£50 note withdrawal

My bank just brought this to my attention: http://www.bbc.co.uk/news/business-15539934
Apparently very shortly banks will not accept the old 50 notes.
I just paid an old one in and the woman stared at it and said they stopped being made years ago, how on earth did I have one?
The link above on the BBC says "But that remains as legal tender until a withdrawal date is set by the Bank." Yet the Bank of England says they will ALWAYS be legal tender accepted at the Bank of England: http://www.bankofengland.co.uk/banknotes/Pages/about/faqs.aspx
I guess if you don't live near a Bank of England.....
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What makes it apparent to you that the older note will be withdrawn very shortly?

It does not say they will always be "legal tender", only that they will always be exchanged.

Near "a" Bank of England? The Bank of England is in Threadneedle Street, London EC2 and it has no branches.
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wrote:

The teller in Lloyds TSB (where I paid two of them in) said they wouldn't be accepting them shortly. She looked at me as though I should have known, and showed the "obvious" differences between the two that were old and the one which was not.

Which I would call legal tender. As in, if you were to give me one in 10 years time, I could always change it for a new one and have my 50. Mind you not living near the Bank of England may be a nuisance.

Oh. I assumed it would be like "Bank of Scotland" and act like a normal bank aswell as it's extra functions.
So presumably it has one building the public can walk into, if only to exchange the old 50s.
Can you have an account with them? What about if you're a big company? --------------------------------------------------------------------------------- You can have an account with the BoE; a friend of mine did, but then he did work for them. Any major bank should accept 50 notes as long as they are legal tender, and possibly during a transitional period- I'd expect an announcement to have been made first, however.
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On Tue, 12 Feb 2013 02:28:35 -0000, "Janitor of Lunacy"

That's interesting. I wonder if the Bank of England saw an increase in the number of people applying to open accounts with them since the banking crisis caused many people to lose confidence in other banks.
Chris
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On 12/02/2013 02:28, Janitor of Lunacy wrote:

There were prominent notices in the banks when the new note was first issued. However, that was some while ago.
Colin Bignell
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time, I could always change it for a new one and have my £50. Mind you not living near the Bank of England may be a nuisance.
That is not what legal tender is. The term legal tender refers to the acceptability of certain notes and coins as settlement of a debt. It is often misunderstood, and has actually has little relevance for most practical purposes.
http://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines
Chris
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n 10 years time, I could always change it for a new one and have my 50. Mind you not living near the Bank of England may be a nuisance.

guidelines

Can I use the phrase "legal tender" when a Welshman refuses to accept my Scottish fivers? How much trouble can he get into? Can he refuse to serve me?
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On 12/02/2013 11:39, Major Scott wrote:

Are you in Chester? Do you have a long-bow handy?
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I was considering a trebuchet in Bath once. That may be less legal though.
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On 12/02/2013 11:39, Major Scott wrote:

"Legal tender" applies ONLY to notes that ARE legal tender - and that does NOT include Scottish notes anywhere in the world - INCLUDING SCOTLAND!
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te:

e:

y
nce.

e
st

r-guidelines

my

LAND!
Very funny! I assume though a Scottish not MUST be accepted in England, just as an English note MUST be accepted in Scotland?
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It's true though as far as I'm aware.

No, an English note does not need to be accepted anywhere, and neither does a Scottish note. Unless perhaps you are paying money into court, when theoretically they could refuse the Scottish note but it's fairly inconceivable that they would.
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wrote:

t
OTLAND!

From Wikipedia: "Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation."
And as someone else mentioned, say I paid my electricity bill in cash, they could not refuse it. And that includes Scottish notes.
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If you bothered to read a little further down that very same article, you would find:
Legal tender is solely for the guaranteed settlement of debts and does not affect any party's right of refusal of service in any transaction.
and:
Banknotes issued by Scottish and Northern Irish banks are not legal tender anywhere in England and Wales
and:
no banknotes issued by Scottish banks, Northern Ireland banks nor the Bank of England are legal tender in Scotland. Thus legal tender in Scotland is limited to coin

No, it does not. I'm not even sure how you think you're going to pay your electricity bill in cash - are you going to go to their offices and try and give it to the receptionist?
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wrote:

OK, I'll attempt to put you out of your misery (and, more importantly, out of everyone else's misery).
See if you can spot the difference in meaning between the words
"Is legal tender", and
"Is commonly accepted".
(I won't hold my breathe.......)
__ PR
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On 13/02/2013 12:15, Portsmouth Rider wrote:

I remember a previous incarnation of this argument. Someone said the BoE or Royal Mint definition was rubbish and quoted the US Treasury or Federal Reserve website. I think in US law it has a slightly different definition. Of course the fact that we are not in the US was lost on them.
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Most people use common sense over the Royal Mint's rulings, thankfully, otherwise nobody would be able to buy anything.
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Why?
You still don't seem to have grasped the meaning of the words "Legal Tender"
Chris
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I use the sensible form of the words. You use the pedantic and ignored form. Groats are not legal tender. Pounds are.
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On 13/02/2013 13:23, Major Scott wrote:

He probably uses some stupid pedantic and ignored form of speed limits too. Nearly everyone drives at 40mph in built up areas, therefore that is the legal speed limit. :-)
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