Metro bank

[AtW]

What's the reason for panic?

[jamesbrown]

If you're that bothered about it, pull it all into a personal bank account in the mean time (but don't leave it there of course).

If you do this, ideally ask your accountant first. You can't put company money in a personal account and say it's "resting" like a dead parrot (e.g. you cannot put company savings into a personal savings account, even with a deed of trust). You'd need to call it a loan and pay it back when the new business account is open (and treat it like a loan for accounting purposes, which is less straightforward if the loan exceeds 10k).

[DimPrawn]

What's the reason for panic?

They are in deep debt, their share price has crashed, and a bailout looks likely. Apart from that, nothing.

[jamesbrown]

What's the reason for panic?

No idea, ask Tarbie. No warnings of an imminent collapse that I'm aware of. Shareholders aren't happy and some are puling out after their accounting woes. But imminent collapse? I don't think so, but anything is possible.

Either way, keeping more than the FSCS limit in one account is a bad idea.

[AtW]

They are in deep debt, their share price has crashed, and a bailout looks likely. Apart from that, nothing.

Where do you see anything about "bailout looking likely"?

[DimPrawn]

Where do you see anything about "bailout looking likely"?

If it fails to secure more funding.

Metro Bank facing fresh doubts over its future as it gears up to raise GBP350m from investors | This is Money

[greenlake]

Time to get out before they crash and burn ?

[AtW]

If it fails to secure more funding. Metro Bank facing fresh doubts over its future as it gears up to raise GBP350m from investors | This is Money

It may fail, but customers will be bailed out, even those with over 85k.

Having said that I would not have put a penny in it.

[Eirikur]

Eh?

FSCS compensation is paid within a week or so, perhaps a little longer in special cases, but "months if not years" is total crap.

Good luck

[AtW]

Depositing money into Metro is like burying money into ground