HSBC ATMs to dispense more £5 notes

| August 20, 2009 | 0 Comments
HSBC ATMs to dispense more £5 notes

In a bid to boost circulation of the £5 note, HSBC has begun a pilot scheme in conjunction with the Bank of England.

The bank said it will stock more £5 notes in 100 of its ATMs across the Midlands and South West England.

According to the latest figures from the Bank of England, there are £1.3 billion worth of £5 notes in circulation in the UK and this number has been growing over the last few years.

Fivers change hands quickly and, as a result, only last around a year before becoming too damaged to use.

Bank of England’s chief cashier Andrew Bailey, whose signature is printed on every Bank of England note, said: “We are very keen to get £5 notes into circulation”.

Some industries have welcomed the re-stocking of £5 notes, one London taxi driver said the shortage of fivers had become a real problem.

However, the downside of stocking machines with £5 notes means ATMs need to be stocked more frequently, which raises security issues.

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