Metro Bank - In difficulty?

GeoffTF

New article from the BBC:

https://www.bbc.co.uk/news/business-67027436

In the words of the Hitch-hiker's Guide to the Galaxy: "Don't panic".

DullGreyGuy

IanManc said:

GeoffTF said:

IanManc said:

For any counter transactions I started to use my Child & Co account at the NatWest which is 100 metres away at the end of the same street, where the staff have proved to be unfailingly welcoming, polite, friendly and efficient.

Child & Co are no more:

https://www.natwestgroup.com/heritage/companies/child-and-co.html

I have a Skipton BS account and can use that for counter transactions, if necessary.

I have a Child & Co Select Current Account. I use it every day.

I received a new Child & Co cheque book last week, and get Child & Co bank statements in the post every month.

I do my shopping and do NatWest bank branch counter transactions with my Child & Co debit card which was new in August 2023.

Not bad for something that is "no more" eh?

Not really, it's just Natwest in different clothing. They closed their sole branch, they list the brand as closed on their website and at some point they'll quietly remove the branding and replace it with vanilla NatWest as and when cards expire etc. 

CalvinHobs

Mrs Hobs has £40K in a Metro Bank fixed rate ISA - set to mature in April 2024. I shared the latest news about Metro with her but she is not overly concerned as it is well below the £85K FSCS limit.

Question: If Metro did fail, would FSCS compensation include interest up to the date it failed?

GeoffTF

CalvinHobs said:

Mrs Hobs has £40K in a Metro Bank fixed rate ISA - set to mature in April 2024. I shared the latest news about Metro with her but she is not overly concerned as it is well below the £85K FSCS limit.

Question: If Metro did fail, would FSCS compensation include interest up to the date it failed?

Yes, accrued interest appears to be included:

https://www.legislation.gov.uk/ukpga/2009/10/notes/division/1/33?view=plain

Username_gone

What would happen to the safe deposit boxes customers have with them should they fail? Have one with them but can't find anything online that explains safe deposit boxes should the bank collapse and in-branch staff didn't seem to know exactly.

Lions_89

Username_gone said:

What would happen to the safe deposit boxes customers have with them should they fail? Have one with them but can't find anything online that explains safe deposit boxes should the bank collapse and in-branch staff didn't seem to know exactly.

Personally I’d be withdrawing anything in the box asap. I don’t think it will go under but the branches may close if it gets taken over. Who knows what will happen. 

wmb194

Username_gone said:

What would happen to the safe deposit boxes customers have with them should they fail? Have one with them but can't find anything online that explains safe deposit boxes should the bank collapse and in-branch staff didn't seem to know exactly.

At some point the administrators of the bank would ask you to come and pick up your property.

If the bank/branch is taken over by another business it would either be business as usual or again you'd be asked to collect your property.

Lions_89

wmb194 said:

Username_gone said:

What would happen to the safe deposit boxes customers have with them should they fail? Have one with them but can't find anything online that explains safe deposit boxes should the bank collapse and in-branch staff didn't seem to know exactly.

At some point the administrators of the bank would ask you to come and pick up your property.

If the bank/branch is taken over by another business it would either be business as usual or again you'd be asked to collect your property.

And how long will that take?  Best to get anything important out now don’t you think?

Section62

Lions_89 said:

wmb194 said:

Username_gone said:

What would happen to the safe deposit boxes customers have with them should they fail? Have one with them but can't find anything online that explains safe deposit boxes should the bank collapse and in-branch staff didn't seem to know exactly.

At some point the administrators of the bank would ask you to come and pick up your property.

If the bank/branch is taken over by another business it would either be business as usual or again you'd be asked to collect your property.

And how long will that take?  Best to get anything important out now don’t you think?

The key thing would be whether there was a suitable alternative place to keep any valuables.

Not much point taking valuables out of an already-paid-for secure storage on a just-in-case "safety" basis, only to have the valuables stolen from your home becuase you haven't got anywhere else to keep them (yet).

There really is no need for people to spread panic.

Experience suggests a bail-out or takeover is the more probable outcome if the situation really is as dire as some people suggest.  Metrobank's customer base will be valuable to someone.

Outeast1000

I was in my local Metro branch a few hours ago to withdraw a few grand and everything seemed the same as always