imutual.co.uk

i will keep an eye on the branch to see if they are offering incentives in-branch.

Constantine wrote:I know who Metro Bank are.

I can get better rates elsewhere. And me, I've embraced the digital age. I have no intention of setting foot in a bank branch if I can help it, no matter what their coffee is like.

I think you are missing the point here:

Metro Bank is about service not rates. It provides at least market average rates. Additionally, it provides 7 days a week face to face access. When problems occur (as they surely will) best to get them settled there and then, rather than be pushed from department to department on the phone or worse still having your emails answered with stock answers - have fun, each to his own; I prefer less hassle in life and Metro Bank is a way of achieving that, friendly helpful staff always available when I need them for a face to face meeting.

Fortunes are looking down at Metro Bank:
https://www.bbc.co.uk/news/business-47609539

Sarah wrote: ↑

Tue Mar 19 2019 8:46am

Fortunes are looking down at Metro Bank:
https://www.bbc.co.uk/news/business-47609539

Not really news as Metro Bank has been on the top 5 Shorted (shares to bet on to go down) shares in recent times. Entering the small businesses market and delays in branch openings were causing concerns.

However, if you agree that the model is a good one and putting service first will win in the end then fill your pockets with these shares as the drop in price should be looked at as a sale! This could be a good long term buy!?!

"Miscalculating the amount of capital you have or need to support your lending is one of the most fundamental mistakes a bank can make." quite. and it's very easy to get right.

interesting idea to buy in at these levels BB.. are you in? down from nearly 4000p to c845p. no dividend paid. with the negative sentiment my guess is that it will come down further still, but as BB says, ultimately if the customers like banking with Metro they will stick and their numbers will grow, so their could be an opportunity here. 200 branches would be manageable, and the model is very simple to operate and analyse.

the Metro branch in Birmingham is under construction. they have a prime location so it'll be interesting to see how successful they are in a new big city.

Boro Boy wrote: ↑

Tue Mar 19 2019 9:12am

... if you agree that the model is a good one ...

I don’t.

Their model is high cost – prime high street locations and long opening hours. And service isn't the same thing as having branches as first direct have been showing for more than 20 years.

Sorting out problems face to face (as mentioned in another post)…I’d rather deal with a bank where there are no problems.

Having branches you can visit doesn’t mean that that the staff are any more skilled and empowered to deal with your requests than those in a call centre.

Branches doesn’t guarantee that you won’t have to queue (in fact most insist on appointments for anything complicated and even then, you have to wait)

It certainly doesn’t make it convenient – if I want to call my bank, I can do it in a spare few minutes from anywhere, any time, without having to schlep into a town centre or shopping mall.

all good points.. fwiw i glanced at the pricing for safety deposit boxes: much higher than i would be prepared to pay.

As a customer, I was pleased and displeased with recent events. Firstly, I found that they would not now transfer money out of my account without a telephone code. Great - except my telephone number had changed since I opened the account and there's no way to change it online.

So I called. Fine they said, we'll send an email to your registered address...... except that's not one I use any more (a lot of things changed when I retired!). No option but to "pop in to a local branch". But when I joined, I joined in Holborn..... and going there wasn't an option - Oh, we have a branch in Colchester, they said. Still 35 miles away, but better - and you can come in on a Sunday, when parking's cheaper.

So I went - parking wasn't cheaper as the "cheap" car parks were full, so I ended up paying for a day's parking in the NCC ripoff park. When I got to MetroBank, everything was sorted very quickly, they had a photo taken when I opened the account to identify me, changed the email and mobile numbers and off we go.

Still annoyed that there was absolutely no way to achieve this without going to a branch - and driving 35 miles each way to do so. The only saving grace being that they are open 7 days a week....

i understand the frustration, but i suppose we have to be comfortable that banks are reluctant to change customer contract details without being very careful to ensure they get it right.

we have a local branch opening soon .....wonder what it'll be like