Metro bank....jitters

Skylighter

I have been a contented customer with Metro bank.
I was quite saddened to hear about their requirements to raise funds has been cancelled due to lack of confidence in the investors ...Vernon Hill to be replaced etc.
Like many others should I be considering the financial security of my accounts ?

I have like many others received text messages to remove and close my accounts ...
I shan’t act so swiftly as I am watching closely.

Any ideas or comments from others who may bank with Metro,
I so enjoyed their long opening hours etc.

[Deleted User]

Skylighter wrote: »

Like many others should I be considering the financial security of my accounts ?

Keep your balance below 85k and you'll be ok.

colsten

Skylighter wrote: »

I have like many others received text messages to remove and close my accounts ....

Who were those text messages from?

Skylighter

Thanks Colsten and Zx81
Oh just generic from concerned friends .panicking somewhat ��not phishing mails ..texts etc

..I am pretty cool about it....just slightly concerned as they have a great customer service ethos and their long opening hours suits me and many others ...I simply don’t wish to switch to another bank.
I am just quietly observing ..


I understand that they are awaiting their October results before making any more decisions .

born_again

Skylighter wrote: »

Thanks Colsten and Zx81
Oh just generic from concerned friends .panicking somewhat

It was exactly that sort of panic that brought down Northern Rock and then started the financial crisis.

Nice to see someone that is happy to just watch and wait, rather than rush to close accounts and move. :T

badger09

Skylighter wrote: »

I have been a contented customer with Metro bank.
I was quite saddened to hear about their requirements to raise funds has been cancelled due to lack of confidence in the investors ...Vernon Hill to be replaced etc.
Like many others should I be considering the financial security of my accounts ?

I have like many others received text messages to remove and close my accounts ...
I shan’t act so swiftly as I am watching closely.

Any ideas or comments from others who may bank with Metro,
I so enjoyed their long opening hours etc.

My advice is not to rely solely on 1 current account. So, unless you already have an alternative with some cash in it, I would open another account asap.

This has nothing to do with the current situation, real or perceived, with Metro. Just common sense;)

Zanderman

born_again wrote: »

It was exactly that sort of panic that brought down Northern Rock and then started the financial crisis.

Nice to see someone that is happy to just watch and wait, rather than rush to close accounts and move. :T

You can't blame the financial crisis on panic at Northern Rock. It was rather more fundamental than that.

sal_III

born_again wrote: »

It was exactly that sort of panic that brought down Northern Rock and then started the financial crisis.

Nice to see someone that is happy to just watch and wait, rather than rush to close accounts and move. :T

The bank run on Northern Rock was just a manifestation of the financial crisis, not a cause for it.

The Big Short offers a great insight into what actually caused the financial crisis of 2008 - unchecked banker's greed.