Is it illegal to not accept 50 pound notes?
The quick answer is yes, they can refuse to accept the notes. And not that are not legal tender, but the definition of the term can be interpreted differently. ‘It means that if you are in debt to someone then you can’t be sued for non-payment if you offer full payment of your debts in legal tender.”
Can you pay old 50 notes into the Bank?
Exchanging old notes 30 September 2022 is the last day you can use our paper £20 and £50 notes. After 30 September 2022, many banks will accept withdrawn notes as deposits from customers. The Post Office may also accept withdrawn notes as a deposit into any bank account you can access at the Post Office.
Which 50 pound notes have been withdrawn?
The Bank of England has said these £50 notes can be used until September 30 2022. The note will be withdrawn from circulation from this date. The old £20 note will also be withdrawn from this date too. A new plastic £20 featuring artist JMW Turner went into circulation in February 2020.
How do I exchange old 50 notes?
How to exchange old bank notes
- At your bank: The BoE says the easiest way to exchange notes is to deposit them with your bank.
- At the Post Office: The Post Office may also accept withdrawn notes as payment for goods and services, or as a deposit into any bank account you can access with them.
Can places refuse 50 notes?
Most people think it means the shop has to accept the payment form. A shop owner can choose what payment they accept. If you want to pay for a pack of gum with a £50 note, it’s perfectly legal to turn you down. Likewise for all other banknotes, it’s a matter of discretion.
Do supermarkets accept 50 pound notes?
Most shops won’t take them and the ones that do only do so for a reasonable ammount (i.e. a £40 min spend) because of the fraud risk. Fake notes are so sophisticated a lot are passing shop checks and then failing bank checks and shops just don’t want to take that risk even if it is a real note.
Is paper 50 still legal?
The Bank of England have confirmed that old £50 notes expire on Wednesday 30 September 2022. This will officially be the last day you can use your old £50 notes in shops, pubs and restaurants. This expiry date also applies to old £20 notes which were replaced with the new polymer note in 2020.
Where can I change old 50 notes?
At the Bank of England: You can post old banknotes to the BoE and they’ll then send you a cheque for the amount, or the equivalent in new polymer notes. Send your banknote(s) and photocopies of ID to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH.
Is the £50 note legal tender in Scotland?
The amounts for legal tender are stated below. 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.
How much is legal tender in the UK?
Coins are legal tender throughout the United Kingdom for the following amount: £100 – for any amount. £50 – for any amount. £20 – for any 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.
Is the £20 Elgar note still legal tender?
Almost four years after the £20 Elgar note was withdrawn, the Bank said it believed 80m worth £1.6bn were still outstanding. After Wednesday only the £50 note featuring Matthew Boulton and James Watt, which was introduced in November 2011, will hold legal tender status.
When do Bank of England £50 notes go out of circulation?
After 30 April, notes carrying the image of the first governor of the Bank of England will no longer be legal tender, meaning retailers will not be able to accept them. Although the withdrawal of the Houblon note was announced in January, the Bank’s latest estimate suggested that 53m notes worth £2.65bn were in circulation a fortnight ago.