MSE News: Nationwide to ditch Cheshire, Derbyshire and Dunfermline brands

Speculator

I will miss my "local" branch of the Derbyshire. I hope they stay open but unfortunately, there is a Nationwide branch virtually next door.

I emailed 12 branches and all refused apart from one, to let me open the platinum regular by post. I live 130 miles away and we ended up opening 12 x 5% Platinum saver accounts.

MiserlyMartin

"Nationwide says it will boost access to products and customer services for its 15 million members."

Nothing to do with saving a lot of money on branches, job duplication etc etc then?!I hate nationwides PR these days - they treat customers like they are thick. They behave just like a bank.

Not unexpected, they couldn't announce plans to do this straight away there would have been uproar and the members may have not approved the deal. But now its done, so why offer Derbyshire better rates and effectively compete with yourself in the same town when you can shut a branch, lay off staff and grab those ex customers in a Nationwide branch?

pqrdef

MiserlyMartin wrote: »

"Nationwide says it will boost access to products and customer services for its 15 million members."

If you're a Nationwide member living in Gloucestershire, isn't it great to know that next time you're in Derbyshire, there'll be more Nationwide branches you can visit?

(What do you mean, why couldn't you do your Nationwide business at a Derbyshire branch? It wasn't allowed!)

MiserlyMartin wrote: »

But now its done, so why offer Derbyshire better rates and effectively compete with yourself in the same town when you can shut a branch, lay off staff and grab those ex customers in a Nationwide branch?

TBH, Nationwide [STRIKE]shareholders[/STRIKE] members who don't live near Derbyshire/Cheshire branches were getting a bit fed up of better rates being paid to a favoured minority. Though of course the end result of this is no good rates for anybody.

pqrdef

Speculator wrote: »

I emailed 12 branches and all refused apart from one, to let me open the platinum regular by post. I live 130 miles away and we ended up opening 12 x 5% Platinum saver accounts.

Top of the list for the chop will be the branches where the manager thinks he's a law unto himself.

Don't worry, he'll get a very generous severance package.

EarthBoy

MiserlyMartin wrote: »

Not unexpected, they couldn't announce plans to do this straight away there would have been uproar and the members may have not approved the deal.

The members didn't get any say in the matter. The Derbyshire, Cheshire and Dunfermline all got into difficulties and had to be rescued. In the case of the Derbyshire and the Cheshire the FSA used its powers under section 42B of the Building Societies Act 1986 to bypass the members and authorise the merger. The Dunfermline, as I remember, was a Northern Rock-esque take-over, being split into a good and a bad bank/building society.

ceejayblue

I'm getting 3.06% interest on my Derbyshire on line savings account and they are the best around so I'm dreading Nationwide dropping the rates! I've got an old ISA with Nationwide so hope they don't take the rate down too low. I've got £40K in the account and as a non-taxpayer its a great deal for me at the moment!

Thrugelmir

MiserlyMartin wrote: »

They behave just like a bank.

That's because they are.

Like all other major lenders they are under pressure to find ways to boost capital adequacy in a declining mortgage market. So cost efficiency plays a major part.

MiserlyMartin

EarthBoy wrote: »

The members didn't get any say in the matter. The Derbyshire, Cheshire and Dunfermline all got into difficulties and had to be rescued. In the case of the Derbyshire and the Cheshire the FSA used its powers under section 42B of the Building Societies Act 1986 to bypass the members and authorise the merger. The Dunfermline, as I remember, was a Northern Rock-esque take-over, being split into a good and a bad bank/building society.

I'd forgotten about that

pqrdef

I was reading about this. Apparently the Dunfermline (Scotland's biggest BS) got completely out of its depth in commercial property - something of a pattern with the Scottish banks here. The Treasury expects to lose maybe £100m on the bailout, and recoup 90% of that from the FSCS.

ewenny

Yah! The Labour govt made it more difficult to privatise building societies in their marxist anti-capitalist bile. And what happened? They behaved just as badly as the big 'uns and most of them went down the plughole, destroying a once admired institution. As for Nationwide, who always boasted the benefits of mutuality, they might as well be privatised giving their customers a bit of cash instead of just dishing out to its executives. Its products are nothing special these days.