12 weeks to spend paper bank notes
SCOTS are being urged to spend or deposit their £20 and £50 paper notes over the next three months – before they are withdrawn from circulation for good.
The notes will be taken out of circulation from September 30, after which time the newer polymer versions will replace them. They are also being pulled out of circulation in England.
The Bank of Scotland, Clydesdale Bank and the Royal Bank of Scotland are the three banks authorised to issue notes in Scotland.
They will be withdrawing their £20 and £50 paper notes from circulation from October this year and are advising retailers and the public to spend or deposit them by September 30.
A statement from the Bank of England announced it will be withdrawing the legal tender status of paper £20 and £50 notes from September 30.
Scotland’s notes, however, are not classed as legal tender. But despite being withdrawn from circulation on the same date, they will still be ‘honoured’ by banks.
This means Scots will still be able to use and deposit the paper notes after September 30, but retailers could refuse to accept them.
A leaflet by the Committee of Scottish Bankers reads: ‘All the Scottish banks will begin to withdraw paper notes from circulation as the polymer notes are issued.
‘These notes will continue to be honoured, however. If you have any of these notes, you should take these to your branch/bank for credit to your account.’
The new polymer notes are made from transparent plastic film and have enhanced protection against counterfeiting.