Metro Bank - In difficulty?

Rob5342

On the BBC news it said they are planning to open another 11 branches, they're doomed to failure if they carry on like that.

Rob5342

Outeast1000 said:

If Metro Bank does go under would it be a matter of days . weeks . or months . I have a Bank account with Metro Bank and I am worried 

You needn't worry much, deposits up to £85,000 are protected by the FSCS. The only danger is that you might be without access to the money until it was returned to you, but it's always a good idea to have a spare current account and a credit card as backups.

trient

They banned me for life after I've been a customer for exactly five years (must have been some profitability calculation as I never did anything nefarious - just used it as a hub account, but it had been my main account for bills and expenses for the better part of those years). Plus I turned down a job offer with them early on which was my best career decision so far. So I'll say good riddance, even though I could never fault their service otherwise.

Cashmygiro

Just a London centric bank no great loss. They started opening branches when all the other high street banks were closing them and other new banks were online/app only.

Bit like when Channel 5 started on analogue terrestrial TV.

wmb194

GeoffTF said:

wmb194 said:

GeoffTF said:

subjecttocontract said:

Well if they will de-bank organisations like they did recently then what goes around comes around. Don't look for sympathy in my neck of the woods. Feeling sorry for banks is something that just doesn't ring right with me.

It is not about feeling sorry for Metro Bank. It is about do you want fully staffed branches opening seven days a week?

From Metro? No.

Yes:

https://www.metrobankonline.co.uk/help-and-support/store-related-questions/what-are-your-store-opening-hours/

My local branch (which has not been open long) seems to have more staff than customers when I have passed by.

Hah hah. No, I'm saying I don't want it. Barely anyone does, and certainly not from Metro. It's one of the reasons why it's been struggling for so long. It's been rubbish and largely uncompetitive from day one. Add to that it apparently doesn't know how to be a good bank cf its accounting issues in 2019.

GeoffTF

Outeast1000 said:

If Metro Bank does go under would it be a matter of days . weeks . or months . I have a Bank account with Metro Bank and I am worried 

Years probably. Provided you have under £85K with them, you should not need to worry anyway.

GeoffTF

Rob5342 said:

On the BBC news it said they are planning to open another 11 branches, they're doomed to failure if they carry on like that.

My local branch is almost certainly rented.

GeoffTF

wmb194 said:

GeoffTF said:

wmb194 said:

GeoffTF said:

subjecttocontract said:

Well if they will de-bank organisations like they did recently then what goes around comes around. Don't look for sympathy in my neck of the woods. Feeling sorry for banks is something that just doesn't ring right with me.

It is not about feeling sorry for Metro Bank. It is about do you want fully staffed branches opening seven days a week?

From Metro? No.

Yes:

https://www.metrobankonline.co.uk/help-and-support/store-related-questions/what-are-your-store-opening-hours/

My local branch (which has not been open long) seems to have more staff than customers when I have passed by.

Hah hah. No, I'm saying I don't want it. Barely anyone does, and certainly not from Metro. It's one of the reasons why it's been struggling for so long. It's been rubbish and largely uncompetitive from day one. Add to that it apparently doesn't know how to be a good bank cf its accounting issues in 2019.

Their customers disagree:

https://www.ipsos.com/en-uk/personal-banking-service-quality-great-britain-august-2023

Metro is top of the table for branch service, and near the top overall. The competition on the high street is pretty feeble and increasingly so. Whether there are enough people who are willing to pay for branch service is another matter.

boingy

Lead story in the FT today.

Zanderman

GeoffTF said:

Rob5342 said:

On the BBC news it said they are planning to open another 11 branches, they're doomed to failure if they carry on like that.

My local branch is almost certainly rented.

Is that relevant? Whether rented or owned the issue is whether branch service is viable these days - which most banks think is not the case. But Metro plan more and, as pointed out in this thread, often seem to have more staff than customers in their existing branches. That doesn't seem viable whether rented or owned!  And if they're in trouble financially anyway...