Become a Nationwide member without "windfall" signaway

bristolleedsfan

baby_boomer wrote: »

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?

Did you mean: dilemma ? :rotfl:

u might find this article usefull on trustee accounts, someone else might be able to answer as to whether all building society conversions/mergers have treated children and trustees in the same way.

http://www.ft.com/cms/s/cc4c5544-ecac-11da-a307-0000779e2340.html

your daughters portman account would have completed 5 year portman signaway so should be a non signaway nationwide account after merger has taken place.

after merger has taken place it would appear sensible to hold your daughters money in the highest paying nationwide account in her sole name and to do so by transferring funds from her now sole named portman account into it ( unless the now portman account is a higher payer)

keeping your daughters nationwide account held by a trustee appears to hold no usefull purpose.

different building societies have treated children differently when its come to change of status payments from what ive read ( none of my children have been involved in building society change of status payments so ive no personal experience on that side of it)

baby_boomer

Thanks for the spelling lesson and the link.

bristolleedsfan wrote: »

keeping your daughters nationwide account held by a trustee appears to hold no usefull (sic) purpose.

It does have a useful purpose because of how the account is used, but you weren't to know that from the information I gave.

My question was not whether the account has any useful purpose, but whether NOT closing it this week could cost my daughter money in the event of a future Nationwide demutualisation.

I think not. Your answer hints that it won't. But could you confirm explicitly what you believe?

cheggers

MarkyMarkD wrote: »

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 .

If you ask me Nationwide got Portman on the cheap, £160 a member on average.

wombat42_2

MarkyMarkD wrote: »

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 .

So you think it is futile just keeping £100 in for a future Nationwide demutualisation windfall ?

Stavros_3

Just a quickie on this subject. I have been with the Leeds BS for a number of years. When my interest is due at the end of September I was intending to switch to another account thats paying better returns. I have read the comments regarding the merger of Leeds and Mercantile B.S, does the merger mean only windfalls for the Mercantile customers only?

bristolleedsfan

baby_boomer wrote: »

Thanks for the spelling lesson and the link.

It does have a useful purpose because of how the account is used, but you weren't to know that from the information I gave.

My question was not whether the account has any useful purpose, but whether NOT closing it this week could cost my daughter money in the event of a future Nationwide demutualisation.

I think not. Your answer hints that it won't. But could you confirm explicitly what you believe?

my stated belief was that your daughters trustee nationwide account appears to have no useful purpose for windfall reasons.

always brightens up my day seeing your posts babyboomer :j

bristolleedsfan

Stavros wrote: »

Just a quickie on this subject. I have been with the Leeds BS for a number of years. When my interest is due at the end of September I was intending to switch to another account thats paying better returns. I have read the comments regarding the merger of Leeds and Mercantile B.S, does the merger mean only windfalls for the Mercantile customers only?

mercantile BS takeover by leeds BS has already been completed, merger payments only went to mercantile members.

imho would be worth you keeping min of 100.00 in the best paying leeds BS account that you can as nobody knows what the future holds for leeds BS.

bristolleedsfan

wombat42 wrote: »

So you think it is futile just keeping £100 in for a future Nationwide demutualisation windfall ?

imho and the opinion of most people its worth keeping 100.00 in any building society account whether their is a signaway in force or not.

bristolleedsfan

cheggers wrote: »

If you ask me Nationwide got Portman on the cheap, £160 a member on average.

to be fair another financial institution, building society or otherwise could have made a counterbid for portman building society, the fact that non did suggests that it was not bought on the cheap.

heres an archive of building society news that some might find interesting.

http://www.building-societies-members.org.uk/Building%20Societies%20News%20(r).htm

gordylad

Does anyone know what mutual have no sign away to charities? For example I've been looking at the ybs site and so far can see nothing relating to sign away.

Thanks