Metro Bank

Banking
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Iā€™ve just been reading through several articles on Metro Bankā€™s ā€˜issuesā€™. Iā€™ve seen various comments about customers being urged not to take their money out of the bank. Unfortunately as one well knows, when folks are being urged not to take their money out, it often has exactly the opposite effect and people will do exactly that :person_shrugging:

As for the Ā£85k protection if it all went pear shaped, well thatā€™s fantastic except just how long would it take to get that money back if the worst happened :thinking:

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Isnā€™t this just ā€˜customer retentionā€™? Like when you call to cancel your Barclaycard or Amex and they try and get you to reconsider?

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I switched mhy Metro Bank current account years ago and forget to close the savings account I had with them. They still send me reminders my statement is there to view (Ā£0.00 balance) :rofl: , though I did retain it purely to retain my logion ability shoudl they suddenly come to the fore.

Back when I joined them, it was for a market-leading one-year fix at 1.80% (Oct 2019)

Oh how times change.

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7 working days from 2024-01-01. 10 working days right now

if they canā€™t make your money available to you within 7 working days, they provide you with interim funds

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I did this with FD I kept the app on phone with no account at all but could still login. I thought on my return I could just continue same logins. Their accounts can only be opened in the app and I could not open a new account without a new username.

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People with over 85k have cause for concern, otherwise they donā€™t really, just sheep antics

Concern for shareholders etc not customers

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Refinancing Ā£600 million I can only imagine does not come cheap. Hopefully they find a way to become more profitable now.

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Refused me an account for ((seemingly)) no reason (I probably put a full stop in the wrong place) so they canā€™t go busy for all I careā€¦didnā€™t they offer safety deposit boxes and hundreds of people were queuing up to empty them last time there was a run (particularly the Tamil community) ?

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A bank that revolves around seven day a week branch service has no future :person_shrugging:

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i think itā€™s a good idea in metropolitan cities and other large cities/towns

the only issue is their opening hours get cut back within months and itā€™s not walk-in. you have to book an appointment

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Half of their costs are staff but how many of their staff are employed in branches. Branches they say they wonā€™t close.

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Theyā€™ve not long opened a lot of their branches, doubt theyā€™ve got a walk away at no cost clause in the contract

Long-term leases n all that

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Fintech employee doesnā€™t support Face to Face banking shocker.
Iā€™m starting to think that the BBC get itā€™s ā€˜journalistsā€™ on a YTS or something.

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And theyā€™ve launched a 5.22% easy access savings account this past week too :thinking:

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They want to attract customers.
I recently switched away from them after having a DD nightmare with them. They refused to uphold my complaint saying it is not their fault. I just let it pass.

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I left them years ago, CASS out for a bonus with someone, canā€™t remember who as done so many.

Have a savings account left with them with Ā£0.00 in it.

Tried to login to close it but got logged out when it claimed that the details I used, which were saved in my Password Manager, were incorrect.

Left it open. Not worth my time and effort to close it.

No rush to take any new products with them.