Changing To Polymer Notes?

Frank99

My elderly father has an old habit of keeping his savings at home because he doesn't trust Banks.
Unfortunately when the paper £10 notes were converted to the plastic version i had to change them all for him by depositing them in my account and asking for them back in polymer etc.
I took what was left down to the Bank of England in London!

I know that the new poly twenty pound note is due out in February and i'm dreading this process again, when i ask for lots of these notes to be converted at the Bank i'm worried they might suspect money laundering etc so trying to find a better way of doing it.

Any ideas!!!::o:xmassign:

Speedbird676

Make sure he doesn't have any £20 notes come February?

Flobberchops

The obvious answer (which you're probably not interested in) would be to question why your father can't move with the times; to consider which is more likely out of a) a burglary and b) the bank going bust; the risk of dementia, house fire, accidental disposal or spoilage, plus the effects of inflation...


If you were dead set on changing paper notes for polymer, though, the way that would cause the least suspicion would probably be to cash in ALL the paper notes in February, then withdraw the poly equivalent in instalments. Roughly how much are we talking here? Thousands? Tens of thousands?

B_G_B

What sort of amount is it?

Frank99

I have tried everything to get him to Bank it, he won't open an account because he hates giving all his personal details over, he won't even trust me to open an account for him or keep it, he is unlike any other pensioner in that he never falls for scams etc.

When i changed the tens over it ended being about 30k so i'm dreading how many 20's he might have, whenever i get any poly tens in my change i swap a few with him top get the ball rolling but when i draw out my wages i am getting 20's back mostly so it defeats the object.

I'm assuming the deadline will be about six months after the release of the new notes to bank the old ones.

Frank99

Flobberchops wrote: »

The obvious answer (which you're probably not interested in) would be to question why your father can't move with the times; to consider which is more likely out of a) a burglary and b) the bank going bust; the risk of dementia, house fire, accidental disposal or spoilage, plus the effects of inflation...


If you were dead set on changing paper notes for polymer, though, the way that would cause the least suspicion would probably be to cash in ALL the paper notes in February, then withdraw the poly equivalent in instalments. Roughly how much are we talking here? Thousands? Tens of thousands?

Yes, i don't how he would manage if we do become a cashless society like Sweden with Credit instead.
I don't know for sure but it could be in the region of between 10-40k in my hunch is correct, i agree with the idea of cashing it all in however, i partly did this last time and kept getting old notes back from the bank so i had to avoid the ATM's and wait at the Cashier desk to ask for new notes.

Frank99

B_G_B wrote: »

What sort of amount is it?

My guess is 10-40 thou!

Frank99

Speedbird676 wrote: »

Make sure he doesn't have any £20 notes come February?

I am hoping the deadline is a while after the release of the new ones so i have chance to do get it done.

Sea_Shell

Does he ever spend any of it??

How does he get his pension, cash from the post office I assume?

How does he pay his bills? Do you have Power of Attorney? If not, would he grant it?

What happens if you DON'T collect your pension, does it accumulate or is it "lost" if not drawn? Maybe he could spend his 20's first, before collecting any "new" money.

Reaper

Frank99 wrote: »

When i changed the tens over it ended being about 30k so i'm dreading how many 20's he might have

Let's assume he has the same in £20 notes and optimistically hope he doesn't have any £5s or £50s. In that case he has £60k in which case using RPI inflation figures (2.1%) he lost £1260 this year and can expect the same to happen every year in the future.

If a burglar robbed him of that every year he would be gutted, but somehow inflation the invisible thief is ignored.

Anyway I am sure I am preaching to the converted and he is too set in his ways to change now.

Wheres_My_Cashback

A few years back I had to go to the BoE with £6K in out of dates used notes of various denominations £1, £5, £10, £20.

I was ushered into a large old fashioned room akin to a drawing room/library and asked to wait for someone to come along. Whilst waiting I couldn't help notice the number of cameras and mics situated in the room in various places.

A few simple questions were asked, funds deposited and I was on my way. Took about 10mins?

I was more worried about carrying the money in a rucksack on the tube rather than what they were going to ask me.