Metro Bank Warning

Grey2021

We put money into a fixed term online bond with Metro bank after seeing it on this website. The bond has now matured and we have gone online to return the money to our usual current account with another bank. After allowing a small amount to be paid out, Metro Bank then locked the account and insist that we visit a store as there is no other way to unlock the account, no matter how many security questions you answer over the phone. So if you are nowhere near one of their stores I suggest you don't use Metro Bank. Off for a 2 hour trip out tomorrow to hopefully sort this out and then close the account. 

Zanderman

Without telling us why Metro Bank locked the account this warning is fairly meaningless. 
You must have done something to trigger the locking, failed to get the security questions right or similar. 
I've never had any problems with Metro Bank.  So my suggestion would be the opposite to yours!

OceanSound

Grey2021 said:

We put money into a fixed term online bond with Metro bank after seeing it on this website. The bond has now matured and we have gone online to return the money to our usual current account with another bank. After allowing a small amount to be paid out, Metro Bank then locked the account and insist that we visit a store as there is no other way to unlock the account, no matter how many security questions you answer over the phone. So if you are nowhere near one of their stores I suggest you don't use Metro Bank. Off for a 2 hour trip out tomorrow to hopefully sort this out and then close the account. 

Thank you for the warning. WIll stay well clear.

ColdIron

I've had maybe a dozen savings accounts, mostly fixed term, with Metro and this has never happened to me. Why did you not give them maturity instructions before maturity?

OceanSound

Grey2021 said:

We put money into a fixed term online bond with Metro bank after seeing it on this website. The bond has now matured and we have gone online to return the money to our usual current account with another bank. After allowing a small amount to be paid out, Metro Bank then locked the account and insist that we visit a store as there is no other way to unlock the account, no matter how many security questions you answer over the phone. So if you are nowhere near one of their stores I suggest you don't use Metro Bank. Off for a 2 hour trip out tomorrow to hopefully sort this out and then close the account. 

Could be the dreaded small amount first then big amount that triggered it. 

Scammers often use the small transfer (often 1 pound) to test the water then do a large transfer.

daveyjp

With no details of the bond T&Cs its difficult to say Metro are at fault. 

OceanSound

Security systems of banks can throw the occasional wobbly. Revolut is a case in point. I believe the FCA was involved.

colsten

OceanSound said:

Security systems of banks can throw the occasional wobbly. Revolut is a case in point. I believe the FCA was involved.

Please can people stop referring to Revolut as a bank until their [late] application for a UK banking licence has actually been granted.

wiseonesomeofthetime

OceanSound said:

Grey2021 said:

We put money into a fixed term online bond with Metro bank after seeing it on this website. The bond has now matured and we have gone online to return the money to our usual current account with another bank. After allowing a small amount to be paid out, Metro Bank then locked the account and insist that we visit a store as there is no other way to unlock the account, no matter how many security questions you answer over the phone. So if you are nowhere near one of their stores I suggest you don't use Metro Bank. Off for a 2 hour trip out tomorrow to hopefully sort this out and then close the account. 

Could be the dreaded small amount first then big amount that triggered it. 

Scammers often use the small transfer (often 1 pound) to test the water then do a large transfer.

As do many lawful consumers when they wish to check the accuracy of a faster payment before committing the full amount.

When my Metro was due to mature, I set up where it was going to as a payee about a month before and sent over a quid test payment. Clearly that gap avoided any triggers when I sent a five figure some to that external account (in my name) on the day the funds appeared available in my Metro account.

OceanSound

colsten said:

OceanSound said:

Security systems of banks can throw the occasional wobbly. Revolut is a case in point. I believe the FCA was involved.

Please can people stop referring to Revolut as a bank until their [late] application for a UK banking licence has actually been granted.

I take your point that we are still unaware if Revolut can pass the same stringent tests that a bank with a banking license can (has).

Anyhow, do you mind suggesting a noun that we could use with such entities? is it fintechs? so refer to Revolut as 'Revolut fintech'? ...or plain old 'Revolut'?

What's the nomenclature when it comes to this type of beast?

tempus_fugit

OceanSound said:

colsten said:

OceanSound said:

Security systems of banks can throw the occasional wobbly. Revolut is a case in point. I believe the FCA was involved.

Please can people stop referring to Revolut as a bank until their [late] application for a UK banking licence has actually been granted.

I take your point that we are still unaware if Revolut can pass the same stringent tests that a bank with a banking license can (has).

Anyhow, do you mind suggesting a noun that we could use with such entities? is it fintechs? so refer to Revolut as 'Revolut fintech'? ...or plain old 'Revolut'?

What's the nomenclature when it comes to this type of beast?

Aspiring bank maybe. 😉😁