Individuals are being warned to swap their paper £20 and £50 banknotes which can not be accepted after the top of this month.
The outdated paper notes have steadily been changed by the brand new polymer variations since February 2020, however will exit of circulation altogether on September 30.
After this date, you will not have the ability to spend them as retailers and companies could not settle for them as authorized tender.
Royal Financial institution of Scotland, Clydesdale Financial institution and Financial institution of Scotland, that are all a part of the Committee of Scottish Bankers (CSCB), introduced the deadline and mentioned they might be taking the outdated paper notes out of circulation.
A spokesperson for the CSCB confirmed: "Due to the work that the issuing banks have already undertaken to swap the older paper notes with the safer, environmentally pleasant polymer notes, nearly all of £20 and £50 notes have already been changed with polymer.
"We have now set a deadline for utilizing paper £20 and £50 notes as thirtieth September. The Scottish observe issuing banks will proceed to just accept outdated paper primarily based notes and there are at the moment no plans to alter this."
The polymer notes had been launched as a method of attempting to fight monetary crime, as they function a movie coating that protects them from counterfeits being made.
What can I do with my outdated notes?
Scots are being urged to take their outdated paper notes into their native financial institution department. There, they're going to be deposited as credit score into your checking account, or exchanged for polymer notes
The CSCB is encouraging folks to trade or deposit their cash earlier than the deadline, however you'll nonetheless have the ability to do that after the deadline has handed.
Financial institution of Scotland prospects can deposit their outdated notes into their accounts anytime earlier than or after September 30.
And anybody who is not with Financial institution of Scotland can trade their paper notes for polymer ones at any department, however solely as much as the worth of £250.
Financial institution of England can be utilizing this identical deadline to cease circulation of its paper £20 and £50 notes.
Why are paper notes being changed?
In keeping with Financial institution of England, there are a number of the explanation why the choice was taken to scrap paper notes in favour of polymer ones.
The brand new polymer notes permit for enhanced safety features, such because the see-through window and holograms. This makes them tougher to copy than paper notes.
They're additionally way more sturdy, and final round two and a half occasions longer on common than paper ones. This additionally makes them extra environmentally pleasant, as they don't have to be changed as usually.
Lastly, polymer notes are extra sanitary since their smoother surfaces are immune to grime and moisture.
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