Is Carpetbagging Dead

gandb

I've £100 sat in several Mutual Building Societies.   Have the rules changed?   The derisory % is irrelevant.  Is Carpet-bagging Dead?
My list includes:  Any suggestions please?

Britannia

Chelsea

Coventry

Nationwide

Newbury

Newcastle

Norwich & Pet

Stroud & Swindon

West Bromwich

ColdIron

Dead as a dead thing

Alexland

Many years ago they changed their terms for new customers to add a charitable assignment clause so you would not get a benefit if demutualisation occurs. If you were an existing customer from before the terms were introduced and have continuously held an account you might still get a payout in future. Still it doesn't seem very likely to happen anytime soon.

bristolleedsfan

Some on O/P list have already merged/been taken over with no payout ......

gandb

I don't 'need' the money.  Which are definitely no longer Mutuals and will therefore never pay, if bought out?  Who knows what will happen after C19.

castle96

One day the Bl****y Nationwide will go

wmb194

In the aftermath of the financial crisis, Chelsea and Norwich & Peterborough were rescued by Yorkshire Building Society and Stroud was rescued by the Coventry in 2010. 

Assuming you opened them before the charitable assignment stuff came in, you'd need to look into whether your rights grandfathered into YBS and Coventry. Hasn't West Bromwich been struggling? I doubt there's any money there. Overall, I'd forget it, though. The managers of these companies see mutuality as a good marketing tool and won't give it up easily.

In 2009 Britannia was rescued by the Co-op Bank which concomitantly blew it up in 2014 and it was then bought by private equity investors so there's absolutely no chance here.

couriervanman

Britannia......was part of co-op bank
Chelsea.....now part of Yorkshire B/S
Norwich & Pet....now part of Yorkshire B/S
Stroud & Swindon.....now part of Coventry B/S

There were no windfall payments on these mergers

dunstonh

Carpet Bagging died around 20 years ago.
Mergers due to financial reasons do not get windfalls and most mutuals have had clauses the for the last 25 years on new accounts saying no entitlement.

worldtraveller

couriervanman said:

Britannia......was part of co-op bank
Chelsea.....now part of Yorkshire B/S
Norwich & Pet....now part of Yorkshire B/S
Stroud & Swindon.....now part of Coventry B/S

There were no windfall payments on these mergers

Sure, but a merger isn't a demutualisation.

I'm still a 'member' of Nationwide (via an account held from the 1960's in Anglia Buliding Society) and of Britannia (from an account opened back in the 1980's).

I can't see any further demutualisation at any time soon because demutualisation was an undoubted failure, as the shareholder owned mortgage banks that resulted, I believe, all failed.

roddydogs

Nationwide put it to a vote, but the majority voted to stay a mutual so now youve got all the disadvantages of a bank, without the payout!