Posted by: John | September 29, 2008

I hate to say `I told you so`

but thank f*ck I’m with the boring old Nationwide! Thank f*ck that it was a Lib Dem cllr (he had a funny name and represented a ward in Richmond – can anyone remember him?) that stood out against demutualisation of Nationwide. Thank f*ck I and thousands of others have consistently supported by votes the mutuality of Nationwide.

I hate to say `I told you so` but I am!

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Responses

  1. Not that it would matter who you banked with, unless you have over £35,000 on deposit.

    Just how rich are you? :oD

  2. Mutuality has been no protection, though, in the cases of the Derbyshire and Cheshire Building Societies, rushed through fast track procedures into a a “rescue” takeover with special provision for the shareholder members not to be consulted. Nationwide has been conservatively run, but not so all the smaller building societies yet surviving.

  3. I suppose building societies are just as capable of making duff loans as banks – but at least they are not vulnerable to crooked dealers forcing the share price down.

    Having said that – if one has significantly more than £35K in Nationwide there might be no harm in moving the excess elsewhere. However watch out for Nationwide swallowing up whatever smaller building society you choose

  4. No i don’t have more than 35K! I just have complete peace of mind that there are no shareholders having to be sukked up to.


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