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  • FIRST POST
    • MSE Callum
    • By MSE Callum 28th Apr 17, 10:07 AM
    • 272Posts
    • 33Thanks
    MSE Callum
    MSE News: Old fivers must be spent or banked by next Friday
    • #1
    • 28th Apr 17, 10:07 AM
    MSE News: Old fivers must be spent or banked by next Friday 28th Apr 17 at 10:07 AM
    Consumers have until 5 May to spend or bank their older non-polymer £5 notes before they are officially withdrawn...
    Read the full story:
    'Old fivers must be spent or banked by next Friday - but you can swap defunct notes'

    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
    Last edited by MSE Megan F; 28-04-2017 at 4:29 PM.
Page 2
    • eskbanker
    • By eskbanker 4th May 17, 12:07 PM
    • 5,005 Posts
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    eskbanker
    It appears, from this BBC article , that the Post Office will continue to exchange them, and banks will accept them from their own customers. It also explains that Scottish paper notes are not being withdrawn.
    Originally posted by isasmurf
    Yes, the BBC piece was more like what I'd have expected from MSE - admittedly the former has more resources at their disposal but when researching an article on this subject it shouldn't have been beyond the MSE team to contact some banks' press offices to get useful information that the BBC obtained, such as:
    A spokesman for RBS said: "After the note goes out of circulation, customers will still be able to bring in their old £5 notes for exchange at one of our branches. Non-customers will be directed to their own bank."

    A Lloyds Banking Group spokesman said: "We'll continue to accept them from our customers, either exchanging them for the new polymer note, or depositing it into their account, whichever they prefer."
    • tomkitten68
    • By tomkitten68 4th May 17, 3:24 PM
    • 13 Posts
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    tomkitten68
    quick comment - I have seen various articles re: old £5 notes, and being able to 'exchange' them. I went to my bank last week as I had a couple of hundred in old £5's and asked about exchanging them. Was told had to pay them into my account then withdraw out again. When I asked why I couldn't just change them, they said that I could dispute the amount handed over to the amount I was given back.

    Was this a legitimate reply, and some ploy to get my money into my account for reasons best known to themselves?

    And, can I ask to exchange old £1 coins?

    just seen the above post re: Lloyds bank giving you the choice of exchange or deposit into your account - HSBC is the bank who said I had to deposit in my account, so why the different messages from different banks?
    Last edited by tomkitten68; 04-05-2017 at 4:19 PM. Reason: additional information
    • EarthBoy
    • By EarthBoy 4th May 17, 7:24 PM
    • 1,701 Posts
    • 1,020 Thanks
    EarthBoy
    just seen the above post re: Lloyds bank giving you the choice of exchange or deposit into your account - HSBC is the bank who said I had to deposit in my account, so why the different messages from different banks?
    Originally posted by tomkitten68
    Because it's entirely at the banks' discretion whether they accept old notes or note, and different banks have decided different policies.
    • Westie983
    • By Westie983 5th May 17, 3:04 AM
    • 3,710 Posts
    • 13,727 Thanks
    Westie983
    quick comment - I have seen various articles re: old £5 notes, and being able to 'exchange' them. I went to my bank last week as I had a couple of hundred in old £5's and asked about exchanging them. Was told had to pay them into my account then withdraw out again. When I asked why I couldn't just change them, they said that I could dispute the amount handed over to the amount I was given back.

    Was this a legitimate reply, and some ploy to get my money into my account for reasons best known to themselves?

    And, can I ask to exchange old £1 coins?

    just seen the above post re: Lloyds bank giving you the choice of exchange or deposit into your account - HSBC is the bank who said I had to deposit in my account, so why the different messages from different banks?
    Originally posted by tomkitten68
    Different policies and I would assume the HSBC way of paying in is to use the coin deposit, which gives a receipt with the amount paid in and then you either get the cash or leave it in your account, so you are doing the same thing, but its is always to do with an audit trail/paper trail and also to intercept fraudulent notes, and the customer details if required for investigation.

    Westie983
    Save 12k in 2017 #16 Total £15130/£12000 126.08%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£158/£500 = 82.00% ( x 10)
    Xmas 2017 £1 a Day #6 Total £250/£365 = 68.49%
    Virtual Sealed Pot #1 Total £1050/£1000 = 105.00%
    £2 Savers Club 2017 #3 Total (£1450)+£50/£2000 = 75.00%

    Total £18340/£15865 = 115.60%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • tomkitten68
    • By tomkitten68 5th May 17, 2:56 PM
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    tomkitten68
    thanks for your post Westie983 - they did mention a 'paper trail' and also that over the counter could be disputed what amount I had handed over.but still not quite sure why I couldnt sign a slip at the counter to verify the amount paid over, and then the amount received back. It would also be helpful if all the major banks showed consistency with such matters as you hear (and receive) differing information depending on the particular bank.
    • pvt
    • By pvt 6th May 17, 9:01 AM
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    • 1,062 Thanks
    pvt
    This is an incredible non-story.

    All that happened is paper £5 notes ceased to be 'legal tender'. The definition of 'legal tender' is a very very tight and specific one, and really has little to do with what someone is willing to accept as payment.

    This is a story promoted by the BoE purely to try to flush out old paper fivers and tidy up the notes in circulation.

    As of today I'll be quite happy to accept an old fiver as payment, or in change. It is still worth £5.

    All Scottish banknotes are not, and have never been, 'legal tender', even in Scotland, but that doesn't stop them being widely accepted. Meanwhile, all those silly commemorative crowns and £5 coins the mint issues are legal tender, but try buying a flat skinny in Costa with one of those.
    Optimists see a glass half full
    Pessimists see a glass half empty
    Engineers just see a glass twice the size it needed to be
    • eskbanker
    • By eskbanker 6th May 17, 10:28 AM
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    eskbanker
    This is an incredible non-story.

    All that happened is paper £5 notes ceased to be 'legal tender'. The definition of 'legal tender' is a very very tight and specific one, and really has little to do with what someone is willing to accept as payment.

    This is a story promoted by the BoE purely to try to flush out old paper fivers and tidy up the notes in circulation.

    As of today I'll be quite happy to accept an old fiver as payment, or in change. It is still worth £5.
    Originally posted by pvt
    You're right that legal tender is a much narrower term than many think but it's widely used (albeit inaccurately) in general parlance as shorthand for "what's generally acceptable by shops, etc".

    As chattychappy pointed out in an earlier post, shops can always refuse any form of payment anyway - strictly speaking they can still accept the old notes but customers will be reluctant to take them in change and this resistance will ultimately be self-fulfilling, so personally I don't see this as a non-story, it's reflecting the published date after which these notes will be significantly less usable than before it, regardless of narrow legal status.

    Clearly there comes a point when the likes of automated payment machines have to be adjusted to accommodate new notes (or coins) and it would be unreasonable to insist on infinite backward compatibility with old designs, so nominating a specific changeover date seems sensible to me - how would you handle the phasing out of obsolete notes?
    • pvt
    • By pvt 6th May 17, 8:43 PM
    • 1,328 Posts
    • 1,062 Thanks
    pvt
    how would you handle the phasing out of obsolete notes?
    Originally posted by eskbanker
    From memory there was far less song and dance about the replacement of other coins and notes.

    I would handle it the way the BoE has handled it in the past, which is to ask banks to stop re-issuing them. After a number of months there are so few left in circulation that nobody really bothers about the official change date.

    For some reason this time the withdrawal date seems very soon after the introduction of the new notes.
    Optimists see a glass half full
    Pessimists see a glass half empty
    Engineers just see a glass twice the size it needed to be
    • sabretoothtigger
    • By sabretoothtigger 15th May 17, 11:08 AM
    • 9,989 Posts
    • 6,593 Thanks
    sabretoothtigger
    Damn.

    I do have an almost complete collection of 2000AD from the first ten years.
    Originally posted by Pincher
    Good comics, time well spent obviously
    Tokyo residential prices have gone from 4x London in 1990 to ¼ London in 2014
    Maybe this is one of those cases where you can’t go home again,
    by Ben S. Bernanke, former Fed chairman
    • firefox1956
    • By firefox1956 15th May 17, 11:32 AM
    • 1,077 Posts
    • 585 Thanks
    firefox1956
    Well I find the new £5 notes a right pain.
    Once they have a fold in the middle the flaming things never go flat
    again.
    Anybody any idea how to re flatten them ??
    • eDicky
    • By eDicky 15th May 17, 11:42 AM
    • 2,577 Posts
    • 1,106 Thanks
    eDicky
    Anybody any idea how to re flatten them ??
    Originally posted by firefox1956
    Holding each end tightly, scrape the outside of the fold back and forth over a sharp right-angled edge, such as a table top or such? I've not had cause to try - does it work..?
    • firefox1956
    • By firefox1956 15th May 17, 12:07 PM
    • 1,077 Posts
    • 585 Thanks
    firefox1956
    Thought about running an iron over them...........!!!
    Decided her indoors might give me a beasting for knackering
    her iron......
    • sabretoothtigger
    • By sabretoothtigger 15th May 17, 12:12 PM
    • 9,989 Posts
    • 6,593 Thanks
    sabretoothtigger
    My Pa still has a One pound note, is it too late ?
    Tokyo residential prices have gone from 4x London in 1990 to ¼ London in 2014
    Maybe this is one of those cases where you can’t go home again,
    by Ben S. Bernanke, former Fed chairman
    • d123
    • By d123 15th May 17, 12:41 PM
    • 6,382 Posts
    • 4,119 Thanks
    d123
    My Pa still has a One pound note, is it too late ?
    Originally posted by sabretoothtigger
    It's never too late for bank notes, if you discovered a 1759 £10 note down the sofa the BoE would happily exchange it for a current note...
    ====
    • Crabman
    • By Crabman 17th May 17, 6:14 PM
    • 9,559 Posts
    • 6,952 Thanks
    Crabman
    Even better, the Post Office told us it will accept deposits of old £5 notes after 5 May, from customers and non-customers. This is due to an agreement the Post Office has with all major UK banks which allows free day-to-day banking services at all of their branches. So if for example you've a Barclays account, you can use your local post office branch to deposit old £5 notes into that account.
    The Post Office has informed me that they do not accept old £5 notes to be paid into UK bank accounts unless the customer purchases an item at the post office. This conflicts with what is stated in the article.
    I'm a Board Guide on the Savings & Investments, ISAs & Tax-free Savings, Public Transport & Cycling, Motoring and Parking Fines, Tickets & Parking Boards which means I'm a volunteer to help the boards run smoothly & I can move & merge posts there. Board Guides are not moderators & don't read every post. If you spot a contentious or illegal post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Views are mine and not the official line of MoneySavingExpert.com

    • eskbanker
    • By eskbanker 17th May 17, 7:22 PM
    • 5,005 Posts
    • 4,752 Thanks
    eskbanker
    The Post Office has informed me that they do not accept old £5 notes to be paid into UK bank accounts unless the customer purchases an item at the post office. This conflicts with what is stated in the article.
    Originally posted by Crabman
    Do you mean that the corporate entity has declared and published a new universal policy or that a grumpy employee in your local branch wasn't cooperative?!
    • Cloth of Gold
    • By Cloth of Gold 22nd May 17, 12:05 AM
    • 158 Posts
    • 692 Thanks
    Cloth of Gold
    I haven't seen an old fiver for months.
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