Bermuda urges people to exchange their old notes

The Bermuda Monetary Authority has urged people to exchange their old horizontal banknotes for the new vertical notes. Shanna Lespere, Director of Operations at the Authority explained, "Back in June, the Authority announced that the legacy banknote series will no longer be legal tender after 31st December 2013. So the deadline is fast approaching. We have successfully been reducing circulation of these notes since that time, in conjunction with Bermuda’s banks. We strongly encourage everyone to visit their bank to exchange any legacy banknotes they may still have."

Important dates for the calling in period include:
Up to 31st December 2013

The public may use the legacy banknotes to purchase goods and services.
The public may also exchange legacy banknotes at their bank (i.e. the banks will exchange banknotes for their existing customers) or at the Bermuda Industrial Union Member’s Credit Union (if they are a member). "It is very important to note that the public cannot exchange notes at retail shops or any other cash business," added Mrs. Lespere. "They also cannot exchange the notes at the Bermuda Monetary Authority."

As of 1st January 2014

The legacy banknotes will no longer be legal tender (i.e. they cannot be used to purchase goods
and services).
The public has ten years to exchange legacy banknotes at their bank or at the Credit Union.