Mettle business bank account being closed

danimalx

I have a business account with Mettle (an app-based "bank" run by NatWest). It's an e-money account but they are transitioning all holders to a full bank account which involves a change of sort code and account number (which is a pain).

However they have told me they are closing my account at the end of the year and will not open me a new bank account. They will not tell me why. I have a good history with them, with a pretty healthy credit balance and my business is doing fine. I have no idea what I've done wrong but was wondering if anyone else had suffered a similar fate?

Thanks in advance.

eskbanker

Purely speculation in the absence of anything to go on but does your business have any exposure to crypto, or transactions with countries that might ring alarm bells, or has it experienced significant volumes of chargebacks or fraud?

NRidout

i have also had the same message. 

It has been such a frustration changing all my sort codes and account numbers as previous clients have had their invoices and are now at risk of paying into a non existing account.
i have had to inform them all. Also, on changing account I sent £9163.06 to another account to keep it safe whilst making the transaction. This didn’t go through and is now not in any of my accounts. Mettle still haven’t given me an answer and their support has been dreadful. This could see my company through if I don’t make my payments tomorrow. 

NRidout

I do not have and crypto links. 

penners324

NRidout said:

i have also had the same message. 

It has been such a frustration changing all my sort codes and account numbers as previous clients have had their invoices and are now at risk of paying into a non existing account.
i have had to inform them all. Also, on changing account I sent £9163.06 to another account to keep it safe whilst making the transaction. This didn’t go through and is now not in any of my accounts. Mettle still haven’t given me an answer and their support has been dreadful. This could see my company through if I don’t make my payments tomorrow. 

Who asked you to put money into another account? Is it your account or the 'bank' request this?
If the latter I think you've been scammed

penners324

Sounds like you've been a victim of fraud. The money you sent to a 'safe' account being already marked as a fraudsters account.

danimalx

eskbanker said:

Purely speculation in the absence of anything to go on but does your business have any exposure to crypto, or transactions with countries that might ring alarm bells, or has it experienced significant volumes of chargebacks or fraud?

Nothing unusual. Just day-to-day banking. I do have a BBL with Barclays but that is being paid off monthly and has never been in arrears.

Bizarrely, I recommended a 'friend', my other business and they opened an account and gave us both £50. 

Luke1957

Just happened to my Mettle account and I can't remember getting any notification. Just your account is closed with no ability to move to the new NatWest Mettle account