Become a Nationwide member without "windfall" signaway

bristolleedsfan

jw1096 wrote: »

Im going to stick my head above the parapet here - Im a Nationwide employee and will try and answer any questions anyone has. Give me a shout if anyone needs any clarification on anything.

Jo x

hi jo, if u hear of a "special welcome account" that nationwide are planning to launch to welcome its new portman members can you post details of it on here please, its normal practice for such an account to be launched to the members from the "swallowed" up building society.

bristolleedsfan

MattB wrote: »

Yes. Because they will.

which means in principle yes to this point u made

"That doesn't mean transfer of all account onto NBS systems. If only!"

BWZN93

No problem, ill keep my ears open! We are really busy at the moment but I intend to go through the merger intranet on my lunch tomorrow and see if there is any useful info there.

Jo x

MattB_4

bristolleedsfan wrote: »

which means in principle yes to this point u made

"That doesn't mean transfer of all account onto NBS systems. If only!"

No it doesn't does it. It means you can use your (ex) Portman account in a Nationwide branch (and vice versa), which is nothing like being on the same system. Unless of course you want to be really petty and say that Nationwide now owns the system, which of course wasn't the point at all.

MattB_4

bristolleedsfan wrote: »

hi jo, if u hear of a "special welcome account" that nationwide are planning to launch to welcome its new portman members can you post details of it on here please, its normal practice for such an account to be launched to the members from the "swallowed" up building society.

I have the same employer (hence knowing the systems!), but I'm pretty sure much closer to Savings. There is no 'special welcome account' I'm afraid. There are, of course, always plans but no accounts I'm afraid.

BWZN93

MattB wrote: »

I have the same employer (hence knowing the systems!), but I'm pretty sure much closer to Savings. There is no 'special welcome account' I'm afraid. There are, of course, always plans but no accounts I'm afraid.

Im branch staff - we dont get an awful lot of inside info!

MattB_4

Unfortunately I'm not so don't want to give away anything that would get me fired. Plus I'd probably just argue with Bristolleedsfan all day along and the days is too short lol

MarkyMarkD

bristolleedsfan wrote: »

if the charitable foundation trustees had a " fiduciary duty to act in the best interest of the charity itself " then it would be pressing nationwide to convert to PLC status " ( the foundation trustees would know that the only way of getting such a vote through would be with the support of the membership and with the signaway now being in effect for 10 years and counting) to guarantee a yes vote would require those signed out of a windfall to be "signed" back into a windfall.)

There's no "if" about it. Trustees must act in the best interests of the charity for which they are trustees.

section about northern rock

This is irrelevant. NR chose to set up its charitable foundation; it chose to give a proportion of its shares to that foundation on conversion (and its members voted for that as part of the vote for conversion) and NR chose to covenant 5% of its profits to the foundation thereafter.

There will be those that will be attempting to bring up the same hypothetical, speculative argument about nationwides signaway in 5,10,15,10,20 years :eek: time if nationwide is still a building society by then. every day that passes the number of nationwide signaway members against non signaway members increases.

I'm not bringing up hypothetical arguments. I'm stating that the signaway will hold and that the trustees of the foundation are required to enforce its effectiveness in the interests of the charitable foundation. You're the one speculating that the signaway will be "magicked away" by Nationwide at a convenient moment.

before you say that building societies give so much per vote to charity out of their profits, they give relative pennies to get themselves out of a moral hole theve dug themselves into, and to get good press in daily mail and mail on sunday newspapers whom are apparent mutual building society supporting newspapers. :rolleyes:

I wouldn't dream of raising that - it's irrelevant like most of your post. I personally deplore this pathetic way of building societies bribing their members to vote, so that they can pretend members give a stuff about "democracy".

evidence

... lots of irrelevant figures snipped ...

DIFFERENCE markymarkD = nationwide charitable foundation would be better off if nationwide converted to PLC status, so if the charitable trustees had a "fiduciary duty to act in the best interests of the charity itself " then the trustees would be pressing nationwide BS to convert to PLC status.

They can't do this. They don't have any authority over Nationwide and Nationwide would simply deny their request. But that's different to Nationwide doing something which effectively removes assets from the charitable foundation - i.e. by reducing/removing the value of the signaway.

The trustees of nationwide charitable foundation would want nationwides "signaway" members to become eligible for windfalls because the trustees would need the votes of the current "signaway" members to be assured of a vote for nationwides convertion to PLC status to be supported by the required majority.

Now you are just raving. If the signaway members became eligible for windfalls, the foundation would get nothing.

i make no apology for being repetitive clearly one person is being argumentative for the sake of it or doesnt understand what the majority of people have said on the subject both here and elsewhere.. :rolleyes:

If the cap fits, wear it bristolleedsfan.

roddydogs

jw1096 wrote: »

Im going to stick my head above the parapet here - Im a Nationwide employee and will try and answer any questions anyone has. Give me a shout if anyone needs any clarification on anything.

Jo x

Yes can you tell me if a long standing (14yrs) NW customer becomes a "signaway" if theyve allowed their a/C to go below £100 for 2 weeks, or not, Thanks

MarkyMarkD

No.

You can only become a signaway member by signing a signaway at the time of opening your account.

As long as your balance was over £100 on the two critical dates (just before a conversion was announced, and just before it actually happens) you'll remain a fully entitled member.

If your balance is under £100 on either of those dates, you are a completely un-entitled member - not even a signaway. Nobody would get conversion benefits in respect of your membership - you wouldn't count at all.