Metro Bank - In difficulty?

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?

IanManc

DullGreyGuy said:

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. 

Actually it's RBS in different clothing. Occasionally letters are RBS branded, with the address of the huge RBS offices in Spiningfields in Manchester on the letterhead.

And they introduced new, larger redesigned A4 Child & Co branded statements in April 2023, and have continued to replace expiring cards with Child & Co branded ones, even though the branch closed 16 months ago so the evidence seems to contradict your assumptions.

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 

GeoffTF

Section62 said:

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.

Even that seems to be a long way down the road, if it happens at all.

stripling

stripling said:

I like Metro Bank. Smooth, clear app, excellent transfer system, everything simple, efficient and clean. I'm sure they're not 'going under' they are just fund raising. 

"

"Metro Bank shares rebound amid reports of £600m capital offer". [Guardian News] 

Lions_89

Section62 said:

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.

I’ve not seen people spreading panic, and unless someone is being obtuse I think it’s fairly obvious you would transfer the items to another box. The issue is if the bank gets taken over there may be a delay with getting access to the box. As I said I don’t think they will go under.

Username_gone

Lions_89 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.

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. 

I would but don't have  another safe deposit box to transfer items into. 

Username_gone

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.

Reassuring to hear. Hope it doesn't come to that.

eDicky

Back in the 80's I had an account with Amro Bank (now ABN-Amro) at their Amsterdam HQ in an elegant historic building on Rembrandtsplein, including a safe deposit box inside their strongroom down in the basement. When back in town after an absence of several years I headed to Rembrandtsplein and discovered a department store where my bank had always been.

Presenting myself at their shiny new headquarters I was welcomed as their last remaining deposit box holder (no such facility available any more), whom they had been unable to trace, and presented with my intact inner tray containing a bit of cash and some documents.

I've had a Metro Bank account since their early days but never felt enough need to pay for a deposit box with them. If I did have one, I don't think I'd be too worried about it suddenly becoming insecure.