Paying in large amount of £50 notes to bank

p00hsticks

Bluemax220 said:

I explained that the money was withdrawn from her bank (HSBC) in stages around 1992-1995

Given that (according to the Bank of England) the current paper £50 that is now being withdrawn was only introduced in 2011 your dates don't really add up, which might not be helping when you try to explain the situation to the bank

https://www.bankofengland.co.uk/banknotes/50-pound-note

 

clearancer

Start paying for everything in cash. Petrol. Shopping. 

Brie

clearancer said:

Start paying for everything in cash. Petrol. Shopping. 

Can't if the shops won't accept out of date currency.  Might manage to get rid of a couple but any £50 note, even a new one, will be looked at closely which makes it unlikely.

sheramber

If the notes are as old as you say then they ceased to be legal tender many years ago.

Date first issued: 20 April 1994
Date ceased to be legal tender: 30 April 2014

Date first issued: 20 March 1981
Date ceased to be legal tender: 20 September 1996

https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes

eDicky

Your mother can rest assured that she will not 'lose' the money.

I think your mistake was to try and bank the whole amount at one time. As mentioned, a few hundred at a time in odd amounts at intervals among different banks is the best way.

I was in a similar position and had no problems or queries when depositing my old notes and exchanging some for new ones.

Most high street banks have cash deposit facilities at ATMs inside branches. Some will do a straight swap at the counter for new notes if you're a customer, others require deposit and withdrawal. HSBC told me they would have to record a straight swap of £1k or more, no problem otherwise when I swapped 20 fifties for new ones.

Daliah

p00hsticks said:

Bluemax220 said:

I explained that the money was withdrawn from her bank (HSBC) in stages around 1992-1995

Given that (according to the Bank of England) the current paper £50 that is now being withdrawn was only introduced in 2011 your dates don't really add up, which might not be helping when you try to explain the situation to the bank

https://www.bankofengland.co.uk/banknotes/50-pound-note

sheramber said:

If the notes are as old as you say then they ceased to be legal tender many years ago.

Date first issued: 20 April 1994
Date ceased to be legal tender: 30 April 2014

Date first issued: 20 March 1981
Date ceased to be legal tender: 20 September 1996

https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes

OP, did you or your mother get the date wrong?

[Deleted User]

Keep_pedalling said:

Once this is sorted please try and talk her out of ever keeping so much cash at home again.

I know of an alarmingly large number of people in their late 80s through to 100 who do this very thing, it's "safest with me" is the answer each time, it seems to be mostly women but some gents too.
For them it's the easiest way forward, especially if they don't have family and rely on others to do/buy/take for them.

Bigwheels1111

My father was the same, he had 15k of old 10, 20 and £50 notes.
I was lucky as it was 10 years ago and my girlfriend was a bank manager.
She just took it to work and changed it for new notes.
I see the same issue coming my way again soon.

Rob5342

Keep_pedalling said:

Once this is sorted please try and talk her out of ever keeping so much cash at home again.

Agreed - she is completely off her head keeping that much money at home. For a start she has lost over £30k of interest.

Bluemax220

Thanks for all the advice. There seems to be a consistent thread of paying in little and often rather than all at once.

To address the other comment regarding dates of issue, I do believe that the £50 notes may have been changed in 2012 - the discrepancy may be the that the bands the money is in are the original ones.

Anyway, thank you some much for your advice and support.

... and yes, I am telling my mother to hoard less cash at home!