Old carpetbagging BS accounts

flopsy1973

Hi
Have read a lot on here regarding keeping old BS accounts open in case they are taken over. I am doing some account housekeeping and wonder if i should keep my Chelsea, West Bromwich and Brittannia accounts, i have had these for years when all the carpetbagging was taking place. Are we ever likely to see these BS taken over and bonuses paid
thanks

JuicyJesus

flopsy1973 wrote: »

Hi
Have read a lot on here regarding keeping old BS accounts open in case they are taken over. I am doing some account housekeeping and wonder if i should keep my Chelsea, West Bromwich and Brittannia accounts, i have had these for years when all the carpetbagging was taking place. Are we ever likely to see these BS taken over and bonuses paid
thanks

Britannia and Chelsea already have been taken over - by the Co-op Bank and Yorkshire BS respectively. If you didn't get a windfall then you won't know.

West Brom meanwhile has a charitable assignment clause, so any proceeds of any sale go to charity, not to you.

Carpetbagging's dead.

TheShape

I opened a string of BS accounts around the time Nationwide took over the Portman BS with the hope of some windfalls. It was far too late to benefit. The accounts have slowly been whittled down as takeovers/mergers have occurred and now I only keep the remainder open to maintain membership for the purpose of being eligible for member only offers/accounts.

flopsy1973

i am sure i took out the W.Brmwich before the charitable clause was added
What if the Yorkshire and CO-OP is ever taken over will i qualify then?

Stuart_W

No chance with the Co-op Bank, as you are not a member. It is, and always was a plc, previously owned in full by the Co-operative Group but now owned by a range of investor owners. You will get nothing.

With Yorkshire Building Society, possibly, paragraph 44 in their rules seems to suggest on winding up any remaining worth will be distributed to members, but this is exceptionally unlikely to ever happen. No one would be interested in buying.

ColdIron

JuicyJesus wrote: »

Carpetbagging's dead.

Agree, that horse bolted years ago

agrinnall

JuicyJesus wrote: »

West Brom meanwhile has a charitable assignment clause, so any proceeds of any sale go to charity, not to you.

But would that apply retrospectively, given that the OP has (in a later post) indicated that they became a member before the clause existed? I wouldn't have thought so unless they opened a new account post-clause and closed the original account.

isasmurf

JuicyJesus wrote: »

West Brom meanwhile has a charitable assignment clause, so any proceeds of any sale go to charity, not to you

Only for the first 5 years from opening an account, after which the charitable assignment agreement expires.

flopsy1973

Ok thanks so get rid off Brittania and may keep W.Bromwich and Chelsea?

realaledrinker

Britannia was technically insolvent when the Co-op rescued it and those bad loans then nearly brought the whole group down, so I assumed OP was asking tongue in cheek!

realaledrinker

I'll turn off my irony button then.