Derbyshire and Cheshire Merger Notification Statements

baby_boomer

If you are a signed away member of the Cheshire, you might have to give up this status at the Nationwide if you joined Cheshire after November 1999, when the Nationwide's 99 year charitable signaway clause was brought in.

baby_boomer

If you are a signed away member of the Cheshire, you will have to give up this status at the Nationwide if you joined Cheshire after November 1999, when the Nationwide's 99 year charitable signaway clause was brought in.

In theory this could be a potential loss of membership rights as a result of the merger for a small but significant section of the Cheshire membership.

Milarky

baby_boomer wrote: »

If you are a signed away member of the Cheshire, you will have to give up this status at the Nationwide if you joined Cheshire after November 1999, when the Nationwide's 99 year charitable signaway clause was brought in.

In theory this could be a potential loss of membership rights as a result of the merger for a small but significant section of the Cheshire membership.

It is so complicated with Nationwide's clauses now that it is farcical imagining any of their staff being able to explain correctly to a customer where they stand (of course that isn't their job to do) or what they can do about it.

The fact remains that Nationwide is now so full of signaway customers (that happens naturally where you don't allow a qualifying period to bring them back in) that the clause means nothing. Either they stay a mutual forever and the clause isn't even required OR they float and waive the signaway in order to have enough voters capable to passing the necessary resolution

[I do worry now that NW will always be a special case - too big to be required by the FSA to answer to its customers - thereby always able to avoid balloting whatever it tries to do]

baby_boomer

Financial Mail editor - Last chance for Cheshire members to have their say with the FSA

"....members have only eight days to get their thoughts on paper and to the FSA or to indicate their intention to speak at a hearing earmarked for November 20 (ridiculously, time and location yet to be confirmed). One group of Cheshire savers who should complain to the FSA --and to the boss of Nationwide - are those who also have money with Derbyshire and/or Nationwide and whose combined value is above £50,000...."

And it won't surprise anyone to know that Cheshire had a £5m deposit with Glitnir, to add to its other losses

But the CEO will walk away with £300K. It's the least you could expect for total and utter failure these days :cool: