Caribbean: The CIBC FirstCaribbean International Bank has recently announced that the financial institution will not accept 20 Great Britain Pond and 50 Great Britain Pond from October 14 2022.
The International Financial Institution has shared a client notice to inform the news above to every beneficiary across the globe.
According to the latest update by the Bank of England, it will stop the legal tender status of paper 20 GBP and 50 GBP after September 30 2022, as the new polymer notes will replace them.
After the deadline of September 30, 2022, is passed, an individual will no longer be able to use paper notes in shops or use them to pay businesses. Many banks in the UK will accept withdrawn notes as deposits from customers after this date. Some post offices will also get the withdrawn notes as deposits along with banks.
The bank will always exchange any withdrawn notes, including paper notes we have withdrawn in the past.
Following the same news, CIBC FirstCaribbean Bank has also released a notice directing that the banknotes will not accept withdrawn banknotes after October 14 2022. As such, if you have any individual 20 GBP and 50 GBP withdrawn notes, the bank encourages you to exchange or deposit them with the nearest branch before October 14 2022.
The CIBC FirstCaribbean International Bank (FICB) was founded in 2002 and is known to be a financial services company. It is based in Barbados and is another Caribbean subsidiary of the Canadian Imperial Bank of Commerce (CIBC). The banks are available at Antigua and Barbuda, Aruba, Bahamas, Barbados, British Virgin Islands, Cayman Islands, Curacao, Dominica, Grenada, Jamaica, Saint Marteen, St Kitts and Nevis, Saint Lucia, St Vincent and the Grenadines, Trinidad and Tobago and Turks and Caicos.