Metro bank

[jconway]

I guess I'll wait till Monday and have a chat with my accountant and see about moving the money to a safer place. It seems unlikely that MetroBank would go totally bust in a matter of days, though I suppose anything might happen...

In hindsight, I'd definitely have gone with a more stable bank.

[AtW]

zeitghost keeps his money in Bank Of The Black Monks Of St Herod

[ladymuck]

That's a shame. I like Metro Bank. I have a savings account with no money in it that I use purely for when my change pot fills up or people hand me cash for bar bills, etc and I've paid on my card.

Cos they're open past 5pm and at weekends it's easy to pay all those things in and then immediately transfer it out to where it's needed.

Maybe its customers like me who aren't helping!

[cojak]

No, most small businesses are protected (small is defined in the Companies Act, 2006).

OK, I was listening Radio 5 Live’s Wake up to Money and they said that businesses were leaving in droves leaving only retail accounts.

And on here... Metro Bank shares tumble again amid fresh worries about its finances Metro Bank shares tumble again amid fresh worries about its finances - BBC News

[jamesbrown]

OK, I was listening Radio 5 Live’s Wake up to Money and they said that businesses were leaving in droves leaving only retail accounts.

And on here... Metro Bank shares tumble again amid fresh worries about its finances Metro Bank shares tumble again amid fresh worries about its finances - BBC News

To be clear, I wouldn’t keep any money with them. I would move it at the earliest opportunity. However, I also wouldn’t panic. The FSCS does afford protection to most small businesses, you’d get your money back quickly and without any administration, and Metro Bank probably isn’t going to collapse soon (but it might).

[AtW]

Metro Bank says cash lifeline talks 'advanced' - BBC News

“The bank - which has 67 branches in London and the South East - said it expected to raise the cash by the end of June.”

[GJABS]

Monday morning?

[greenlake]

Monday morning?

[wattaj]

Does anyone know how quickly MetroBank could go bust? Will there even be time to get out, assuming it may take 5-10 business days to open an account with a different bank?

Look into Tide as an interim measure. Their account opening process takes minutes.

[SimonMac]

Metro aren't going to go bust, can everyone stop being over dramatic, the day to day side is fine.

They just made a cock up when it comes to the ration of capital to debt they hold (due to some Commercial debt being labelled BTL which is a different risk profile), they have asked shareholders for £350m to cover the difference and they've stumped up which has been reported to the stock exchange this morning.

If anyone has enough money in a single organisation at risk and they don't do a 30 second google to find out the facts they are morons, even for CUK.

If it all goes tits up I only have a mortgage with them so I will owe them money not the other way round