Carpetbagging - is it worth it?

bristolleedsfan

smudge18 wrote: »

How can you when you have to sign to agree when you open the account? I don't think you have a choice.

No such clauses have ever been enforced.

smudge18

I took it that as you have signed the agreement upon opening an account, that is a legal document and you cannot get away from that. Maybe the reason it hasn't been enforced yet is that any BS with such a clause has yet to convert?

bristolleedsfan

smudge18 wrote: »

I took it that as you have signed the agreement upon opening an account, that is a legal document and you cannot get away from that. Maybe the reason it hasn't been enforced yet is that any BS with such a clause has yet to convert?

Yes agreement signed, yes no Building Societies that have the "clause" have converted. ( and may never will)

However Building Societies with the "clause" have merged and the "clause" was not enforced. ( and imo the "clause" will never be enforced, the "clause" was merely introduced to prevent members challenging a BS Board and trying to force a conversion vote. )

Nationwide were the first BS to introduce the "clause" and the majority of other Building Societies merely followed like Sheep. :rotfl:

dont take my word for it, join ( if u havent already) http://www.rpoints.com/ and head for the "mutuals" forum.

Fella

bristolleedsfan wrote: »

Here is the article u refer to.

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSL1849335420080118


imo go for as many 100.00 accounts u can aquire, at as low speculative cost as possible, Scarborough BS would be a useful addition to any consolidation speculative portfolio imo.

Hi BLF,

Any particular reason to single out Scarborough...?

bristolleedsfan

Fella wrote: »

Hi BLF,

Any particular reason to single out Scarborough...?

What tends to happen is the least likely Building Society gets bought, i.e nobody tipped Portman to get bought by Nationwide. Clever money would have been on Portman to buy more Building Societies.

So whilst i said that IMO its prudent to put 100.00 in as many Building Societies as possible, I see Scarborough BS as one BS very little gets mentioned about ( bar it keep launching new Savings accounts to hit the best buy tables) whom i believe should get mentioned as a merger candidate, especially to u as from memory u had mentioned a few of the Northern Building Societies.

Best candidate to be bought is where a Chief Executive is due to retire and he do a deal before he retires, because like baby_boomer said why would a Chief Executive want to do a deal where his position would be lost. ( after all Turkeys dont vote for Xmas do they :rotfl: )

loulou41

I was a carpet bagger & did quite well in the past. The first BS I targeted, the N.wide is still not converted & have got several accounts with different buildings societies. Do I understand I need only to keep in each account £100 to qualify when they do convert? Thanks

LittleVoice

loulou41 wrote: »

I was a carpet bagger & did quite well in the past. The first BS I targeted, the N.wide is still not converted & have got several accounts with different buildings societies. Do I understand I need only to keep in each account £100 to qualify when they do convert? Thanks

£100 in any share account will give you voting rights. The actual payment to members (eg at what level they receive any payment and any tiering) would be part of the deal being voted on. You only need one share account in the BS in question.

steady__eddie

In what seems like a millenium ago, I opened an ISA with The Staffordshire. Some time afterwards they sent me a cheque and I transferred that particular ISA to Lambeth. A while or so after that, Portman sends me a cheque and grabs my ISA. Well I'm thinking to myself, my poor little ISA must be tired out with all this travelling, I'll let it rest for a while. Of all the rotten luck, the next thing that I know is I get another cheque and my ISA does a runner to Nationwide. I'm now getting paranoid that I'm under investigation by the Royal Society for the prevention of Cruelty to ISA s so I'm moving it yet again as soon as Nationwide decide to release custody of it (nearly 4 months now).
As soon as the transfer is complete (dont hold your breath), I might be tempted to divulge the destination. I have a theory that the compensation payable is directly proportional to the duration of the time that I have been pratted about and wish to test it so I'm in no particular hurry. :cool:

bristolleedsfan

steady__eddie wrote: »

I'm moving it yet again as soon as Nationwide decide to release custody of it (nearly 4 months now).
As soon as the transfer is complete (dont hold your breath), I might be tempted to divulge the destination. I have a theory that the compensation payable is directly proportional to the duration of the time that I have been pratted about and wish to test it so I'm in no particular hurry. :cool:

i got 125.00 in total in respect of my Nationwide Bournemouth Isa Transfer out experiences, Made the Portman Merger payment feel a little more respectable. :cheesy:

Kernowc

Does it make any difference if you open an online account or do we have to open one at the BS to qualify for any shares?