cancel
Showing results for 
Search instead for 
Did you mean: 

Bank notes

Community Veteran
Posts: 7,151
Thanks: 52
Fixes: 2
Registered: 30-08-2007

Bank notes

On return to my depot this evening after my school bus run, I was handed a notice saying that £5 and £10 notes are no longer legal tender. My companies bank would no longer accept them, nor will the bank of England. We are told therefore to no longer accept them for fares.
I've not seen or heard this one from anywhere else, my suspicion is that our manager has been the victim of fake information.
I'm sure there's someone out there who will know?
Experience; is something you gain, just after you needed it most.

When faced with two choices, simply toss a coin. It works not because it settles the question for you. But because in that brief moment while the coin is in the air. You suddenly know what you are hoping for.
22 REPLIES
Community Veteran
Posts: 38,251
Thanks: 937
Fixes: 56
Registered: 15-06-2007

Re: Bank notes

without checking I think that refers to the older withdrawn versions - and I don't mean the white ones  Grin
Community Veteran
Posts: 7,151
Thanks: 52
Fixes: 2
Registered: 30-08-2007

Re: Bank notes

Thanks Oldjim, the notice came with pictures of the current notes.
Experience; is something you gain, just after you needed it most.

When faced with two choices, simply toss a coin. It works not because it settles the question for you. But because in that brief moment while the coin is in the air. You suddenly know what you are hoping for.
Community Veteran
Posts: 3,486
Registered: 02-10-2008

Re: Bank notes

As my bank issued new fivers to me only yesterday - i suspect some misleading information somewhere........
Community Veteran
Posts: 38,251
Thanks: 937
Fixes: 56
Registered: 15-06-2007

Re: Bank notes

http://www.dailymail.co.uk/news/article-193194/Old-style-5-notes-withdrawn.html
Quote
"Most banks, building societies and Post Offices will continue to accept the Stephenson note for several months after this date but this will be at the discretion of the individual institution."
However, as with all old Bank of England notes, the Stephenson £5 notes will remain payable at the Bank of England forever.
so even the older notes are still payable into the Bank opf England
Community Veteran
Posts: 7,151
Thanks: 52
Fixes: 2
Registered: 30-08-2007

Re: Bank notes

Just spoke to the MD. And the company bank refused to accept them this morning, unfortunately it looks as if the pictured notes are the current ones in error. It should have shown the previous issue, which we were warned about imminent withdrawal some months back. These (thats the old brown 10 and greeny blue fiver) are now no longer legal tender. Banks will no longer accept them. The BofE will take them, but won't refund the amount.
Sorry for any confusion caused.  
Experience; is something you gain, just after you needed it most.

When faced with two choices, simply toss a coin. It works not because it settles the question for you. But because in that brief moment while the coin is in the air. You suddenly know what you are hoping for.
Moderator
Moderator
Posts: 16,561
Thanks: 1,801
Fixes: 125
Registered: 06-04-2007

Re: Bank notes

Quote from: Petlew
The BofE will take them, but won't refund the amount. 

As I understand it the BoE is legally obliged to give the amount stated on any bank note due to the words 'I promise to pay the bearer on demand the sum of".
I found this on the BoE site
Quote
All Bank of England notes from which legal tender status has been withdrawn remain payable at face value forever at the Bank of England in London. Any such notes may be presented for payment either in person during business hours, or sent to us by post.

Forum Moderator and Customer
Courage is resistance to fear, mastery of fear, not absence of fear - Mark Twain
He who feared he would not succeed sat still

barky
Grafter
Posts: 166
Registered: 21-01-2009

Re: Bank notes

yep, notes are a promise from the bank -- thought it was strictly only coins that are legal tender anyway?
pierre_pierre
Grafter
Posts: 19,757
Registered: 30-07-2007

Re: Bank notes

up to a point yes  http://www.royalmint.com/corporate/policies/legal_tender_guidelines.aspx
Quote
BANK OF ENGLAND NOTES:
In England and Wales the £5, £10, £20 and £50 notes are legal tender for payment of any amount. However, they are not legal tender in Scotland and Northern Ireland.
COINS:
Coins are legal tender throughout the United Kingdom for the following amount:
£5 (Crown) - for any amount
£2 - for any amount
£1 - for any amount
50p - for any amount not exceeding £10
25p (Crown) - for any amount not exceeding £10
20p - for any amount not exceeding £10
10p - for any amount not exceeding £5
5p - for any amount not exceeding £5
2p - for any amount not exceeding 20p
1p - for any amount not exceeding 20p

the current bank notes (pictures) http://www.bankofengland.co.uk/banknotes/current/index.htm
Community Veteran
Posts: 3,486
Registered: 02-10-2008

Re: Bank notes

All rather a mess - what with a Bank of England, Scottish and Irish notes etc etc
One wonders why the BoE wasn't renamed at some time in the past as it is the UK National Bank
never mind - maybe some day we will have the Euro  Grin, and cashable at ANY bank in the Euro zone.
alanf
Aspiring Pro
Posts: 1,931
Thanks: 77
Fixes: 1
Registered: 17-10-2007

Re: Bank notes

There has been no type of BOE banknote withdrawn since 2003. The Daily Mail article that OldJim supplied a link to dates from that time. So why is this news now?
http://www.bankofengland.co.uk/banknotes/about/withdrawn_notes.htm
Community Veteran
Posts: 7,151
Thanks: 52
Fixes: 2
Registered: 30-08-2007

Re: Bank notes

Ok, I'm going to stand up and be counted now. The error is all mine. The information contained in the notice supplied to myself and our other drivers responsible for collecting cash from school children. Was supplied as one of our drivers (not me) inadvertently (uhmm??) accepted out-of-date £10 notes from one passenger who, may well have been acting unknowingly for his parents who supplied him with the notes in an attempt to get rid of them (successfully as it happens) Since my boss only "banks" once a week he found himself with a small quantity of worthless notes.
As it happens the notice we received in my opinion not only pictured current (Ok) notes but was badly worded, implying that this was a new event.
So I apologise to members, and accept any brickbats and criticism I'm due for, particularly if you've started to question your bank or unload those vast quantities stashed under your mattresses.  
Experience; is something you gain, just after you needed it most.

When faced with two choices, simply toss a coin. It works not because it settles the question for you. But because in that brief moment while the coin is in the air. You suddenly know what you are hoping for.
Community Veteran
Posts: 16,840
Thanks: 1,124
Fixes: 13
Registered: 06-11-2007

Re: Bank notes

Shame on you.... sack cloth and ashes , and a week of bread and water. coupled with  two nights (this saturday and sunday are scheduled to be cold and wet) in the stocks.  Grin Grin Grin Grin
Community Veteran
Posts: 7,151
Thanks: 52
Fixes: 2
Registered: 30-08-2007

Re: Bank notes

Petlew runs and hides to contemplate returning to the "ducks" he's safer there.
Experience; is something you gain, just after you needed it most.

When faced with two choices, simply toss a coin. It works not because it settles the question for you. But because in that brief moment while the coin is in the air. You suddenly know what you are hoping for.
Community Veteran
Posts: 16,840
Thanks: 1,124
Fixes: 13
Registered: 06-11-2007

Re: Bank notes

Oh yes,.... I forgot to add  "and 5 times on the ducking stool"...  Cheesy