Lambeth BS windfall for members

from_suffolk

I was considering closing my account with the Lambeth having almost given up on the hope of a windfall.
I suppose the moral of the story is to hang in there for the long term.

steady__eddie

Three and a half years too soon for me, I've only had an account with them for 18 months. Perhaps it may induce Lambeth to offer more competitive rates although I doubt it. When Portman "took over" the Staffordshire, they removed the members loyalty bonus rates in order to rationalise accounts. This resulted in a decent rate becoming less than mediocre.

Lorian

I opened a cat's whisker's savings account with the lambeth for my daughter in 1999 when she was a month old. Now she's 6. The passbook says "my name AS TRUSTEE FOR Her name". It has a little over £100 invested

Am I a qualifying member?

Bernard_Coleslaw

Lorian wrote:

I opened a cat's whisker's savings account with the lambeth for my daughter in 1999 when she was a month old. Now she's 6. The passbook says "my name AS TRUSTEE FOR Her name". It has a little over £100 invested

Am I a qualifying member?

The simple way of answering this would be to ask "Do you get the AGM papers from Lambeth in your name every year?" If you don't (and I suspect you may not), then you're not a qualifying member.

However, all is not all lost. The jury is out as to whether Lambeth will pay windfalls to minors. They may do, so sit tight....

Cheers

BC

Lorian

Bernard_Coleslaw wrote:

The simple way of answering this would be to ask "Do you get the AGM papers from Lambeth in your name every year?"

Possibly, I don't remember!

Edna_Bucket_2

steady__eddie wrote:

Three and a half years too soon for me, I've only had an account with them for 18 months.

If you are referring to the windfall "signaway" eddie, hopefully you will be all right - in recent precedents these signaways were ignored, because after all the acquiring Society needs your vote to get it approved!

Keep everything crossed that it will be the same with the Lambeth.

Bernard_Coleslaw

Edna_Bucket wrote:

If you are referring to the windfall "signaway" eddie, hopefully you will be all right - in recent precedents these signaways were ignored, because after all the acquiring Society needs your vote to get it approved!

Keep everything crossed that it will be the same with the Lambeth.

From memory, when Portman took over the Staffordshire, "signaway" members still got a windfall.

There is a helpline, apparently, on 0845 6000 913, for Lambeth members. It's only just been set up, so don't expect answers on anything, as it's likely the Societies themselves haven't worked all the details yet! :rolleyes:

Cheers

BC

ffacoffipawb

ReportInvestor wrote:

Why did you both close your accounts?

Poor interest rates? Needed the money? Given up on the idea of windfalls? Other?

Poor interest rates. Plus inconvenient branch location since moved back up t'North.

ReportInvestor

I am certain that steady_eddie can look forward to a windfall .

How else are they going to guarantee a 75% members vote in favour? Member turnover can be as high as 10% pa - so that's a lot of members who will have "signed away" their rights.

In any case, the "signaway windfall rights" clause refers to a demutualisation or takeover by a Plc, not to a takeover by / merger with another mutual.

steady__eddie

It would be ironic if I did receive a windfall from them because I transferred my I.S.A. from Staffordshire which entitled me to that "windfall" to Lambeth !
Perhaps it's a lucky I.S.A. ?
If it works this time, for a small fee, I'll divulge where I'm transferring it to next.