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What happens after the Bank of England £20 and £50 paper note deadline passes?
The Bank of England will withdraw the legal tender status of paper £20 and £50 banknotes from September 30.
People will still be able to deposit their paper notes at their Post Office after the deadline has passed.
Many UK banks will also accept withdrawn notes as cash deposits from customers.
However, you will not be able to use these paper notes in shops or to pay businesses.
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