Can Building Societies survive?

Loanranger21

The Coventry Building Society is currently refurbishing and updating its branch network so it obviously believes it is going to continue with face to face customer service. It believes that it has a positive role to play in communities as amply demonstrated by its work on local schools teaching children and young people about money management.

The Coventry also recently sent me, in May, emails informing me that my accounts will be have an increased interest rate with effect from 1st June. Only the fixed rate ISAs will not see an interest rate increase as the clue is in the name.

They will always have time to talk to you on the phone. Their call centre is in Coventry and open 7 days a week. I have been with them for twenty years mortgage and savings. Am also with the Nationwide whose customer service is woefully inadequate compared with the Coventry.

They also took over the Ricoh Arena in Coventry renaming it the Coventry Building Society Arena and now it is once again home to Coventry City Football Club who had to play up the road in Brum.

Recently, they had a sleep out night at the Arena for staff to raise money for charity.

No, I don't work them but I think they set the best example of what a Building Society should be.

IanManc

Loanranger21 said:

The Coventry Building Society is currently refurbishing and updating its branch network so it obviously believes it is going to continue with face to face customer service. It believes that it has a positive role to play in communities as amply demonstrated by its work on local schools teaching children and young people about money management.

The Coventry also recently sent me, in May, emails informing me that my accounts will be have an increased interest rate with effect from 1st June. Only the fixed rate ISAs will not see an interest rate increase as the clue is in the name.

They will always have time to talk to you on the phone. Their call centre is in Coventry and open 7 days a week. I have been with them for twenty years mortgage and savings. Am also with the Nationwide whose customer service is woefully inadequate compared with the Coventry.

They also took over the Ricoh Arena in Coventry renaming it the Coventry Building Society Arena and now it is once again home to Coventry City Football Club who had to play up the road in Brum.

Recently, they had a sleep out night at the Arena for staff to raise money for charity.

No, I don't work them but I think they set the best example of what a Building Society should be.

The Coventry Building Society Arena is owned by Wasps Group -the rugby club - and Coventry Building Society have a ten year sponsorship deal with Wasps which includes naming rights over their arena.

Coventry City have a deal with Wasps to play at their arena until 2030.

Coventry Building Society Arena - Wikipedia

Wasps Group and Coventry City agree Ricoh Arena deal

eskbanker

IanManc said:
Coventry City have a deal with Wasps to play at their arena until 2030.

They have to finish all their matches by half past eight?

london21

A lot of transactions now happening online, branches might not exist in the future or very few will remain. 

IanManc

eskbanker said:

IanManc said:
Coventry City have a deal with Wasps to play at their arena until 2030.

They have to finish all their matches by half past eight?

I'm glad you're back Eskie. I missed you!

[Deleted User]

SChitmehard said:

The benefit of building societies are  they are customer owned and customers can vote in elections, they are mutual. They should be encouraged as sometimes they will lend money and offer banking to the people that the banks won't. 

 These banks are often owned by a small number of people/businesses and run by a small number which make all the decisions without the input of the customers or civil society. And we have seen the result, withdrawal of banking facilities from towns, raising fees, rubbish interest rates, unethical business practice (HSBC money laundering for drugs cartels - google it). My biggest bug bear is that they have no pass books (santander is getting rid of them now) which I like as it gives me a long term history of savings, interest etc. I find the banks sending me a statement a month too much (especially if you have multiple accounts) and yearly statements too few to keep an eye on my money.

We need to encourage building societies as once they are got rid of sharp banking practice will become more common. These people that chase small interest rate benefits in banks harm us all in the long run.

That's a rosy tinted view if ever there was one. It's been my experience that UK building societies are generally run for the benefit of staff. 

Their products are priced comparably to banks, their tech generally inferior and customer service only marginally better. 

A simple rule something like the chairman gets a maximum of 20x of the lowest paid would be a good start.