Is Carpetbagging Dead

Sailtheworld

gandb said:

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

Carpetbagging was dead (and I thought forgotten) years ago.

All you've got now is a bit of a pain for your beneficiaries to sort out.

bowlhead99

Sailtheworld said:

gandb said:

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

Carpetbagging was dead (and I thought forgotten) years ago.

Much like the thread

Thrugelmir

Newnoel said:

roddydogs said:

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!

The only ones getting a payout from the Nationwide were, and still are, the directors.
From the 2019 remunerartion report, the top directors earned between £1.3m and £2.4m each:
Report of the directors on remuneration 2019 | Nationwide
It is yet another so-called mutual run for the benefit of its directors, rather than the account holders

Like any other member you can voice your displeasure by voting at the Annual General Meeting. Be more noticiable than a post on an old internet forum thread. That's past it's sell by date. 

eskbanker

Thrugelmir said:

Newnoel said:

roddydogs said:

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!

The only ones getting a payout from the Nationwide were, and still are, the directors.
From the 2019 remunerartion report, the top directors earned between £1.3m and £2.4m each:
Report of the directors on remuneration 2019 | Nationwide
It is yet another so-called mutual run for the benefit of its directors, rather than the account holders

Like any other member you can voice your displeasure by voting at the Annual General Meeting. Be more noticiable than a post on an old internet forum thread. That's past it's sell by date. 

Likely to be more noticeable to Nationwide but realistically unlikely to be any more effective!  As covered in previous threads with posters bleating about Nationwide director remuneration, the 90+% margins by which AGM resolutions are passed make it highly improbable that individual (or even collective) disgruntled members would have any meaningful impact, although your fundamental point is obviously correct that the AGM is the mechanism to do something more constructive than sounding off on a forum....

castle96

With NW I always vote against EVERYTHING

eskbanker

castle96 said:

With NW I always vote against EVERYTHING

Which is of course your prerogative as a member, but how often has it achieved the desired effect?

castle96

never but I vent my feelings!

planteria

to answer the original question, i'd say it's very slow, but very much alive..
some of us 'baggers from the old days will be bagging a cash payment as a result of our membership of LV this year, along with an uplift to our WP policy maturity values [https://forums.moneysavingexpert.com/discussion/6158325/liverpool-victoria-sale-demutualisation/p1]. 
fwiw saving £100s from my first job to open building society accounts, having seen my cousins all receive payments to compensate them for the loss of their Halifax membership, was how i started saving, and when i wound up with Bradford & Bingley and Standard Life shares i became 'an investor' and have had a healthy interest in saving/investing/personal finance ever since.

jimpwarsop

Prompted by this thread I find we have accounts with Saffron, and Staffordshire Railway.

Worth keeping ?

couriervanman

planteria said:

to answer the original question, i'd say it's very slow, but very much alive..
some of us 'baggers from the old days will be bagging a cash payment as a result of our membership of LV this year, along with an uplift to our WP policy maturity values [https://forums.moneysavingexpert.com/discussion/6158325/liverpool-victoria-sale-demutualisation/p1]. 
fwiw saving £100s from my first job to open building society accounts, having seen my cousins all receive payments to compensate them for the loss of their Halifax membership, was how i started saving, and when i wound up with Bradford & Bingley and Standard Life shares i became 'an investor' and have had a healthy interest in saving/investing/personal finance ever since.

Back in the good old days I got a fair amount of them but missed out on a few simply down to not having enough cash to open all accounts, but did get quite a few double baggers as me and wife both had accounts with B&B,Halifax,Leeds Permanent & Abbey National