Five Pound Notes To Return To ATM’s
Published: 28 October 2010 By MoneyHighStreet Staff Leave a Comment
Five pound notes will soon become available again at some ATM cash machines, says The Bank of England.
Cash machines invariably dispense either twenty or ten pound notes, however the fiver will soon become available at some ATM’s following a successful pilot trial undertaken by HSBC last year.
The BoE is also requesting major retailers to provide more £5 notes when giving change. These changes will mean an extra 400m million £5 notes will be circulating each year.
With too few £5 notes reaching the public, and those that do often of poor quality, retailers generally use whatever £5 notes they have as change, rather than banking them, meaning few opportunities for the poor-quality notes to be withdrawn from circulation
No longer will that torn and tattered fiver be frowned upon by shop keepers.
The Bank of England’s key role has always been to ensure that the economy is supplied with the right quantity of money and to the general public that is perhaps most evident through the banknotes the Bank of England produces.
Despite advances in other payments technology the demand for banknotes continues to grow. People still value the convenience of paper money, and the Bank of England’s role is to meet that demand.
Opinion surveys show there is a particular demand for more £5 notes from the general public.