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Old carpetbagging BS accounts

flopsy1973
flopsy1973 Posts: 740 Forumite
Part of the Furniture 500 Posts Name Dropper
in Budgeting & bank accounts
Hi
Have read a lot on here regarding keeping old BS accounts open in case they are taken over. I am doing some account housekeeping and wonder if i should keep my Chelsea, West Bromwich and Brittannia accounts, i have had these for years when all the carpetbagging was taking place. Are we ever likely to see these BS taken over and bonuses paid
thanks

Comments

  • JuicyJesus
    JuicyJesus Posts: 3,832 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    flopsy1973 wrote: »
    Hi
    Have read a lot on here regarding keeping old BS accounts open in case they are taken over. I am doing some account housekeeping and wonder if i should keep my Chelsea, West Bromwich and Brittannia accounts, i have had these for years when all the carpetbagging was taking place. Are we ever likely to see these BS taken over and bonuses paid
    thanks

    Britannia and Chelsea already have been taken over - by the Co-op Bank and Yorkshire BS respectively. If you didn't get a windfall then you won't know.

    West Brom meanwhile has a charitable assignment clause, so any proceeds of any sale go to charity, not to you.

    Carpetbagging's dead.
    urs sinserly,
    ~~joosy jeezus~~
  • TheShape
    TheShape Posts: 1,921 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Combo Breaker
    I opened a string of BS accounts around the time Nationwide took over the Portman BS with the hope of some windfalls. It was far too late to benefit. The accounts have slowly been whittled down as takeovers/mergers have occurred and now I only keep the remainder open to maintain membership for the purpose of being eligible for member only offers/accounts.
  • flopsy1973
    flopsy1973 Posts: 740 Forumite
    Part of the Furniture 500 Posts Name Dropper
    i am sure i took out the W.Brmwich before the charitable clause was added
    What if the Yorkshire and CO-OP is ever taken over will i qualify then?
  • Stuart_W
    Stuart_W Posts: 1,821 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 24 September 2018 at 4:04PM
    No chance with the Co-op Bank, as you are not a member. It is, and always was a plc, previously owned in full by the Co-operative Group but now owned by a range of investor owners. You will get nothing.

    With Yorkshire Building Society, possibly, paragraph 44 in their rules seems to suggest on winding up any remaining worth will be distributed to members, but this is exceptionally unlikely to ever happen. No one would be interested in buying.
  • ColdIron
    ColdIron Posts: 10,325 Forumite
    Part of the Furniture 10,000 Posts Hung up my suit! Name Dropper
    JuicyJesus wrote: »
    Carpetbagging's dead.
    Agree, that horse bolted years ago
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    JuicyJesus wrote: »

    West Brom meanwhile has a charitable assignment clause, so any proceeds of any sale go to charity, not to you.


    But would that apply retrospectively, given that the OP has (in a later post) indicated that they became a member before the clause existed? I wouldn't have thought so unless they opened a new account post-clause and closed the original account.
  • isasmurf
    isasmurf Posts: 1,998 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    JuicyJesus wrote: »
    West Brom meanwhile has a charitable assignment clause, so any proceeds of any sale go to charity, not to you
    Only for the first 5 years from opening an account, after which the charitable assignment agreement expires.
  • flopsy1973
    flopsy1973 Posts: 740 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Ok thanks so get rid off Brittania and may keep W.Bromwich and Chelsea?
  • realaledrinker
    realaledrinker Posts: 1,661 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
    Britannia was technically insolvent when the Co-op rescued it and those bad loans then nearly brought the whole group down, so I assumed OP was asking tongue in cheek!
    Ethical moneysaver
  • realaledrinker
    realaledrinker Posts: 1,661 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
    I'll turn off my irony button then.
    Ethical moneysaver
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