Nationwide - Windfall sign-away

uncredited

I've been a Nationwide customer for years and when the de-mutualisation sign-away came round in the late 90's I decided to retain my rights to windfall

The thing is I'd quite like to open a new Nationwide Current Account - but I'm unsure as to whether this would force me to sign up as a new customer and therefore sign away any rights to a payout for my existing accounts?

If anyone has any ideas on this, I'd love to hear them.

Cheers

reserved

I'm sure that you would sign up as an existing customer and retain your rights. I certainly did when I opened a CC account with them last year.

The application form asks if you are an existing customer and you give an existing account number, usually means you don't have to prove who you are!

RayWolfe

You'll be fine. The operative word is "membership" and you are a member from before the cut-off date.

uncredited

Thanks everyone.

I've just confirmed with the customer services department and any new account opened will have windfall rights transfered to charity - however this does not effect any existing accounts opened before 1997 which operate under different terms and conditions and therefor allow personal benefit from windfall.

LittleVoice

uncredited wrote: »

Thanks everyone.

I've just confirmed with the customer services department and any new account opened will have windfall rights transfered to charity - however this does not effect any existing accounts opened before 1997 which operate under different terms and conditions and therefor allow personal benefit from windfall.

I wonder if you got the right story there. It should be that your pre-existing membership overrides the sign-away - and it applies to all your funds. So it shouldn't be the case that you are expected to sign away your rights for new accounts. As long as membership is continuous (so always ensure that there is at least one day when a new account overlaps with an older one), everything should be free of the sign-away.

RayWolfe

As I said in post 3, the important word is membership. You are a pre-1997 member, therefor you are a full member and as long as you maintain continuous membership there is no sign away. Read the form. it's all there.

uncredited

Thanks RayWolfe, I did the whole thing over the phone so I'll have to wait till the form come in the post to check the small print.

LittleVoice, I don't intend to close the existing account so my membership will be continuous, thanks for the advice.

Neillgb

I was just wondering if anybody has any thoughts as to whether Nationwide will ever demutualise. Current credit crunch etc likely to effect matters....?

RayWolfe

Makes it less likely.
Who wants to be a Northern Rock or A&L?