why bank with a Building Society ?

dreaming

Hominu wrote: »

I don't know which BS's still use this antiquated system, but Nationwide are both a clearing bank and give everyone their own unique account number, so references are not required.

Nationwide is not a clearing bank - they use HSBC. However to all intents and purposes they are a bank. They actually call themselves "a mutual bank" internally.

kirkbyinfurnesslad_2

Hominu wrote: »

There can be some reasons that people dislike some Building Societies, as in some are not clearing banks and only have a handful of account numbers. Each member is then given the same sort code and account number, and then also a "Reference Number", so the members have to remember the sort code, account number, and reference number to let other people deposit funds into their account.

I don't know which BS's still use this antiquated system, but Nationwide are both a clearing bank and give everyone their own unique account number, so references are not required.

No they are not.

It tends to be the small ones , but it isnt really an issue

jonesMUFCforever

OP have a look at the Nationwide's CEO annual salary and bonus - not bad for someone in charge of an organisation for the benefit of its members !

hollie.weimeraner

kirkbyinfurnesslad wrote: »

The cumberland is a very good regional society as is the Coventry,

What surprises me is the number who for any reason cant get a bank account, yet instead of going to their local building society, and opening a basic savings account in which they can have their wages/benefits paid in to they choose some silly £11 a month account with someone like Secure Trust when they can ill afford to!

Not a great fan of Secure Trust or it's penchant for targeting those that can ill afford it's fees but used correctly it can be relatively easy to recoup those fees by earning cashback on selected spending (including Asda).
The reason people use Secure Trust is that they will accept anyone and don't allow overdrafts (or they didn't as far as I know that's still the case).

Gromitt

jonesMUFCforever wrote: »

OP have a look at the Nationwide's CEO annual salary and bonus - not bad for someone in charge of an organisation for the benefit of its members !

That's one thing you do get from Nationwide - an annual summary of accounts. Not that I care what their staff members earn or what profit they made. Then the invitation to their public meetings and being able to vote for specific people. You don't get with a 'normal' bank.

(Whether attending the meetings or voting makes any difference however, I don't know)

System

I was This is Money / Mail on Sunday.

The problem with building societies (with the exception of Nationwide) is that their current account facilities are generally poorer than big banks with slower faster payments and other restrictions. They generally don't offer a better deal to compensate either.

IMHO Building Societies are run for the benefit of their staff and not customers/members.

IGraham wrote: »

hi
the reason i started wondering about this is i came across an article recently (cant remember where) in which some university lecturer in ? sustainability ? said he'd changed to the Cumberland building society.

the answer seems to be theres little point in changing unless your dead convinced you need to be a 'fluffy bunny'

noh

dreaming wrote: »

Nationwide is not a clearing bank - they use HSBC. However to all intents and purposes they are a bank. They actually call themselves "a mutual bank" internally.

Oh yes they (Nationwide) are! (a clearer).

http://www.chequeandcredit.co.uk/about_us_and_our_members/our_members/

gt94sss2

EarthBoy wrote: »

Out of the ones you listed only the Nationwide is a building society with a full current account. The Yorkshire do a basic account (Cash Transactor) which allows direct debits and standing orders and comes with an ATM card for cash machines, but there is no debit card or telephone banking and only a very limited internet banking service.

Norwich and Peterborough Building Society is part of Yorkshire Building Society and offers a current account.

Regards
Sunil

gt94sss2

Gromitt wrote: »

That's one thing you do get from Nationwide - an annual summary of accounts. Not that I care what their staff members earn or what profit they made. Then the invitation to their public meetings and being able to vote for specific people. You don't get with a 'normal' bank.

'Normal' banks publish accounts as well - and they are publicly available for anyone else to see.Their shareholders get to vote for specific people. However, whether its a bank/building society I doubt voting makes much difference..

Regards
Sunil

EarthBoy

gt94sss2 wrote: »

Norwich and Peterborough Building Society is part of Yorkshire Building Society and offers a current account.

Regards
Sunil

Yes, but the OP didn't list Norwich and Peterborough so I presume he doesn't live or work anywhere near their branches, and you can't operate N & P accounts in Yorkshire branches.