Press Release - Bermuda Monetary Authority Legacy Banknote Campaign (2022-11-09)

Summary

This is a Bermuda Monetary Authority press release announcing the final year of its campaign to remove legacy horizontal Bermuda Dollar banknotes from circulation. It is informational and public-facing, aimed at reminding banknote holders and Bermuda-based banks and the Bermuda Credit Union of the approaching end of the note exchange period.

• Campaign: BMA launches 'Deposit It or Exchange It', giving the public a final one-year window, starting 31 December 2022, to deposit or exchange horizontal Bermuda Dollar legacy banknotes.
• Retirement date: From 1 January 2024, legacy horizontal banknotes will be retired and will no longer have value as legal tender.
• Where to act: Legacy notes can be deposited or exchanged at a Bermuda-based bank or the Bermuda Credit Union during 2023.
• Background: The ten-year exchange period began 1 January 2014 under the Bermuda Monetary Authority Act 1969, following the 2009 introduction of the new vertical banknote design.
• Public communication: BMA will send postcards with visual aids to help the public identify legacy notes and will post reminders via Instagram, LinkedIn and Twitter.

Key obligations

• Holders of legacy horizontal Bermuda Dollar banknotes should deposit or exchange them at a Bermuda-based bank or the Bermuda Credit Union before 1 January 2024.
• Bermuda-based banks and the Bermuda Credit Union should continue accepting deposits or exchanges of legacy horizontal banknotes through the end of 2023.

Applies to

Bermuda-based banks, Bermuda Credit Union, members of the public holding legacy banknotes

Deadlines

• 31 December 2022: Start of the final one-year period during which the public may deposit or exchange legacy horizontal Bermuda Dollar banknotes.
• 1 January 2024: Legacy horizontal banknotes are retired and cease to have value as legal tender.