building society winfalls

reehsetin

i know (well as far as i know) that it was the case that if you had accounts with building societies if they were to turn into a bank you'd hit the jackpot (well get a bit of money)
but i remember reading somewhere on this forum that this isnt true if you opened the account after 97? and that it is very unlikely that buildings will be changing to banks any time soon
basically what is the realisticness of this?
is there a way to make sure you are included in the winfall if they become a bank? is it it likely?

realaledrinker

No comprendez. Parlez-vous Anglais?

freebird65

Hey OP.....I did lots of "carpet-bagging" in the mid-to-late 90's, but it's been dead since then. The last society I joined was the Nationwide in ca 97 and a month later they made all new members sign a declaration that in the event of a windfall, this would be given to charity. I think that became standard for most societies left.

I still have my £100 in Nationwide, but don't think there's a realistic chance they'll change their current status anytime soon......I also don't think there's a way of "getting in on the act" as I think the heydey of windfalls has passed.

I may be wrong....maybe someone can correct me?

reehsetin

realaledrinker wrote:

No comprendez. Parlez-vous Anglais?

:onever was any good at french

freebird65 wrote:

Hey OP.....I did lots of "carpet-bagging" in the mid-to-late 90's, but it's been dead since then. The last society I joined was the Nationwide in ca 97 and a month later they made all new members sign a declaration that in the event of a windfall, this would be given to charity. I think that became standard for most societies left.

I still have my £100 in Nationwide, but don't think there's a realistic chance they'll change their current status anytime soon......I also don't think there's a way of "getting in on the act" as I think the heydey of windfalls has passed.

I may be wrong....maybe someone can correct me?

thats what i thought, my dad disagrees so just trying to prove him wrong really
i said that all the windfalls would go to charity and he had said no because all customers are how do it put it, managers of the building society and equal they wont have one rule for 1 and another for another

freebird65

No.....the idea is that all account holders are members of the society....but to stop us naughty carpet-baggers (mwaaahhhhh-ha-ha-ha), they introduced a rule whereby you could still be a member but, effectively, with restricted rights. i.e. you would forfeit your right to any future windfalls.

This effectively stopped carpet-bagging in it's tracks.

Shame really - I did very well out of it - Halifax, Leeds, Bradford & Bingley, Birmingham Midshires......now if only I hadn't been a spendthrift 20-something and had kept those shares.........:rolleyes:

seven-day-weekend

.....UNLESS it is merging with another Building Society. I think you can still get a small winfall in this case.

freebird65

seven-day-weekend wrote:

.....UNLESS it is merging with another Building Society. I think you can still get a small winfall in this case.

Very true.....but what's happened in this case is that members of the society being taken over have received shares, but members of the bigger society taking them over, have NOT.

I think there are still lots of smaller societies "ooop North", but down in London, you have to go a long way to find one.

There are easier ways to make money!

LittleVoice

Love the new word of "winfall".

seven-day-weekend

Yes, I noticed I'd typed that but couldn't be !!!!!d to edit it. Sorry!

I will get a winDfall from Portman when it merges with Nationwide, (having previously got a windfall when Staffordshire merged with Portman). My husband will get one too.

We have also had windfalls from Birmingham Midshires and Bradford and Bingley and I have had one from the AA. None of these were planned, we just happened to be in the right place at the right time.

[Deleted User]

Newcastle will give you a windfall if you give them loads of dosh so I hear. As if they will ever become a bank :rolleyes:

reehsetin

freebird65 wrote:

Very true.....but what's happened in this case is that members of the society being taken over have received shares, but members of the bigger society taking them over, have NOT.

I think there are still lots of smaller societies "ooop North", but down in London, you have to go a long way to find one.

There are easier ways to make money!

thats my thinking - really couldnt be bothered having a few hundred with 50 different building societies for close to no reason.
anyone know the exact thing that happened in 97 when everything changed, or was that just when the banks all changed their t+c's?