Carpetbaggers return?

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This is Money

I can't begin to tell you how bad this article is :rotfl: .

Some initial criticisms - IA link

What do others think?

homersimpson_3

i read this article today and was considering depositing money into these to get the windfall but reading criticisms in IA link the article is very misleading. i'd be really interested to other comments - article says coventry bs not merging but should we deposit £100? if so into what account to get windfall. what is likelihood they will in future. if i open an account with lambeth now will i get £400. what other ones should i consider depositing 100 in?

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homersimpson wrote:

if i open an account with lambeth now will i get £400.

No.

And note how Lambeth used its year end as a cut off point, a perfectly reasonable approach, but one that could stymie potential carpetbaggers.

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Some background:

Lambeth members to receive minimum £400 windfalls as Portman BS takes it over

Cheshire struggles - Is it now a target for other mutual predators?

cheggers

I've just passed my 5 year sign a way date with Cheshire last week, going to top the account up ASAP over £100.

Fingers crossed someone comes in for a take over!!

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The Independent Money editor gives these MSE discussions a mention

Extracts

".....Rachel le Brocq, of the Building Societies Association, confirms that qualifying members will almost always be in line for windfalls when two societies merge. "There's no legal requirement for bonuses to be paid in these cases, but it has become standard practice in recent times," she says.

The prospect of a new round of building society windfalls is already attracting interest from potential carpetbaggers. Users of internet sites such as The Money Bag ( https://www.themoneybag.com ) and https://www.Moneysavingexpert.com, for example, have begun discussing whether Portman's announcement will trigger similar deals elsewhere...."

".....the consolidation of the building society sector means anyone with an account at a smaller player should certainly maintain their membership...."

Otherwise it's a bit of a rehash of the ThisIsMoney article at the top of this thread, with a few comments from current merger players thrown in.