Coventry Building Society Poppy Question

Moon_Boi

I've had a Coventry Building Society branch account for a few years (rubbish interest).
Last month i opened a Poppy saver online account (good interest).
When i opened this Poppy, i ticked the box that i already had an account with them, so i didn't have to waste any time showing ID proof and all that.
Now, if i close my branch account and transfer all the dosh to the online Poppy, will i lose all the free money Coventry will give out to everyone when they convert from a mutual to a publicly listed company?
Thanks

talexuser

I've also opened one and have an old branch account (in joint names) with a smallish amount in it just because it is very convenient for my elderly mother to get money out locally. The opening blurb directs you to the general terms and conditions which implies you are a share member.

However the chances of a payout in anything like the near future is vanishingly small IMHO. You may as well hope to win the euro lottery

Chadsman

The chances of Coventry demutualising are at best remote- or to be realistic they are negligible. In the hypothetical situation it were to occur provided you have continuity of membership you would get a vote on the matter and as you get a vote the directors would want to reward you for voting yes with something for your trouble.

Moon_Boi

I'll shut down the branch account seeing as membership has transfered.
Thanks for your help.

olly300

It's unlikely any building society will now convert to a bank or a publicly listed company.

If you have a look what happened during the financial crisis you would have noticed all building societies that converted to banks got in trouble.

What is more likely to happen is that if the building society gets in trouble it will be taken over by a larger mutual.

Moon_Boi

olly300 wrote: »

It's unlikely any building society will now convert to a bank or a publicly listed company.

If you have a look what happened during the financial crisis you would have noticed all building societies that converted to banks got in trouble.

What is more likely to happen is that if the building society gets in trouble it will be taken over by a larger mutual.

Things can change in a few years.

Moon_Boi

Is it possible to pay money (CASH) into this account by walking into a branch, or it all postal/internet transfers?
Thanks

talexuser

only electronic transfer or cheque by post.