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Metro bank

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    Metro bank

    Time to get out before they crash and burn ?


    Sent from my iPhone using Contractor UK Forum

    #2
    Originally posted by GhostofTarbera View Post
    Time to get out before they crash and burn ?


    Sent from my iPhone using Contractor UK Forum
    You will be protected up to £85k.

    Comment


      #3
      Originally posted by BrilloPad View Post
      You will be protected up to £85k.
      But only retail accounts.

      If you have a business account, get your company money out of there fast.
      "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
      - Voltaire/Benjamin Franklin/Anne Frank...

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        #4
        Get your wealth out of FIAT fast IMO.
        "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

        Comment


          #5
          On the other hand it would be a nice pointer towards taking on business risk, good for IR35, if this bank goes up in smoke and you lose a pile of dosh.

          Comment


            #6
            Originally posted by cojak View Post
            But only retail accounts.

            If you have a business account, get your company money out of there fast.
            No, most small businesses are protected (small is defined in the Companies Act, 2006).

            Comment


              #7
              Originally posted by jamesbrown View Post
              No, most small businesses are protected (small is defined in the Companies Act, 2006).
              Even so, if you have to wait months if not years for your money it's better to run now and avoid the hassle later

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                #8
                Originally posted by Eirikur View Post
                Even so, if you have to wait months if not years for your money it's better to run now and avoid the hassle later
                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.

                Comment


                  #9
                  Yikes!!! I literally just signed in to ContractorUK this morning to have a mosey around and saw this.

                  I have over £85k tied up with them!! I guess I'd better open a separate business banking account and get the hell out of MetroBank ASAP!!!

                  The FSCS only goes up to £85k, so I stand to lose well over half my earnings overnight.

                  Fancy that!! Such is life as a small business owner, I suppose.

                  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?

                  Comment


                    #10
                    Originally posted by jconway View Post

                    Will there even be time to get out, assuming it may take 5-10 business days to open an account with a different bank?
                    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).

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