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Bank charges slashed by Metro Bank

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If I understand it correctly, exceeding your overdraft limit where the item is paid will cost £10 each time with a maximum of £60 per month.

If the bank decides not to pay the item, then they will charge you £5.

 

Metro Bank: Which? Q&A with managing director - Which? News

 

 

This is a dramatic reduction over the charges of the established non-competitive High Street Banks which have been fleecing their customers with unfair extortionate charges for many years.

 

If this is really true and there are no hidden strings, then we would recommend people open accounts with the Metro.

 

If enough people walk away from their existing banks, then the rest will topple.

 

This could be the time to abandon your usual bank

 

Have a look at the Metro here:- https://www.metrobankonline.co.uk/

.


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Pity it is just the london area at the moment and you need to visit a branch with documents to open an account


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However, we will not charge you a Paid Item Charge where an instant overdraft is created or increased by the deduction of interest or one of our charges from your account.
Hooray! The penny dropeth!!! :-D

 

If you make a debit card payment in a foreign currency, we will change the amount of the transaction to sterling on the date we pay it out of your account using the rate for the transaction which is set and provided to us by MasterCard.
I could be wrong, but that reads to me they won't charge additional fees for foreign transactions. :shock:

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About time there was a "fair bank". (the sceptic in me says "less unfair" but they get the benefit of the doubt for now!)


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Edit: just finished reading the T&Cs and I can't see anything fishy or hidden. A cautious thumbs-up, although I'd like a bit more info on when they process transactions (with Barclays, if I check online 1st thing and see that I've gone over my limit, I can go and pay in cash before the end of day and still not get charged apart from the interest), but apart from that, it does look good. I might have to take a trip into London soon. ;-)

Edited by HSBCrusher
Damn this new fangled editing timing thing!!!.. capital I please darling :-D

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I could be wrong, but that reads to me they won't charge additional fees for foreign transactions. :shock:

 

Probably like commission free foreign currency, where the rates are higher though :rolleyes:


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:lol:

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Yeah, but if you compare it with most banks where they do that anyway and THEN add their own % per transaction, it still looks a lot better. ;-)

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Metro bank will have to get a bit bigger before the big banks feel threatened, but one can see the end in sight. Once one of the big boys caves in that will be it.


 

 

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Mind you, I see that with business overdraft charges, Metro are sticking with the bad old ways.

£15 paid

£25 unpaid item


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I'm going to be checking this out, the Southampton Row branch is a short bus ride from work, I will go up there today and see what I need to open an account - I haven't found if they do any credit scoring - one would assume so...

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We were invited to the opening & whilst we travel to London, Holborn frequently on this occasion we couldn't go

 

Could I suggest that anyone who does open an account with Metro Bank keep an open diary on this forum as to their experiences from which we can all learn about this bank?????

 

PS I understand that regional branches are not far off

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PS I understand that regional branches are not far off

oooh.

 

Could I suggest that anyone who does open an account with Metro Bank keep an open diary on this forum as to their experiences from which we can all learn about this bank?????

 

excellent idea.


 

 

HSBC WON three times!!!!! Read about my continuing battle (claim FOUR!) Link HERE

Capital One WON Link

HERE

GE capital (5 accounts) WON link HERE

Lloyds bank account WON second claim starting! link HERE

Budget insurance cough up WON link HERE

Principles WON link HERE

A&L (Mrs Crusher's account) claim link HERE

Barclays claim link HERE

 

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No problem, can do that quite easily, how about making it a sticky?

 

I will then record what they say when I go up there at lunchtime, what you need to open an account and how long it takes to get the card etc.... it seems they will have a branch in my home town (Sutton) at some point next year so seems ideal for me.

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Could I also suggest that if my idea does become reality then we give Metro Bank an opportunity to respond, as knowing that customers experiences are being mentioned on CAG may well have a salutatory affect on any unfriendly practices

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I passed the new Metro bank branch last week when they were celebrating their opening. A band, lots of freebies - all the usual marketing hype.

 

Absolutely nothing wrong with that but on the second day, Barclays had sent their own team of young marketeers to stand on the opposite street corner handing out their own ballons and other freebies.

 

Are the other banks worried? You bet they are but they won't ever admit it. If Metro Bank really gets established, expect a sea change in British banking.


Arrow Global/MBNA - Discontinued and paid costs

HFO/Morgan Stanley (Barclays) - Discontinued and paid costs

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I went there at lunchtime today and asked what you needed to join, they said passport and bank statement (I will take council tax bill along too when I go back tomorrow) and there was an hour to wait to be seen.. they give out some bleeping device so you can go locally and see when it is time to go back... I will go up tomorrow evening if it isn't busy rather than lunchtime.

 

They do credit check you but I believe it is more for security than anything else... I will report back tomorrow....

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"they give out some bleeping device" so do the other banks, it's called "debt" I believe. :razz:

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I went there at lunchtime today and asked what you needed to join, they said passport and bank statement (I will take council tax bill along too when I go back tomorrow) and there was an hour to wait to be seen.. they give out some bleeping device so you can go locally and see when it is time to go back... I will go up tomorrow evening if it isn't busy rather than lunchtime.

 

They do credit check you but I believe it is more for security than anything else... I will report back tomorrow....

 

Great but we need to know your current credit status so we can judge the bank. Is your status good, medium or completely carp ?

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I couldn't have a worse record, a repossession 3 1/2 years ago, a couple of very suspect defaults, I haven't checked it in ages....

 

I'll report back tomorrow - hopefully it will be positive....

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I couldn't have a worse record, a repossession 3 1/2 years ago, a couple of very suspect defaults, I haven't checked it in ages....

 

I'll report back tomorrow - hopefully it will be positive....

 

Great I imagine you'll be telling them BEFORE they tell you;)

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I did inform them of a possible lousy credit rating and they do a basic card account - so I signed up for that this lunchtime.

 

Went into the branch, met by a very nice girl who started taking details and there was a very nice guy available to sign me up. It took a little bit longer than anticipated as their card printing machine got the hump just before it printed out my card, but the very very nice bank man gave me an additional £10 on my account (without being asked) and an additional free gift (large coolbag). I already got a fleece blanket as I had transferred some money into the new account. I also have a Metro tote bag, some pens and a few lollipops.

 

If the friendliness of the staff (not 'professional' just normal friendly) is anything to go by this bank should have few problems with customers.

 

Getting your customer service right throughout the business is a good start, as is getting your back of house systems in place.

 

I will let you know if anything transpires as I am running the account.

 

With this basic account you can have money paid in, get money out via a cashcard, which you can also use in shops where Mastercard is displayed, and you can use it online where Mastercard is displayed. You don't seem to have direct debits (YAY) on the account but that isn't an issue with me, I only have one direct debit and that is soon being disposed of... you can't use the basic card abroad (yet).

 

As a backup account this could prove very useful.

 

They don't credit check you at all for this account, just need a passport and a bank statement or utility bill. For the other accounts you get credit checked and need passport, bank statement and utility bills.

  • Haha 1

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Wow!! If this bank is half as fair as it sounds, let's face it, it wouldn't be difficult for them to clean up! The T&Cs are even in plain English!! Could grow its customer and hence capital base geometrically wonder how nice they'd be then?

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Is there a maximum no of £5 charges ???


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Very interested too... thanks for the updates sillygirl

 

x:)x

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Paid my first online bill with the bank yesterday, to 02, all you do is state it is a Mastercard and give them the details and the money goes through - no prolems on this one.

 

Quite a useful ' parachute' account I think.

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