The Bank of England will withdraw legal tender status of the paper £10 note featuring Charles Darwin at 23:59 on Thursday 1 March 2018. With 6 weeks to go, all businesses that handle cash need to plan and prepare for the change.
After 1 March 2018, businesses and the public no longer have to accept the Darwin £10 note as payment or in change and the new polymer note featuring Jane Austen will be the only £10 note with legal tender status.
The Bank of England is encouraging retailers and businesses to follow the steps outlined in the checklist below ahead of 1 March 2018.
CHECKLIST: How to prepare your business
·Clear out your safes. Start banking your paper £10s now.
·Update your machines. Ensure you know which cash handling machines are being operated by your business and check whether an adaptation is required with your supplier.
·Check your note supply arrangement with your bank to understand whether they will continue to accept paper £10 notes after the withdrawal date.
·Train your staff. An A4 poster is available to support staff training on withdrawal and available to download or order, free of charge. It can also be displayed in the shop front or banking hall. https://www.bankofengland.co.uk/banknotes/Pages/banknotecheckingscheme.aspx https://www.bankofengland.co.uk/-/media/boe/files/banknotes/the-new-ten.pdf
·Manage your customers’ expectations. If you have not been able to adapt your machines before the note is withdrawn, have a process in place so that customers can exchange old notes if they are dispensed in change.
·Keep up to date with the latest information about polymer banknotes, and other banknote news, by registering at: www.bankofengland.co.uk/banknotes/Pages/subscribeor email Banknote.Enquiries@bankofengland.co.uk.
Some banks and building societies may accept paper £10 notes after 1 March 2018 but this is at their own discretion. The Bank of England will continue to exchange Darwin £10 notes for all time, as it would for any other Bank of England note which no longer has legal tender status.
Story By: The Bank of England