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Portman - automatic charitable assigment
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mikey72
Posts: 14,680 Forumite
Just found out after 2 hours on the phone, when the Portman merged with the Nationwide, my account from 1986 was automatically given a charitable assignment status, if the nationwide ever de-mutualised, any proceeds now goes to charity.
The reason behind it is that at the time of the merger, I was a member of both societies, but joined the Nationwide in 2005, and so even a flex account and credit card with the Nationwide, opened after 1997 put me in charitable assignment status with the Nationwide.
When they merged the Nationwide status overrode the Portman membership, so 22 years of continual membership meant nothing.
If I hadn't been a member of the Nationwide, or left before the merger, after the merger I could have joined, or joined again, and the Portman status of the personal assignment would have carried through, and I would have been treated as being a member of the Nationwide from 1986, and gained any benefits myself, if they ever de-mutualise.
I guess the same will happen to Derbyshire and Cheshire BS, and as my wife’s a member of the Derbyshire I'm wondering if it's worth closing all our accounts, and then re-joining.
But as all the bank accounts, credit cards are with them it probably would be a nightmare.
The reason behind it is that at the time of the merger, I was a member of both societies, but joined the Nationwide in 2005, and so even a flex account and credit card with the Nationwide, opened after 1997 put me in charitable assignment status with the Nationwide.
When they merged the Nationwide status overrode the Portman membership, so 22 years of continual membership meant nothing.
If I hadn't been a member of the Nationwide, or left before the merger, after the merger I could have joined, or joined again, and the Portman status of the personal assignment would have carried through, and I would have been treated as being a member of the Nationwide from 1986, and gained any benefits myself, if they ever de-mutualise.
I guess the same will happen to Derbyshire and Cheshire BS, and as my wife’s a member of the Derbyshire I'm wondering if it's worth closing all our accounts, and then re-joining.
But as all the bank accounts, credit cards are with them it probably would be a nightmare.
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Comments
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The Nationwide 'signaway' can be deemed inoperable because 75 percent have to vote for change. 60%+ members are subject to signaway (it's probably 9.5 million out of 14 million members by now - which is nearer 70%) How can 70% of the 'owners' be excluded from the benefits of ownership?
(Keep your account - in fact get all your friends and relations to open one each - every new member would get almost as must in windfall as the last - and if they didn't, in theory, CAF, a charity that I cannot vouch for too highly, would received a similar additional 'bequest'. Thus rampant opening of Nationwide accounts is a 'win-win')
Sometime, when Nationwide has 25 million customers, and no room in the aisles, someone like Fred Wollard (Standard Life) will come along and mount a legal challenge to the whole nonsense. Then we'll see sparks fly........under construction.... COVID is a [discontinued] scam0
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