Urgent bank note warning as £13BILLION about to expire – do you have one?
BILLIONS of old-style £20 and £50 paper notes need to be deposited urgently.
If you've still got some of the old notes hanging around, now is the time to cash them in.
The Post Office has exclusively told The Sun that over £13 billion worth of these paper notes are lying around in people's homes.
People have little more than a month to deposit these old banknotes before they lose legal tender next month.
After September 30, paper £20 and £50 notes will no longer be accepted as a form of payment.
You can deposit these notes in the meantime at any bank, the Post Office and the Bank of England.
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These can be presented in person or sent by post (although you risk them getting lost) to: Dept Nex, Bank of England, Threadneedle Street, London EC2R 8AH.
In return you'll get the same value back in the new polymer notes.
If you don't want to exchange the old cash for new cash, the amount can be deposited straight into your bank account.
Martin Kearsley, Post Office banking director, said: “There’s still billions of pounds worth of paper £20 and £50 banknotes hidden away in the usual, and unusual, places people store cash at home.
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"My strong advice is to take some time over the Summer holidays and check if you’ve got any paper notes that you’ve been meaning to deposit and haven’t got round to it yet."
Once the September 30 deadline passes and the Bank of England withdraws the legal tender status of paper £20 and £50 banknotes, people will still be able to deposit paper notes at their local bank, Post Office or at the Bank of England.
How do I deposit my old banknotes?
Simply take them down to your local bank, Post Office, or the Bank of England itself.
You can even post (although you risk them getting lost) them to: Dept Nex, Bank of England, Threadneedle Street, London EC2R 8AH.
You'll be asked if you'd like the same value back in the new polymer notes.
You'll also have the amount deposited straight into your bank account.
What happens if I don't swap them in time?
If you don't want to deposit the cash, or you fail to do so before they lose their legal tender - don't worry.
You can still spend the old banknotes it in stores across the country right now.
But from September 30 they'll no longer be accepted and you'll need to swap them out.
Why are the paper notes being phased out?
The Bank is replacing old-style paper notes with polymer versions, because they're more durable and harder to counterfeit.
A £50 banknote featuring scientist Alan Turing came into circulation one year ago, and a £20 note featuring artist JMW Turner was launched in February 2020.
How many notes have been deposited so far?
To date, only £976 million has been deposited at Post Office’s 11,500 branches. That’s been made up of £294 million worth of paper £20 banknotes and £682 million worth of £50 banknotes.
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You can find the .
But if you have one of the most rare and valuable £20 notes in your wallet, you might want to keep hold of it - it could be worth a lot more.