Metro Bank tells customers their money is safe after safety deposit box rumours - MSE News

Former_MSE_Naomi

Metro Bank had queues of customers inquiring about their safe deposit boxes in some London branches over the weekend, which the bank says was due to "false rumours" on social media and messaging apps. If you're a Metro Bank customer who's worried, here's the latest info and your rights...

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'Metro Bank tells customers their money is safe after safety deposit box rumours'

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Consumerist

The words 'smoke' and 'fire' immediately come to mind.

Benight

'Long queue outside my branch – is everything OK?'

Not sure how many Metro customers even have safety deposit boxes.

I guess the run on the bank is being fuelled by the fact the bank is urgently seeking an additional £350m to stay afloat, following an "accounting error"

Some report the bank is struggling to raise the required cash, whilst the bank itself says they are in advanced talks.

The bank's shares have plummeted around 75% since January when it announced it needed the money to boost its capital.

In a separate move, Metro Bank is also considering selling the commercial loans affected by the accounting error.

https://www.bbc.co.uk/news/business-48243155

I know the FSCS will protect customers savings up to £85,000, but anyone relying on that will not get an immediate refund, should the worst happen

A bird in the hand, and all that.

Doc_N

Just idly curious, not having the sort of money or possessions that would merit one, are deposit boxes just for cash and other assets people are hiding from HMRC or maybe their partners?

Or is there a reason for having one that doesn't involve some kind of deception?

Zanderman

Doc_N wrote: »

Just idly curious, not having the sort of money or possessions that would merit one, are deposit boxes just for cash and other assets people are hiding from HMRC or maybe their partners?

Or is there a reason for having one that doesn't involve some kind of deception?

Surely mostly it's just for security? You seem a little over-suspicious!

Benight

Doc_N wrote: »

Just idly curious, not having the sort of money or possessions that would merit one, are deposit boxes just for cash and other assets people are hiding from HMRC or maybe their partners?

Or is there a reason for having one that doesn't involve some kind of deception?

Keep your valuables safe and sound in one of our in-store Safe Deposit Boxes. Rent a Safe Deposit Box for as long as you want, and access it 7 days a week. If it's important to you, it's important to us.

Our in-store vaults are super-safe and an ideal place to store everything from jewellery to antiques to confidential documents

https://www.metrobankonline.co.uk/safe-deposit-boxes/

But I don't think its documents or jewellery, let alone antiques, all these people are after


Customers packed out the Harrow branch at the weekend. Bosses said they would not lose access to deposit boxes even if the bank were to go under

- source: https://www.thetimes.co.uk/article/metro-bank-soothes-concerns-over-its-financial-health-kcd6jd5sd

AnotherJoe

Benight wrote: »

Not sure how many Metro customers even have safety deposit boxes.

I guess the run on the bank is being fuelled by the fact the bank is urgently seeking an additional £350m to stay afloat, following an "accounting error"

Some report the bank is struggling to raise the required cash, whilst the bank itself says they are in advanced talks.

The bank's shares have plummeted around 75% since January when it announced it needed the money to boost its capital.

In a separate move, Metro Bank is also considering selling the commercial loans affected by the accounting error.

https://www.bbc.co.uk/news/business-48243155

I know the FSCS will protect customers savings up to £85,000, but anyone relying on that will not get an immediate refund, should the worst happen

A bird in the hand, and all that.

Is it only me ROFLMAO that a bank had an accounting error ?

Herbalus

AnotherJoe wrote: »

Is it only me ROFLMAO that a bank had an accounting error ?

It’d be funnier if it were an accountancy firm.

The_Earl_of_Streatham

Doc_N wrote: »

...are deposit boxes just for cash and other assets people are hiding from HMRC or maybe their partners?...

Deposit boxes come in various sizes but I think none would be large enough to accommodate a partner.

Ectophile

Herbalus wrote: »

It’d be funnier if it were an accountancy firm.

It would be normal if it was an accountancy firm.

short_butt_sweet

The_Earl_of_Streatham wrote: »

Deposit boxes come in various sizes but I think none would be large enough to accommodate a partner.

unless your partner is a hamster.