Carpetbagging

jeffers1969

Hi I have a number of accounts open from carpetbagging days,most with between £100 - £200 in.
Is there any point in leaving these accounts open,in the hope one day......
I am getting fed up of all the voting info i get each year..
comments and views please.
thanks

JoeCrystal

... There are still carpetbaggers nine years later? All demutualised building societies are been sold to a conventional bank, or been nationalised after all. Building societies seen the cost of demutualization after all.

bristolleedsfan

JoeCrystal wrote: »

... There are still carpetbaggers nine years later? All demutualised building societies are been sold to a conventional bank, or been nationalised after all. Building societies seen the cost of demutualization after all.

And your response to these occurences over the last SIX years are :huh: ( Carpetbagging wasnt just about demutalisation)

[FONT=Arial,Helvetica,sans-serif]Which Building Societies have merged recently.[/FONT]

[FONT=Arial,Helvetica,sans-serif][FONT=Verdana,Arial,Helvetica,sans-serif]2003[/FONT]
[FONT=Verdana,Arial,Helvetica,sans-serif]Staffordshire Building Society merged with Portman Building Society minimum payout of £200 to qualifying Staffordshire members[/FONT]

[FONT=Verdana,Arial,Helvetica,sans-serif]2006[/FONT]
[FONT=Verdana,Arial,Helvetica,sans-serif]Lambeth Building Society merged with Portman Building Society minimum payout of £400 to qualifying Lambeth members.[/FONT]

[FONT=Verdana,Arial,Helvetica,sans-serif]Mercantile Building Society merged with Leeds Building Society minimum payout of £100 to qualifying Mercantile members.[/FONT]

[FONT=Verdana,Arial,Helvetica,sans-serif]Universal Building Society merged with Newcastle Building Society minimum payout of £400 to qualifying Universal members.[/FONT]

[FONT=Verdana,Arial,Helvetica,sans-serif]Portman Building Society merged with Nationwide Building Society minimum payout of £200 to qualifying Portman members.[/FONT]

[FONT=Verdana,Arial,Helvetica,sans-serif]2008 [/FONT]
[FONT=Verdana,Arial,Helvetica,sans-serif]Catholic Building Society announce merger with Chelsea BuildingCatholic Building Society Payouts.[/FONT]
[FONT=Verdana,Arial,Helvetica,sans-serif]Savers (account balance)[/FONT]
[FONT=Verdana,Arial,Helvetica,sans-serif]£100-£2200 payout £100[/FONT]
[FONT=Verdana,Arial,Helvetica,sans-serif]above £2200 2.2% of balance upto a max of £500 [/FONT]




[/FONT]

EarthBoy

But all those mergers were before the rot set in with the credit crunch.

2008 Derbyshire and Cheshire Building Societies rescued by the Nationwide. Payout = £00.00 i.e. zero, zilch, nothing. Not even a brass farthing.

2008 Barnsley Building Society rescued by Yorkshire BS. Payout = zero.

2009 Scarborough rescued by Skipton. Payout = zero.

2009 Dunfermline BS broken up. The good bits are bought up by Nationwide. HM Government gets the dregs that nobody else will touch with a barge-pole. Payout to Dunfermline members = zero.

2009 Britannia will merge with/be taken over by the Co-operative Bank on 1/8/09. Payout = zero, (unless you count free membership of the Co-op, which would otherwise cost you £1.00, as a benefit).

2009 Rumours that the Skipton will rescue the Newcastle. What do you think the payout will be? You've guessed it! Zero again!

It's impossible to know whether carpetbagging is finished for all time, but most commentators certainly think it's finished for the next few years, at least.

Gorgeous_George

Perhaps one day the SFO will investigate carpetbagging. It's a much bigger scandal than MG Rover going bust.

GG

bristolleedsfan

EarthBoy wrote: »

But all those mergers were before the rot set in with the credit crunch.


It's impossible to know whether carpetbagging is finished for all time, but most commentators certainly think it's finished for the next few years, at least.

Thats right, all I was questioning was the point ( or lack of it :rolleyes:) from second poster because carpetbagging wasnt just about demutalisation it was also about BS mergers, and BS staying as BS.

JoeCrystal

Well, I was under impression that the practise of carpetbagging was to gain windfalls in case of demutualization. Although I did not realised that there is potential windfall due to building societies merging or taking over.

jeffers1969

so in other words opinion is to close them down!! as very little hope for the future!

EarthBoy

Yeah, basically. There is a slim chance that windfalls will come back at some point in the future, but nobody can tell you when, if ever, this might be. It certainly won't be until the credit crunch is over and done with and banks and building societies are all showing healthy profits again.

brewerdave

My wife and I had a number of old cash ISAS with B.Socs such as Nationwide,Brittannia,Leeds,Principality etc.We had the type of membership which would have conferred benefits (if there ever were any).
However the interest rates were so poor we moved them all earlier this year - we judged that the loss in interest was much greater than any potential future demutualisation benefit.
Nothing has happened since February to suggest that we were wrong.

Noble_Savage

Given the subsequent performance of those that did demutualise (Northern Rock, C&G , Halifax, Abbey, etc) I can't see that the current mutuals are seriously going to consider it for a long time. Not a single one of them is still trading independently.

My prediction: - some nil payout mergers, perhaps, but no-one converting.