Metro Bank chat

Odd thing to do when it’s so easy to move to a bank that doesn’t do this.

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Easy, but most people don’t move. They also don’t read these emails so will be surprised when they get charged.

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They are also getting rid of in-store card printing, the magic money coin machines and the kid’s account bonus - this combined with the new shortened opening hours has taken away every single USP they had going for them.

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They’ll be shut soon anyway.

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Hopefully not I still have a chunk of money in my current account

Happy 5-year forumversary! :tada:

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Metro Bank in the news again.

[Metro Bank] says: “Investigating this case revealed how unscrupulous scammers are – they will prey on anyone.”

You’d sort of expect Metro Bank to have already known that scammers are less than fully scrupulous, I’d have thought.

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Unless the bank knew the person was vulnerable, it’s just a bank loan application.

Indeed. As it says, he has a steady income which sounds like he’s loan-worthy.

I used to think that the bad guys wouldn’t attack, say, a hospital, but you need to remember that they are called bad guys because they are bad. They have attacked many hospitals and vulnerable people.

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Got a letter from Metro Bank today.

They are withdrawing from the credit card market and closing all existing accounts on the 10 September 2024.

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I can’t remember my original prediction but I give them until December 2025.

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My switch to nationwide goes through on the 18th

Is that how long you think until they are gone?

Yup. Being generous

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Anyone know why?

We’re all looking at the Chase wondering when they’ll launch their credit card because - apparently - it’s a sure fire way to make some money through interchange fees and lending.

So why are Metro withdrawing theirs?

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Because Metro are circling the drain and desperately need to plug any gaps. But without the money brought in by consumer lending they’ll just speed up their demise.

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Lending money costs money, people likely have credit cards and not using them given the options available elsewhere.

To stop people rinsing the cards I guess.

Their offering wasn’t great, fee free only in Europe, most are free across the globe.

Their balance sheet is weak.

They are also looking at selling some of mortgage book again