Become a Nationwide member without "windfall" signaway

gordylad

Thanks - do you know if there are discussions around this board on mutual building societies?

isofa

Newbie22 wrote: »

Just so i'm clear on all this, if i register now will i be eligible for the windfall in 5 years? Thanks. EDIT I have never had a nationwide account or a portman account if that's relevant. Also which account exactly do i have to sign up to?

Not really, you won't get a penny now from the Portman/NW merger, you've missed the boat for carpetbagging! Whether in 5, 10, 20, 100 years, you won't get any money/windfall from this merger now.

However, if you do open a Portman account before 25/8/07 (all as Wombat42 says), if, and it's a big if, demutualisation occurs in the future, you may be eligable for receiving something due to the demutualisation (still nothing from the original merger though) - but it's pretty unlikely they'll demutualise in the near future, if at all - after all they are just merging!

gordylad

i tend to agree that this one is lost however i have pockets of cash spread around many societies over a number of years just curious as to who is left in the mutual world

bristolleedsfan

gordylad wrote: »

Thanks - do you know if there are discussions around this board on mutual building societies?

http://www.rpoints.com/bb/viewforum.php?f=12 theres a mutual board

some discussions also on

http://www.themoneybag.com/vb/forumdisplay.php?f=8

these are "left in mutual world"

BUILDING SOCIETY WEBSITES:

1 Nationwide http://www.nationwide.co.uk
2 Britannia http://www.britannia.co.uk/
3 Portman http://www.portman.co.uk/
4 Yorkshire http://www.ybs.co.uk/
5 Coventry http://www.coventrybuildingsociety.co.uk/
6 Chelsea http://www.thechelsea.co.uk/
7 Skipton http://www.skipton.co.uk/
8 Leeds http://www.leedsbuildingsociety.co.uk/
9 West Bromwich http://www.westbrom.co.uk
10 Derbyshire http://www.thederbyshire.co.uk/
11 Principality http://www.principality.co.uk/
12 Cheshire http://www.thecheshire.co.uk/
13 Newcastle http://www.newcastle.co.uk/
14 Norwich & Peterborough http://www.npbs.co.uk/
15 Stroud & Swindon http://www.stroudandswindon.co.uk/
16 Dunfermline http://www.dunfermline.com
17 Nottingham http://www.thenottingham.com/
18 Scarborough http://www.scarboroughbs.co.uk/
19 Kent Reliance http://www.krbs.co.uk/
20 Progressive http://www.theprogressive.com/
21 Cumberland http://www.cumberland.co.uk/
22 National Counties http://www.ncbs.co.uk
23 Furness http://www.furnessbs.co.uk/
24 Cambridge http://www.cambridge-building-society.co.uk/
25 Leek United http://www.leekunited.co.uk/
26 Saffron http://www.saffronbs.co.uk/
27 Hinckley & Rugby http://www.hrbs.co.uk/
28 Manchester http://www.themanchester.co.uk/index.html
29 Darlington http://www.darlington.co.uk/
30 Newbury http://www.newbury.co.uk/
31 Monmouthshire http://www.monbs.com/
32 Melton Mowbray http://www.marsdenbs.co.uk/
33 Market Harborough http://www.mhbs.co.uk/
34 Barnsley http://www.barnsley-bs.co.uk/
35 Ipswich http://www.ibs.co.uk/
36 Marsden http://www.marsdenbs.co.uk/
37 Hanley Economic http://www.thehanley.co.uk/
38 Tipton & Coseley http://www.thetipton.co.uk/
39 Teachers' http://www.teachersbs.co.uk/
40 Mansfield, The http://www.mansfieldbs.co.uk/
41 Vernon http://www.thevernon.co.uk
42 Loughborough http://www.theloughborough.info
43 Dudley http://www.dudleybuildingsociety.co.uk/
44 Chesham http://www.cheshambsoc.co.uk/
45 Scottish http://www.scottishbldgsoc.co.uk/
46 Bath Investment http://www.bibs.co.uk/
47 Chorley & District, The http://www.chorleybs.co.uk/
48 Harpenden http://www.harpendenbs.co.uk/
49 Holmesdale http://www.holmesdale.org.uk/
50 Buckinghamshire http://www.bucksbuildingsociety.co.uk/
51 Stafford Railway, The http://www.srbs.co.uk/
52 Beverley http://www.beverleybs.co.uk/
53 Swansea http://www.swansea-bs.co.uk
54 Earl Shilton http://www.esbs.co.uk/main.php
55 Shepshed http://www.theshepshed.co.uk/
56 Penrith http://www.penrithbuildingsociety.co.uk/
57 Ecology, The http://www.ecology.co.uk/
58 Catholic http://www.catholicbs.co.uk/
59 City of Derry http://www.cityofderrybs.co.uk/
60 Century http://www.century-building-society.co.uk/

Compound_2

As a long-standing Portman member, I closed my signaway Nationwide FlexAccount. I did so with a nil balance: initially the cashier said this can’t be done, and asked if I could pay in a penny which would be returned through closure. But a colleague intervened with some code to type in, and I was told my account is now closed. My card was retained but I expressed concern about not having to sign anything. I was assured this was OK.

I've since received the final statement confirming 'Account Closed'. However, I'm still able to log in to Internet Banking, although no accounts are shown. I can see my customer number and personal/marketing details (currently set to mail only as Portman). The customer number appears on AGM documentation, and I would rather they remove my personal details and assign me a new customer number along with other Portman members. Should I message them saying I no longer wish to have the Internet Banking service?

After the merger I may wish to open a FlexAccount before I next go abroad, at my Portman branch or its successor. Looking at the online application system for the FlexAccount, it appears that new customers are asked to register for Internet Banking before applying online for any product. They are sent a customer number and passcode in the post, so you have to wait several days before you can apply! This suggests it’s possible to have a customer number and Internet Banking without being a member, i.e. if you don’t complete the application, and anyone can put in fake details. Of course, if my Internet Banking stayed live I could easily apply for a new FlexAccount online after the merger, but this would link me to the signaway Nationwide membership, rather than Portman.

Does Nationwide have a register of members they can use to confirm that I am not subject to the Rules of Society? Also, does terminating my Society membership mean I am no longer a charity member of the Nationwide Foundation, or do the Foundation Rules and Articles of Association contain any relevant information on this?

MarkyMarkD

I don't believe that having a Nationwide online banking "account" counts for anything. As you've closed your actual Nationwide accounts, you should have ended your sign-away membership to be replaced by proper membership after the merger takes place.

I'm not going to respond to more posts on the "theoretical nature" of the benefits of terminating sign-away membership and gaining "proper" membership. Either you believe the original journalists' article, as I do, or you don't, as bristolleedsfan doesn't.

I'm just going to be happy with the £600 I'll clear from the Portman/NW merger (£200 each for me and Mrs MMD as a merger bonus plus £100 each from the accounts we hold with Portman which we'll no longer require), less £40 of tax on mine .

bristolleedsfan

MarkyMarkD wrote: »

Either you believe the original journalists' article, as I do, or you don't, as bristolleedsfan doesn't.

i believe that nationwides signways were introduced for one reason and one reason only and that is as stated by nationwide building society, and therefore no nationwide longterm member will in my opinion be treated any differently to another long term member in the future.

"Important note
[FONT=Verdana,Verdana]On 3 November 1997 we introduced a new condition as part of the declaration for all customers opening a FlexAccount or membership savings account or applying for a mortgage. We have had to introduce this new condition to avoid disruption to our business caused by speculative activity and to enable us to run our business as normal."[/FONT]

im sure journalist articles will continue to appear on the subject. :rolleyes:

MarkyMarkD

I don't see the relevance of what you're saying, not for the first time.

The reason Nationwide introduced the term isn't in doubt. What's in doubt is your belief that Nationwide can/would unilaterally revoke the sign-away, and your belief that the independent Nationwide Foundation would roll over and allow them to do so.

bristolleedsfan

[quote=MarkyMarkD;6063002

im not going to respond to more posts on the "theoretical nature" of the benefits of terminating sign-away membership and gaining "proper" membership. Either you believe the original journalists' article, as I do, or you don't

[/quote]

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

baby_boomer

Any chance of bristolleedsfan or MarkyMarkD commenting on my dilemna?

Repost

Here's one for the experts.

My daughter has a Nationwide a/c opened in 2001 which is a trustee account. The trustee is a non-signaway member of Nationwide. She also has a Portman account in her own name from 1998.

Can I assume that she has not signed away her rights at the Nationwide and that the Portman account would qualify her for windfall rights at Nationwide in the unlikely event of a demutualisation? Or does she have to close the Nationwide account before 28 August to be sure?

My guess is that Nationwide and other societies will make children sign away their rights when they move from (non-signed away) trustee accounts to accounts in their own names.

If that is the case then Nationwide surely can't have it both ways and enforce a signaway on my daughter in spite of her Portman account, can they?