Chelsea and Catholic Building Societies and Charitable Assignment

rbulph

Two and a half years ago I opened accounts with both Catholic and Chelsea Building Societies. For Chelsea I had to sign a charitable assignment valid for five years. I now have two accounts with Chelsea and would like to close one. Does anyone know if, from the point of view of the charitable assignment, it makes any difference which account I close? i.e. if Chelsea demutualises within the next two and a half years will I be bound by the charitable assignment whichever account I use to establish my membership?

elektra

I don't know the answer to your question but it has triggered another question from me (apologies for hijacking thread).

I have been a member of Chelsea for some years pretty sure before charitable assignment. I have just sent in a form to open a Fixed Bond. transferring most of funds from call direct account , leaving about £100 in call direct.

Should I have left more in call direct account to maintain membership or could I go as low as £1 ?

Should have looked at website first - £100 seems to be the amount to maintain voting rights

Milarky

rbulph wrote: »

Two and a half years ago I opened accounts with both Catholic and Chelsea Building Societies. For Chelsea I had to sign a charitable assignment valid for five years. I now have two accounts with Chelsea and would like to close one. Does anyone know if, from the point of view of the charitable assignment, it makes any difference which account I close? i.e. if Chelsea demutualises within the next two and a half years will I be bound by the charitable assignment whichever account I use to establish my membership?

To quote from page 3 of the Catholic 'Merger Booklet':

The general principle is that:

-If you are a member of the Catholic immediately before [the merger], unless you are already a member of the Chelsea before [the merger] you will not be bound by the Chealsea scheme

-If you were subject to the Chelsea scheme before [the merger] (i.e. you are a member of the Chelsea [already and have not continuously held membership of the Chelsea for at least five years] ) the Chelsea [Charitable Assignment] scheme will continue to apply to you

Remember that the assignment scheme applies to windfall 'conversion' benefits - not to merger 'bonus' payments.