CarpetBagging- The best accounts to open at each Building Society

noh

freddykrueger wrote: »

I am happy to be corrected but only believe that this clause applies in the event of de-mutualisation or takeover but not merger?

Its not clear from the Derbyshire T+Cs as they don't define "windfall" or "conversion".

The Cheshire does though:-

"The “successor” is any company or other corporate body to which we transfer our business under Section 97 of the Building Societies Act

1986 (or under any provision which amends or replaces it).
A “windfall benefit” is a benefit which a person has the right to receive
as a shareholding member of ours, under the terms of any future

transfer of our business to a successor (i.e. on a conversion or takeover)"

So if the Derbyshire defines its terms in the same way as the Cheshire a windfall is an amount received for transfer of the business to a successor. Wether its called a merger a takeover or a conversion it will be a transfer of business.

ed123_2

.....section 97 of the Building Societies Act 1986 appears to refer to distributions re a takeover or conversion....as I remember with the Portman/Nationwide "merger"...it was a mute point if this was infact a true merger.....

ultra10

Is it worth at least trying to open an account in either of these two tommorow ??

bristolleedsfan

ultra10 wrote: »

Is it worth at least trying to open an account in either of these two tommorow ??

The worst that can happen is that opening an account wont lead to a merger payment, that you end up closing the accounts and receiving your money back in full + interest.

If official merger proposals are announced on Monday, then no point bothering to open an account after such an announcement.

milocoon

NO WINDFALL PAYMENTS for anyone according to BBC News!

:A:T

bristolleedsfan

milocoon wrote: »

NO WINDFALL PAYMENTS for anyone according to BBC News!

:A:T

steady__eddie

I have it on good authority that a frequent expression to be heard around Derby nearly every Saturday is, "We wuz robbed". :rotfl:

6022tivo

So I went for some Cheshire and Derbyshire accounts a while back.
I see they are playing this as a rescue, not a buyout so NO windfall payments...

So is there any reason why I should now keep these accounts, or just cash them in??

baby_boomer

Perhaps the thread title should be changed to:

Carpetbagging: the best accounts to close at each society

I'll start with that timeless classic, the Dudley "Extra Special" account paying 0.1% :eek: before tax.

The benefits of mutuality :rolleyes:

Cozworth806

baby_boomer wrote: »

Perhaps the thread title should be changed to:

Carpetbagging: the best accounts to close at each society

I'll start with that timeless classic, the Dudley "Extra Special" account paying 0.1% :eek: before tax.

The benefits of mutuality :rolleyes:

Every BS has rubbish accounts in their closet, which undermines their claims to be serving their members, the usual duplicity applies the same way as PLC's that headline rates come before long standing customers, and then the rates sink without trace. I know Portman used to be a specialist at this.

Britannia continues to pay such underwhelming rates on the bulk of its accounts that I wonder how they get anyone through the door.