Paying in large amount of £50 notes to bank

Chrysalis

How has it ended up been £50 notes?

I know people who horde cash, usually its to avoid paying income taxes (cash in hand jobs), but they horde typical tender which will be mostly £10 and £20 notes with a few fivers.  I have personally never touched a £50 note since I was a child, they just seem so rare, and I know of shops that have never accepted £50 notes either.

prowla

It is "legal tender", isn't it?

jon81uk

prowla said:

It is "legal tender", isn't it?

In regards to what? "legal tender" just means it cannot be refused to settle a debt.
Any banknote will be exchanged by the Bank of England even if it is no longer in circulation.

Businesses can allow or refuse any payment method they wish.

born_again

What is really worrying here & I get the "Do not trust banks" bit for certain generations. If that house broken into or burnt down. Where has this stored cash gone...
There is no way back.

Family members really now need to educate older family members on this. FSCS means £85K will be paid back in a week by the government in the event of a bank collapsing.
Not that many people have more than that in one bank or even have that much.. If they have more they need to spread it around others that do not share a banking licence.