Metro bank

Lisyloo12345

Is metro bank safe and is it safe to open several savings accounts with one bank? 

Browntoa

Metro Bank has been around for ages.

Your money is safe up to the £85,000 limit for savings and for current accounts combined

Hovard

Yes, it has UK banking licence 

Ken68

Waited what seemed forever on the phone this morning, Maybe Monday is a bad day to ring.

Username999

Share price has taken a battering, gone from 4000 to 200 recently.
"Metro is under investigation by regulators after disclosing it had under-reported its exposure to higher-risk loans by almost 1 billion pounds."

https://uk.finance.yahoo.com/news/billionaire-steven-cohen-cuts-stake-194755245.html?.tsrc=rss

Thrugelmir

Be swallowed up at some point. A business model that's unfortunately already outdated. 

DeeJayEff

Hi,

In December last year I opened a one-year fixed term savings account with Metro Bank, but I now need to move the money elsewhere. However, the Important Information Summary for the account states this:

 You can close your Fixed Term Account without loss of interest or penalty up to 14 days after you open it. Once you have passed the 14 days you are not permitted to withdraw from or close your accounts before the end of the term. 

 In their document ‘Our Service Agreement with Our Personal Customers ‘, Section 11.2 gives a series of circumstances in which they can:

suspend, stop or reduce a service, facility or an account we provide.

Now according to the Consumer Rights Act 2015, you are not bound by a standard term in a contract with a seller or supplier if that term is judged to be unfair. One of the terms that is considered unfair is that of Unbalanced Rights; when it gives the trader certain rights that you, as a consumer, do not also enjoy.

This seems to be the situation here; Metro Bank can close the account at any time, but I cannot.

Has anyone else encountered something like this and, if so, how did you deal with it?

Thanks,

Dave

coyrls

You haven't got a leg to stand on.  You signed up for a one-year fixed term and that is what you got.

eskbanker

DeeJayEff said:

Now according to the Consumer Rights Act 2015, you are not bound by a standard term in a contract with a seller or supplier if that term is judged to be unfair. One of the terms that is considered unfair is that of Unbalanced Rights; when it gives the trader certain rights that you, as a consumer, do not also enjoy.

This seems to be the situation here; Metro Bank can close the account at any time, but I cannot.

Has anyone else encountered something like this and, if so, how did you deal with it?

A contract between a consumer and an organisation operating in a heavily-regulated industry can never be as balanced as you believe that act entails, so, given the circumstances under which Metro (and any other bank) can take such steps, there's no chance of this being some sort of 'get out of jail free' card via which you can unilaterally breach the terms you signed up to.

Nothing to stop you taking them to court if you believe they're in breach of CRA but don't be under any illusion that it would be a viable route for you to get hold of your money any quicker!