Jump to content
hacksaw

Metro Bank Business Instant Access Account

style="text-align:center;"> Please note that this topic has not had any new posts for the last 1268 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

I popped in to a Metro Bank branch in South London recently to open a business instant access deposit account.

Their website says "No Metro Bank Business current account is required."

 

They tried to sell me their business current account, which is not free unless you have more than £5,000. When I refused, they asked me why I wanted an instant access account, and I told them that I just want a basic account. They said that you cannot make an online transfer out unless you have another Metro bank account, so I opened a personal current account, and I was accepted for that, but a credit check was made, so it affected my credit rating.

 

The business instant access account needed to be approved by a business manager. I called him the next working day. I work as a professional but I am not a member of a professional body (it is not illegal in the industry that I work in). He said they can't open an account because of this reason. I submitted further paperwork to his colleagues by visiting the branch (which is not in my home town) and waiting for about 25 minutes, after convincing him over the phone that would be acceptable to open an account.

 

He then called me the next day saying that the account will not be opened because I will be using the business instant access account as a business current account and that I will be using it to deposit payments from customers

He also said that they have a right to close it if I do. Nowhere does it say in the terms and conditions that you cannot use it as such. Also, their Account features state that you can use it as follows:

 

• Receive electronic payments (CHAPS, BACS, faster payments, SWIFT, standing orders and internal transfers)

• Pay in cash and cheques

 

He also said that I cannot use the account to make an online transfer to my personal current account, even though I was informed by the customer service adviser who opened my personal current account that I could. To add insult to injury, I asked him to send me a letter or email saying why he is refusing to open the account, but he wouldn't do that, saying "we don't send out these letters."

 

They have wasted my time. The business manager didn't say at first that a business current account was required.

The excuse he gave me for not opening the account at first was that I was not a member of a professional body.

Now he says you can't use the business instant access account as a current account, even though their website says that you don't need a business current account to open an instant access account.

 

I made a formal complaint by telephone to the business centre. I explained what happened, but they defended him.

They said he had the discretion to refuse to open an instant access account if it was to be used as a business current account. I challenged them to tell me the exact clause in their terms and conditions, but they couldn't find it. This is ridiculous. Why does he have full discretion? What if someone made a complaint against him?

 

Now I am left with a credit check, which was made for a personal current account that was missold, and no business instant access account.

 

Please do not trust anything this bank says about this account. They will try and sell you a business current account to make money out of you from charges, and they will refuse opening the instant access account by saying you cannot use it as a current account, even though there are no restrictions as such in their terms and conditions.


Hacksaw -v- Allied International Credit/Fairmile Partnership (incorrect Default) **WON** £150 out-of-court settlement

Hacksaw -v- Carphone Warehouse **WON** Default removed after LBA

Share this post


Link to post
Share on other sites

Their business bank account is a maximum of £60 / year if you do not keep £5,000 in it each month.

 

Interest charges are reasonable and you can automate a bank feed into your accounting software for £1 / account / month.

 

For someone starting in business, they offer the most reasonable account fees I've seen in this country.

 

If the region of £100-£150 / year for operating a business account which offers free European banking access scares you, you may not actually have a business, but an elaborate piecemeal job.

 

Talk with your accountant and see what their advice would be regarding which business account they would recommend and let us know what they discover.

 

* I switched to Metro Bank shortly after they appeared (2010) with new business account and immediately saved nearly £2,000 in transaction charges alone.

[sIGPIC][/sIGPIC]

Remember that a tree, though apparently unmoving, needs to be in the flow, once it broke it to live.

 

[20070218]

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?




  • Tweets

  • Posts

    • Please give more details about the collection agency. You say that you are able to get something in writing from your ex-partner that you are not responsible. I suggest that you get that immediately. Is your ex-partner prepared to take responsibility for the debt? The jump from £890-£3200 sounds enormous and it sounds to me as if they must've moved this up to the High Court for enforcement. You will get more specialised help soon – but in the meantime send the water company an SAR and get the statement from your ex-partner.  
    • hi. i never actually got any letters from anyone untill i found out about the CCJ then i asked the court for details of who it was from southern water company,  then as soon as i phoned up the collection agency they came around was rude as anything and said they was going to take my stuff.   then told me the bill had gone up from £890 to £3200.  that's when i got a stay at the court, other than that i havnt had any letters at all   
    • Also, without wishing too much to wake up this discussion once again, the above quote is quite wrong. It would be correct if it said:-       So to summarise, the burden of proof is on the dealer to show that the defect was not there – certainly within the first six months. Furthermore, if there is a defect, than the quality/severity of the defect is relevant. It entitles you to your right to reject within 30 days or your right to reject after a failed repair during six months. Only after six months do the normal common law rules of contract come in play. But even then, it is not a question of proving or disproving a defect. It is simply a question of showing that you have not had satisfactory service/quality from the item for a reasonably expected period of time. I would certainly agree that these are very heavy burdens/responsibilities for any dealer. But this is what consumer-facing legislation is all about. It's all about consumer protection and the reason for it is that if you place the burden upon the dealer then it creates a huge incentive upon the dealer to be careful or if the dealer has to source his goods from a manufacturer then it puts pressure on the dealer to put pressure on the manufacturer to make sure that goods are of a sufficient quality. As far as I'm concerned, this is good social planning – and we all benefit – including the car dealer when that car dealer goes off to buy other things such as computers, telephones, music systems, televisions, and even their own vehicle. It encourages quality control at source – and this is highly desirable and is only achievable by having this kind of consumer legislation.
  • Our picks

    • This is a bit of a lengthy one but I’ll summerise best as possible.
       
      THIS IS HOW THE PHONECALL WENT 
       
      I was contacted by future comms by phone, they stated that they could beat any phone contract I have , (I am a limited company but just myself that needs a business phone and I am the only worker) 
      I told future comms my deal, £110 per month with a phone and a virtual landline, they confirmed that they could beat that, £90 per month with a phone , virtual landline  they also confirmed they would pay Vodafone (previous provider) the termination fee. As I am in business, naturally I was open to making a deal. So we proceeded. 
      Future comms then revealed that the contract would be with PLAN.COM and the airtime would be provided by 02, I instantly told them that this would break the deal as I have poor 02 signal in the house where I live as my partner is on 02 and constantly complaining about bad signal
      the salesman assured me he would send a signal booster box out with the phone so I would have perfect signal.
      so far so good.....
      i then explained this is the only mobile phone I use for business and pleasure, so therefore I didn’t want any disconnection time in the slightest between the switchover from Vodafone to 02
      the salesman then confirmed that the existing phone would only be disconnected once the new phone was switched on.
      so far so good....
      • 14 replies
    • A shocking story of domestic and economic abuse compounded by @BarclaysUKHelp ‏ bank complicity – coming soon @A_Gentle_Woman. Read more at https://www.consumeractiongroup.co.uk/topic/415737-a-shocking-story-of-domestic-and-economic-abuse-compounded-by-barclaysukhelp-%E2%80%8F-bank-complicity-%E2%80%93-coming-soon-a_gentle_woman/
      • 0 replies
    • The FSA has announced large fines against DB UK Bank Limited (trading as DB Mortgages) - DeutscheBank and also against Redstone for their unfair treatment of their customers.
      Please see the links below for summaries and full details from the FSA website.
      It is now completely clear that any arrears charges which exceed actual administrative costs are unfair and therefore unlawful.
      Furthemore, irresponsible lending practices are also unfair and unlawful.
      Additionally there are other unfair practices including unarranged counsellor visits - even if they have been attempted.
      You are entitled to refuse counsellor visits and not incur any charges.
      Any charges for counsellor visits must not seek to make profits. The cost of the visits must be passed on to you at cost price.
      We are hearing stories of people being charged for counsellor visits for which there is no evidence that they were even attempted.
      It is clear that some mortgage lenders are trying to cheat you out of your money.
      You should ascertain how much has been taken from you and claim it back. The chances of winning are better than 90%. It is highly likely that the lender will attempt to avoid court action and offer you back your money.
      However, you should ensure that you receive a proper rate of interest and this means that you should be seeking at least restitutionary damages - which would be much higher than the statutory 8%.
      Furthermore, you should assess whether the paying of demands for unlawful excessive charges has also out you further into arrears and if this has caused you further penalties in terms of extra interest or any other prejudice. This should be claimed as well.
      If excessive unlawful charges have resulted in your credit file being affected, then you should take this into account also when working out exactly what you want by way of remedy from the lender.
      You should consult others on these forums when considering any offer.
      You must not make any complaint through the Ombudsman. your time will be wasted, you will wait up to 2 yrs and there will be a minimal 8% award of interest and no account will be taken of any other damage you have suffered.
      You must make your complaint through the County Court for a rapid and effective remedy.

      http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/120.shtml
      http://www.fsa.gov.uk/pubs/final/redstone.pdf
      http://www.fsa.gov.uk/pubs/final/db_uk.pdf
       
      http://www.fsa.gov.uk/pages/consumerinformation/firmnews/2011/db_mortgages.shtml
      Do you have a mortage arears claim to make? Then post your story on the forum here
        • Like
      • 0 replies
    • 30 Day Right To Reject - Vehicle Casualty Report. Read more at https://www.consumeractiongroup.co.uk/topic/415585-30-day-right-to-reject-vehicle-casualty-report/
      • 57 replies
×
×
  • Create New...