Help with withdrawn Elgar £20 note

compo.dave

Hi, this is my first post so I hope I get it right. I am looking for some help with regards to the Elgar £20 note that has just been withdrawn as legal tender on the 30th June 2010.

An elderly relative who like many older people (and younger) has a deep distrust of banks and for many years has unfortunately been hording their savings at home. This has resulted in many (I mean many) now outdated Elgar notes as well as the £20 notes that were withdrawn prior to that.

I have been asked by them to take the Elgar notes and pay them into my bank and withdraw the current Adam Smith note to give them back.

Although this money is 100% honest I am worried to do this as the amount is so large it may look as if I personally have large amounts of cash. I am self employed and it may cause the Inland Revenue to have unjustified suspicions etc.

Does anyone know if the FSA, or other bodies are informed by the banks for large amounts of cash that are deposited and withdrawn in this way.

I would be grateful for any help / advice on dealing with this matter.

mummyofonechild

Could you just take them to the bank and exchange them for Adam Smith ones without paying them into a bank account?

rev_henry

By law if you're carrying over £10k in cash (I think that's the amount) you must have a letter or something similar from the bank saying where the money is from and what its for, but I don't know if the bank would be funny about changing all those notes or not really.

rev_henry

mummyofonechild wrote: »

Could you just take them to the bank and exchange them for Adam Smith ones without paying them into a bank account?

I think they might be funny about doing this for a large amount of money as it might look like money laundering.

compo.dave

mummyofonechild wrote: »

Could you just take them to the bank and exchange them for Adam Smith ones without paying them into a bank account?

Thanks for that, but you have to pay them into an account

libra10

My OH had around £1100 of the old withdrawn £20 notes and he paid them into his building society just before the end of June.

I wondered whether anything would be said, but the clerk added them to the account with no problems. We are known well in the branch office, although I don't know whether that makes any difference.

Good luck

mummyofonechild

They only went out of circulation at the end of 30th June so they were legal tender when you paid yours in xx

noh

compo.dave wrote: »

Thanks for that, but you have to pay them into an account

No you don't have to pay them in. Exchange is at the discretion of the individual institution.
http://www.bankofengland.co.uk/banknotes/twentyv/index.htm

The other options you have are
Send or take them to the BoE (which you will have to do with the notes issued prior to the Elgar ones).

Pay them into your own account bit by bit.

Or pay it into an account your relative holds any account will do. I'm assuming they hold at least one savings account if not get them to open one.

MoneySavingUser

rev_henry wrote: »

By law if you're carrying over £10k in cash (I think that's the amount) you must have a letter or something similar from the bank saying where the money is from and what its for,

what? I don't think this is accurate...

LittleVoice

rev_henry wrote: »

By law if you're carrying over £10k in cash (I think that's the amount) you must have a letter or something similar from the bank saying where the money is from and what its for, but I don't know if the bank would be funny about changing all those notes or not really.

Absolutely not the truth!

compo.dave

libra10 wrote: »

My OH had around £1100 of the old withdrawn £20 notes and he paid them into his building society just before the end of June.

I wondered whether anything would be said, but the clerk added them to the account with no problems. We are known well in the branch office, although I don't know whether that makes any difference.

Good luck

Thanks for that, my problem is that it is a great deal more than that. I would have risked a few thousand but not the ammout that has saved, thanks for your experiance