Metro Bank opened its doors for business in London in July, with its unusual mandate to "eliminate every stupid bank rule" found. Since the introduction of the first retail bank store, how have they been received by the public and how successful have they been? Find out with this Metro Bank review and up-date.
Until this year, the term 'retail banking' was relatively unknown in the UK. Many people had never even heard of retail banking, which in case you did not know, is a one-stop bank shop. Taking care of your money is only the start: they also transfer money, provide loans, give financial advice and insurance, offer foreign exchange services as well as the usual savings advice.
The Metro Bank store, with its brand new concept of 24/7 telephone call center and trips for both children and pets, is designed to give you a "better customer experience", with light and airy lobby space, no glass security panels, customer toilets and free coin-counting machines.
Added to this "experience" comes better availability, with opening hours of 8 am-8pm five days a week and varying hours for Saturdays and Sundays. The only closures are Christmas Day, New Year's Day and Good Friday. Their top trump is the answer to much customer frustration - a human voice at the end of the telephone instead of a machine.
So far, so good, but how have they fared? Have they seen confidence expressed by the London public? Well, it is still very early days, but a recent news review says that the bank is ahead of internal targets it set for itself. There is planned expansion of another 100 jobs on top of the 150 previously created and a waiting list of 200 people to open business accounts. They could have seen to have done very well.
Also just out is the announcement of a new "mold-breaking" credit card to be launched in America - the Metro Bank Personal Visa Credit Card. It boasts a 9.9% annual percentage rate with no late fees, annual fees or balance transfer fees. Considering that the average rate for other credit cards is 16.7%, it could prove very popular.
Metro Bank Chairman Gary L Nalbandian says that the rate starts low and places low, and that "no fees means no fees", not in six months, twelve months, or ever. The credit card services will also have online account access, as well as the 24/7 call center.
Whilst the first new bank in a 100 years opens it doors, other banks can only watch and wait. Captivating the curiosity and confidence of the public, Metro Bank has been quick to seize the moment and expand. As you watch and wait yourself, spare a thought as to how you can expand and create more wealth for yourself. Since creaky financial structures have given way over the last few years, we have learned to not put all our eggs in one basket. Branching out into other wealth-creating activities seems a wise thing to do. Click here now http://www.earnyourwealth.co.uk to see how some internet home business owners are creating six figure incomes. I hope you have enjoyed the Metro Bank review and up-date.
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