Metro Bank chat

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.

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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.

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Their balance sheet is weak.

They are also looking at selling some of mortgage book again

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Interesting new business model for Metro Bank

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Tried to get Apple Intelligence to sum it up. It failed spectacularly.