The new scheme will enable business owners to use Metro Bank’s mobile app to request cash pick-ups or deliveries. Cash could arrive or be collected as quickly as 24 hours from request.
However, the scheme is still in its early stages, with the Bank launching in only six of its 71 branches – High Wycombe, Hounslow, Slough, Southall, Uxbridge and Windsor. Businesses within a 30-mile radius of these branches will be eligible to join the scheme.
Those wanting to join will need to be existing Metro Bank business customers and be registered to its app and Business Internet Banking. The Bank has also restricted the scheme to sole traders and single director limited companies.
Businesses that meet the criteria set out can register to the scheme at a Metro Bank branch and will need to provide proof of their identity and address and authorisation for the relevant Metro Bank business account.
The new scheme charges a service fee, which is additional to the standard fees Metro Bank charges its business customers to pay in or withdraw cash in its branches. The service fees for MCASH are:
- Next day £28
- In two days £21
- Between three and seven days £18.
There is a price for the convenience of not going to the branch. #For example, a business paying in £800 in cash every week, that could give two days’ notice for collection, would be charged £1,300 per annum. The equivalent annual fee for the Business Current Account (Cash Tariff) from the Co-operative Bank would be £312.40, and £416.00 per annum for HSBC’s Standard Business Account Small Business Tariff.
Metro Bank has said it expects to roll out the service across its whole 71 branch network during 2020.
Find out more about business bank accounts.
