“We can reassure our customers there is no reason to be concerned. 25 August 2020 at 10:47AM edited 25 August 2020 at 10:47AM. Unfortunately, my son needed further proof of address. "Even if it did, they would probably move the savings pot. A WhatsApp message shared by Metro customers on Twitter at the weekend linked to a BBC story about Metro’s falling share price and urged anyone with a Metro Bank account or safety deposit box to “empty [them] as soon as possible”, claiming the lender was facing financial difficulties and may be “shut down … or going bankrupt.”. Profits for the first three months of 2019 were £4.3m, half of the same time the year before. Bear in mind the address now is the same as the one used to open his earlier account. Some popular examples include Monzo and Starling Bank (more on these later).. As they're based on apps, they don't have any physical branches that you can pop into like traditional banks, but you'll still have access to customer support and advice, usually in the form of a phone line or a live chat feature in-app. Talk about its financial health has been doing the rounds on social media. Tens of thousands of businesses at risk of going bust due to lack of availability of the government’s flagship Bounce Back Loans according to the APPG on Fair Business Banking Although a million loans have been provided through the scheme, those businesses who have been encouraged to move to other Fintech firms and ‘non-bank lenders’ now can’t access loans … That’s why bank runs can happen in the first place. "That is backed up by the government who I would be very surprised to see let a bank go bust at the moment because it's so crucial. “There is no truth to these rumours and we want to reassure our customers that there is no reason to be concerned. AJ Bell’s Mould said: “Having hundreds of customers queue up to withdraw money certainly hasn’t helped matters, particularly as the business is in the process of trying to raise £350m to alleviate concerns about its balance sheet. Metro Bank's IT systems have never impressed me and I just see these problems as part of what to expect from it. Before the announcement, Metro Bank’s shares were valued at £22 – today they were valued at £5.33. Metro hit the headlines in January after it revealed that hundreds of millions of pounds of loans for commercial and buy-to-let property had been wrongly classified as being lower risk than they actually were. The bank has been briefing staff on how to reassure customers that their money and safety deposit boxes are safe after a flurry of WhatsApp messages caused queues at some of its London branches over the weekend. Miles Brignall and So this should mean that in the unlikely event that the bank were to go into administration or be taken over, your possessions can’t be seized by an administrator or buyer. Your money is safe if the app goes bust. Metro Bank faces challenge to reassure customers as rumours fly. I have referrals for Metro Bank £50 - please PM me and I will send you the link. Shares down 87% in just over a year and then customers queue to pull savings amid WhatsApp rumours. Metro Bank's IT systems have never impressed me and I just see these problems as part of what to expect from it. coconuttommo Forumite. Get a letter from HMRC to confirm his address, got it. Its image and architecture are certainly far removed from the mobile or app-first digital banks that are taking over the world today. When a bank becomes insolvent or goes bankrupt, the Federal Deposit Insurance Corporation shuts down the bank’s operations and seizes control of its assets. I have referrals for Metro Bank £50 - please PM me and I will send you the link. It is a great location and a very decent size as with all the other banking locations. This morning the bank … Find out what happens for joint accounts and if you have money with two banks in the same banking group. At a glance. The stock market dropped 504 points that day – still one of the largest single day drops in history. … Metro Bank opened its first branch in London's Holborn in 2010 in the wake of the financial crisis; It was the first High Street bank to open in the UK in more than 100 years Metro’s award came on the same day digital bank Starling was granted £100m and online clearing house ClearBank picked up £60m from the competition body. Home Savings Accounts Guides Depositor protection schemes – what would happen if a bank goes bust. The FTSE 250-listed Metro, for its part, has struggled to compete with its privately-held, online-first rivals. M etro Bank shares soared to their highest level since March on Monday on the back of it selling a mortgage book to NatWest.. But my whole point is it’s hard to get UK bank license. Shortly after announcing the accounting mistake, Metro Bank said it would be raising another £350m in funding, only months after raising £300m from investors last July when it ruled out further cash calls. A Metro Bank spokeswoman said: “We’re aware there were increased queries in some stores over the weekend about safe deposit boxes following false rumours about Metro Bank on social media and messaging apps. All banks and building societies listed by Moneyfacts are covered by a depositor protection scheme that would cover your money in the event the institution in question went bust. Metro Bank PLC today announced its third quarter trading update for 2020. Metro Bank faces challenge to reassure customers as rumours fly. 28 August 2020 at 7:39AM. Further to the announcement on 8 July 2020, Metro Bank today confirms the appointment of Robert Sharpe as Chairman with effect from 1 November 2020. Cash deposits of up £85,000 are covered by law under the Financial Services Compensation Scheme, while Metro stressed that the contents of safety deposit boxes are always the customer’s property. A WhatsApp message shared by Metro customers on Twitter at the weekend linked to a BBC story about Metro’s falling share price and urged anyone with a Metro Bank … The modern-day bank now has some 1.7 million customers Shares down 87% in just over a year and then customers queue to pull savings amid WhatsApp rumours. 75 posts 28 August 2020 at 7:39AM I was also having trouble … 3 posts 25 August 2020 at 10:47AM edited 25 August 2020 at 10:47AM. All rights reserved. It won’t cost much to govt. They have just taken down the boards outside and it is now possible to see inside. Metro Bank are viewed in the City as prime to be taken over if only they had not under estimated their liabilities by £400 million, my City Spy says the vultures are circling ready to rip the caucus clean when they go bust & rich pickings going cheap! October 2020. You remember Lehman Bros, right? News Metro Bank gets creepy crafty for … Tens of thousands of businesses at risk of going bust due to lack of availability of the government’s flagship Bounce Back Loans according to the APPG on Fair Business Banking Although a million loans have been provided through the scheme, those businesses who have been encouraged to move to other Fintech firms and ‘non-bank lenders’ now can’t access loans as their finance providers … Profits for the first three months of 2019 were £4.3m, half of the same time the year before. As a high street bank with physical branches, it muscled its way into the sector a few years too soon. In December 2020, we went to our local Metro Bank to open said account. That was the last time a major UK lender had a mass of customers queuing to withdraw deposits as they panicked over the state of the bank’s balance sheet. Metro Bank has told us that items in a safe deposit box always remain yours, and are never the bank’s property. 0. "That is backed up by the government who I would be very surprised to see let a bank go bust at the moment because it's so crucial. Metro Bank pairs bank branches with customer service. However, four days later Metro was forced to go cap in hand to investors to ask them for £350m to bolster the bank founded in 2010. If you're affected, you'll be sent an email or letter about your refund, and will receive your payment by summer 2020. CLEVELAND — Northeast Ohioans have been waiting for hours to get a box of food to feed their families at the Greater Cleveland Food Bank weekly distribution. And it means the value of your investment can disappear overnight. The most active stock market forums in the UK. © 2021 Guardian News & Media Limited or its affiliated companies. Yes you’ve guessed it … 75 posts 28 August 2020 at … Bank or open … Metro said the messages amounted to “false rumours” and that the majority of customers queuing were primarily interested in accessing items stored in safety deposit boxes rather than cash in their accounts. Bear in mind the address now is the same as the one used to open his earlier account. Metro Bank offers current accounts, business bank accounts and lots more with a difference. 29/12/2020 16:32:35 Cookie Policy +44 (0) 203 8794 460 Free Membership Login coconuttommo Forumite. I will update this post when all 5 invites are sent out - until then, they are available! San Fernando drug bust yields P3.4M worth of shabu DRUG BUST. Some said they wanted to empty their boxes, where they stored items such as family gold and jewellery. When it filed for bankruptcy, its share price plummeted more than 90% in a single day. 0. But what makes banks so fragile? Banks are required to put aside more cash to cover their riskier products, to ensure they are protected in the event of a sudden downturn. The queues at some Metro Bank branches appear to have been prompted by the sharing of a WhatsApp message advising people to take possessions out of their safe deposit boxes due to concerns about the bank's financial health. 25 August 2020 at 10:47AM edited 25 August 2020 at 10:47AM. Its image and architecture are certainly far removed from the mobile or app-first digital banks that are taking over the world today. Long queues have been reported over the weekend in some London branches following rumours it was about to go bust. Metro Bank offers current accounts, business bank accounts and lots more with a difference. Not acceptable. 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