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Carpetbagging and Demutualisation

edited 30 November -1 at 1:00AM in Savings & Investments
21 replies 3.7K views
RonkneeRonknee Forumite
45 posts
Part of the Furniture 10 Posts
edited 30 November -1 at 1:00AM in Savings & Investments
About 10 years ago I opened several accounts with £100 in the hope of carpetbagging a windfall or two. These include the Cheshire, Chorley, Furness and Beverley Building Societies. The accounts are still open.

I read recently that the Nationwide is taking over the Cheshire with no vote for members and no payout.

Is it worth hanging on to these accounts or should I just close them?
Regards

Mark
«13

Replies

  • Close them and reduce your paperwork.
  • Yes, it's over. Carpetbagging is finished
  • MilarkyMilarky Forumite
    6.3K posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    Stick it out. Consolidation is now more likely than it has been for a number of years - not the time to quit
    .....under construction....
  • consolidation will be rescues and they're are no good. You won't get any windfall
  • Ronknee wrote: »
    About 10 years ago I opened several accounts with £100 in the hope of carpetbagging a windfall or two. These include the Cheshire, Chorley, Furness and Beverley Building Societies. The accounts are still open.

    I read recently that the Nationwide is taking over the Cheshire with no vote for members and no payout.

    Is it worth hanging on to these accounts or should I just close them?

    If you're not a tight @ss, and can forgo the low interest on the £100 (x3) or so in these accounts, stick with them. Nationwide robbed the Derbyshire & Cheshire members...but in the future these societies may pay a windfall....when everything settles down and they consolidate to survive.
    I used to have a signature but it disappeared and I just couldn't be bothered writing another, so please feel free to ignore this.
  • All the people saying quit are carpetbaggers who want a bigger share :)

    you should keep the accounts, if only because we may (re-)enter an era where having a history with an organization is of value.
  • Keep them open, no reason not to unless you are hard up. All you have to lose is some interest in the meantime but you might end up with a windfall eventually. You have seen consolidation of the banking sector recently and it is likely to continue even after the crisis is over.
  • Cheshire, Derbyshire BS members got nothing. I think quite a few other BS are up to their necks in sub-prime and other dodgy investment vehicles. You won't get a windfall for them either when the Nationwide takes them over. Not worth the hassle any more
    Krusty & Phil Madoff, 1990 - 2007:
    "Buy now because house prices only ever go UP, UP, UP."
  • wakeupalarmwakeupalarm Forumite
    758 posts
    Part of the Furniture 500 Posts
    ✭✭✭
    Another knock on effect of failing banks is that some building societies have their money with them. Chelsea BS have lost 55m with Landisbank's Icesave. There goes your windfall. I'm sure the're not the only one.
  • Fella wrote: »
    All the people saying quit are carpetbaggers who want a bigger share :)
    That's unfair. There's next to no value in some. And if there is value they'll still pretend that there isn't in order to build up market share and bring about consolidation for £0. Just because members get £0 it doesn't stop executive directors getting a windfall of their own - in fact it increases their chances :angry:

    MSE link - Another one - Britannia - is set to bite the dust with no windfalls to be paid

    So that's three of the top 11 gone for £0 in the last couple of months.

    And the boss of West Brom has just resigned, so watch out for that one to go, too.

    Carpetbagger? Moi? How could you think such an ignominous thought ;) ?
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