Metro Bank Faster Payment limits

SiliconChip

Does anyone know the limits for making Faster Payments from a Metro bank personal account? Limits listed on the Faster Payments website are

• Online/App £21,000
• Telephone £250,000
• In Branch £250,000

Unfortunately the Metro website doesn't appear to list any limits, and they categorically refused to tell me anything at all about them when I spoke to them on the phone, and wouldn't even tell me if I can make multiple payments online in the same day if I do need to exceed their hidden limit.

ColdIron

The £21,000 one looks famliar

SiliconChip

I've sent an email to the CEO, Dan Frumkin, to express my dissatisfaction at their secrecy, giving examples of limits openly published on other banks websites, and asking why Metro won't do the same. if I hear anything back I'll update this thread.

lindabea

The 21K limit for faster payment is correct, but be warned - the 21K limit is the max amount per transaction per day.    Having said that, payments can still be stopped even within this limit.  I had a situation recently when after making a payment for 10K which went straight through, and followed it up with a 2k payment on the same day to a different account, I had to call them to release the payment as it had been stopped. When I asked them why the 2K payment had been stopped, they said the system is designed to stop payments at random and they have no control over it.  So, they can still stop payments for no apparent reason even though you are within the 21K limit.   

SiliconChip

So far my email to the CEO has not generated any reponse from Metro.

However, when I was in a branch/store a couple of days ago to make some of the payments (£50K and £25K) the teller said something that made me think that perhaps they don't have fixed limits, at least for online/app payments, and that if you try making a payment of a value that they won't immediately allow through they may call you to make some additional checks to decide whether to let it go ahead or not. I will have another £50K payment to make once a cheque I've paid in has cleared so I'll try doing it myself and see what happens.

[Deleted User]

SiliconChip said:

So far my email to the CEO has not generated any reponse from Metro.

However, when I was in a branch/store a couple of days ago to make some of the payments (£50K and £25K) the teller said something that made me think that perhaps they don't have fixed limits, at least for online/app payments, and that if you try making a payment of a value that they won't immediately allow through they may call you to make some additional checks to decide whether to let it go ahead or not. I will have another £50K payment to make once a cheque I've paid in has cleared so I'll try doing it myself and see what happens.

£250k is the scheme limit and that appears available in branch (where you & the payment can be verified); I would strongly suspect that 21k is the digital limit as digital channels are more open to problems and scams. 

SiliconChip

Despite Metro not being prepared to confirm limits for any of the channels when I tried to do an online £50K transfer to my account at another bank today the system said that payments cannot be greater than £21K - quite why they won't just say that when asked I have no idea. I'm going to try telephone banking tomorrow, and if that fails I'll probably just write a cheque as it would take me several days to get to a Metro store.

SiliconChip

I made a £50K payment to my other bank account today using telephone banking, it was reasonably efficient although they did have to use two separate systems at their end and I had to receive a one time code on my registered mobile to repeat back to them to verify myself. It may have helped that my details were already set up as a payee in online banking. Certainly a better option than driving 30 minutes each way to my nearest Metro store and quicker than waiting for a cheque to clear.