Metro bank - new customer review

Jew

I'm going to the Holborn branch, any tips on whom to talk to?

innovate

Whoever has time to talk to you will talk to you.

Don't forget to take you picture ID and recent utility bill/bank statement etc for proof of address.

Doc_N

Yet another problem's just arisen with these people. Overdraft limit agreed when I opened the account, and this was sold to me as something I could use whenever I wanted.

Now I find (and from a credit agency - not from Metro!) that it's been reduced to nil - presumably because I haven't needed to use it.

What sort of a bank is it that takes away an authorised overdraft without any consultation, and without any notification?

Could it perhaps be a bank that trying to trick me into using what will now have become - without my knowledge - an unauthorised overdraft, so that it can hit me with fees? :mad:

I've now lost what little confidence I had in Metro Bank and I shan't trust it again. I'd recommend anyone still using it to check their overdraft limit, and to treat any of their assurances with the greatest of caution. Clearly I was naive to expect Metro Bank to be any better than its main competitors. Quite simply, it can't be trusted.

giblet10

Doc_N wrote: »

Yet another problem's just arisen with these people. Overdraft limit agreed when I opened the account, and this was sold to me as something I could use whenever I wanted.

Now I find (and from a credit agency - not from Metro!) that it's been reduced to nil - presumably because I haven't needed to use it.

What sort of a bank is it that takes away an authorised overdraft without any consultation, and without any notification?

Could it perhaps be a bank that trying to trick me into using what will now have become - without my knowledge - an unauthorised overdraft, so that it can hit me with fees? :mad:

I've now lost what little confidence I had in Metro Bank and I shan't trust it again. I'd recommend anyone still using it to check their overdraft limit, and to treat any of their assurances with the greatest of caution. Clearly I was naive to expect Metro Bank to be any better than its main competitors. Quite simply, it can't be trusted.

Doc, hang fire with that - I have found out the same this morning - opened my credit card and bank account same day in Feb - have used both but both limits have been reduced to zero on my Equifax file (just found that today).

When I checked online with Metro both limits are still appear as well they do with Experian (although Exp hasn't updated since July). I made a test purchase with my credit card this morning and it went through fine..

You might want to call Metro to see what's going on - I'm going to if I get the time later..

fleetwoodguy

i've had a few hiccups with them, mainly when i got 3 letters relating to the opening of an isa online, two incorrectly stating i'd opened a 1 year fixed one, and the third missing that all important T&Cs booklet that they insisted i take for the 100th time when i got my overdraft last month...

speaking of when i got my overdraft, i did it over the phone, and received a letter confirming my credit limit had changed on my credit card to the same amount - i don't even have a credit card with them!!

i do like their customer service. i don't think they have the systems to back it up, such as when you make a deposit it takes ages to print off a receipt - but some of their enterprising employees have now found they can just print you off a mini statement which takes them all of 30 seconds and shows your deposit sitting in your account.

System

Doc_N wrote: »

I've now lost what little confidence I had in Metro Bank and I shan't trust it again. I'd recommend anyone still using it to check their overdraft limit, and to treat any of their assurances with the greatest of caution. Clearly I was naive to expect Metro Bank to be any better than its main competitors. Quite simply, it can't be trusted.

Fair enough. Hope you've now closed this useless account :T Hopefully you won't need to keep posting your Victor Meldrew comments about a perfectly decent bank.

Doc_N

scgf wrote: »

Fair enough. Hope you've now closed this useless account :T Hopefully you won't need to keep posting your Victor Meldrew comments about a perfectly decent bank.

I do apologise to you for posting negative comments in a discussion thread about a bank - if I'd known the purpose of the thread was just to praise it I'd not have done it. Sorry - I thought the idea was to let potential customers know what the bank's like in practice.

And no, the account's still open - it's useful for fee-free overseas ATM withdrawals.

But that's a loss leader for Metro Bank. It won't make money from me unless I'm persuaded to switch from First Direct, which I'd still be happy to do if the Metro Bank service matched FD. So far, it doesn't come near it, though, as you'll perhaps guess from the Metro Bank Representative's comments above.

System

You do make me laugh! I post about things as I see them too - I just fail to understand how you are having such a negative experience with Metro Bank while mine is so positive! As for looking at your credit reference to determine your overdraft, well that's just plain silly! Just log onto MB's online banking and see for yourself.

I too have had accounts with FirstDirect and really can't see what they offer a current account holder that Metro Bank doesn't, apart from higher interest rates on overdrafts, fees on transactions abroad and higher charges all round.

I'm not making out Metro Bank is perfect, but I have found them pretty good and am as entitled to post about my experiences as you are about yours. Having said that you don't even use them for your main current account whereas I do so have possibly more opportunity to experience any problems.

alanq

My first impressions of Metro Bank are not great.

I looked in at the Holborn "store" during this week. All very clean an tidy but not a scrap of information to look at. This may have been OK if there was a customer service desk or wandering person to offer help but there wasn't, only queues at the counter and lots of advisers sitting with customers plus lots of customers waiting to be seen. I looked in again later in the day nothing had changed.

Looking at the website it's all talk of balloons, dog biscuits and lollipops. There is precious little useful information readily available and some totally unavailable. The Magic Money machine converts your coins into cash - the coins were already cash. How does it perform this feat? No information to be had. (From what I learned later it seems it counts coins and issues a receipt that one can take to the counter and exchange for cash or to deposit.) Instant Access account. Would that be passbook or card operated? No information. It turns out neither - one just provides an account number and statements are sent out.

I tried another branch later in the week. Similar lack of information. One board did display current interest rates but that was missing the 18-month bond. At least in that branch someone approached me as soon as I began looking round.

Detailed information about accounts is buried in a 64-page Ts&Cs document covering all types of account and that is not completely accurate.

Examples

Instant Access account must maintain a minimum balance of £100 at all times. Not true. I was told the balance can be any amount but interest is only earned while the balance exceeds £100.

At maturity of a fixed rate bond, funds can be transferred to another account, withdrawn by bankers cheque or by electronic transfer. The latter two MAY incur a charge. I was told in branch that maturing funds always go to another account. If that account is an Instant Access account the only option is to draw cash (not sensible for large sums) or pay for a banker's cheque. The fee for this is currently £15. So if one doesn't reinvest or transfer to a Metro Bank current account the effective return on a bond is reduced. (Because I queried this the manager agreed to add a note to my account waiving that fee when the time comes.)

Most banks are happy to open savings accounts, by performing a CRA money laundering check. Metro Bank requires 3 forms of identification AND performs a CRA money laundering check.

A novel feature was having my photo taken in order to open an account. A simple security precaution for in-branch transactions.

Metro Bank is advertising that it pays interest gross on some bonds for sums over £50,000. I thought that HMRC had changed the rules for QTDs and from the start of this tax year all new accounts had to pay interest net unless one was registered as a non-taxpayer.
https://www.metrobankonline.co.uk/Global/NEW%20WEBSITE%20FILES/Personal/Savings%20IIS%27%20Feb%2012/Fixed%20Term%20Savings%20Account%20207%20IIS%202.0%2012.01.12.pdf

John_Pierpoint

The big issue sellers and other assorted street sellers & entertainers use the money counting machine.

I agree with you about QTDs (Qualifying Time Deposits).

http://www.hmrc.gov.uk/tdsi/mailshot38.htm