CIBC FirstCaribbean International Bank will no longer accept GBP 20.50 from October 14
Caribbean: CIBC FirstCaribbean International Bank recently announced that the financial institution will no longer accept 20 Great Britain Pond and 50 Great Britain Pond from October 14, 2022.
The International Financial Institution has shared a customer advisory to inform the above news to all recipients across the globe.
According to the latest update from the Bank of England, it will stop the legal tender of £20 and £50 paper after September 30, 2022, as the new polymer banknotes will replace them.
After the deadline of September 30, 2022, an individual will no longer be able to use paper tickets in shops or use them to pay businesses. Many banks in the UK will accept banknotes withdrawn as deposits from customers after this date. Some post offices will also receive banknotes withdrawn as deposits with banks.
The bank will always exchange withdrawn banknotes, including paper banknotes that we have withdrawn in the past.
Following the same news, CIBC FirstCaribbean Bank has also issued a notice stating that the banknotes will no longer accept banknotes withdrawn after October 14, 2022. So if you have individual £20 and £50 banknotes withdrawn, the bank will encourages you to exchange or drop them off at the nearest branch before October 14, 2022.
CIBC FirstCaribbean International Bank (FICB) was founded in 2002 and is known as a financial services company. It is based in Barbados and is another Caribbean subsidiary of the Canadian Imperial Bank of Commerce (CIBC). Banks are available in Antigua and Barbuda, Aruba, Bahamas, Barbados, British Virgin Islands, Cayman Islands, Curacao, Dominica, Grenada, Jamaica, St. Maarten, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Trinidad and Tobago and Turks and Caicos.