Old £20 notes

badmemory

molerat said:

Pennylane said:

molerat said:

I am trying to think what you could possibly need £20K in cash sitting in the house for.  I have just counted all the cash I have and it came to £16.40 including the bags of 1p and 2ps !

who said anybody had £20k sitting  in their house? 

Sorry, misread. But several K in cash is still a bit strange !

Not as strange as you might think.  I have a friend who after his wife died kept finding £1k in this handbag & £2k in that one etc.  He had absolutely no idea.  She's been dead a good few years now & he's still terrified of throwing anything out!

wild666

Pennylane said:

As I’m an Over  50er I am hoping I am posting in the right place.
I have several thousand pounds in old £20 notes but I understand banks and post offices won’t exchange them.  I believe I can pay them into a bank account but I don’t want to.  I like to have some cash to hand and always have done.  i know they will be legal tender for quite some time but I am not anticipating buying any large items in the next six months or so or I would just spend them.
Any suggestions?

Pay it in to your account in small amounts, like £300 or £400 a day then go to a cash point you know is paying the new £20 notes and withdraw the maximum out every day in just over a week you can draw £2000. If this is money you don't want someone to know about, like the DWP, just as long as you are below £6000 on the payment date is all that matters. 
If the DWP were to call someone in they could only assume that you were changing money from savings in the house and I always call their assumptions "The mother of all f**k ups" Not even a court can convict someone on the assumption of something.

JeaneyB

I can well understand someone keeping money in the house....especially if they are housebound or in poor health and the bank is a bus ride away....myself being in a similar situation, I have money in the house...although nothing at all like that amount (approx £250) that I use for any shopping my neighbour does for me.... My suggestion is to get a good trusted friend or close family member (if possible) to take your notes to the bank and exchange as many as allowed in one week  for new ones...if you haven't got anyone you think you can trust than I'm sorry I don't know what else to suggest....other than get a taxi to take you to the bank to change them yourself.

Pollycat

Pennylane said:

Yesterday I went to the Bank and paid in £1200 in old £20 notes.  I then asked to withdraw £1000.  The cashier said “err, you do know you’ve just paid over £1000 in don’t you.”  I said I knew that perfectly well but I wanted new notes.  He then said “Why? You do know there’s no rush  and it will probably be another 18 months before they withdraw the old ones.”    I then had to provide ID even though I often go in there and he has served me before.  I hate having to answer questions about my OWN money.    

I think it was a reasonable question and observation.

He was giving you information that he probably thought would be of benefit to you i.e. why rush to pay in money that is still legal tender for quite dome time in the future.

I guess he was following his employer's rules when asking for ID.

Better to have regulations that are enforced across the board than saying to employees 'ask for ID unless it's Mrs Bun, the Baker's wife because we all know her and she comes in often'.

The bank employee probably finds it much more irritating than you do as he will have to do it multiple times each day.

skid112

Pennylane said:

Yesterday I went to the Bank and paid in £1200 in old £20 notes.  I then asked to withdraw £1000.  The cashier said “err, you do know you’ve just paid over £1000 in don’t you.”  I said I knew that perfectly well but I wanted new notes.  He then said “Why? You do know there’s no rush  and it will probably be another 18 months before they withdraw the old ones.”    I then had to provide ID even though I often go in there and he has served me before.  I hate having to answer questions about my OWN money.    

Even when the old notes are due to be withdrawn from circulation the Bank of England will give plenty of notice plus will also provide a facility to change the old notes to new.
The cashier was only doing his job, you paid in money, then withdrew a similar amount instantly, this will be a anti money laundering red flag that he is obliged to note and there may even now be a flag on your account if you should try and do similar in a short space of time. I understand your concern about old notes going out of circulation but if you ask the cashier to change old notes into new notes and explain your reasoning they will oblige you.

HRH_MUngo

We are in the same position as the OP. The only way to change them is to pay them into your bank account and then draw them out again via the cashpoint at £500 a day. They assure me I will get new notes doing it this way. 

£2k not £20k!

NB they come from a totally legitimate source! 

Cardew

The major reason for questioning large cash deposits is to prevent money laundering and/or Tax evasion.

In 1989 Ken Dodd's house was searched and £336,000 in cash was found. He was acquitted of Tax evasion in a trial brought by HMRC.