Help! Does the Nationwide/ Portman merge give windfalls?

Saberu · 19 Sep 2006 at 16:53

I knew around a decade ago when a building society became a bank people got windfalls, my brother got £500 in his account from the Lloyds/TSB merger. Will this happen for the Nationwide/Portman merger? Because I had an account on both but I closed my nationwide account today then read the news about the merger and was afraid I'd just missed out on something. Also am I wrong in assuming this merger would lead to them becoming a bank?

I know nothing about this stuff so I'm probably completely wrong but just wanted to know for sure.

I presume the merger is an agreement and not a buyout which would mean it probably doesn't give a windfall. It said an agreement on the notice.

EDIT: Found my answer here: http://www.portman.co.uk/news/press_120906.asp

The enlarged Society will continue to be a mutual building society:

Thats a no on the windfalls then?

But it also says this

Qualifying saving and qualifying borrowing members of Portman are expected to receive a minimum merger bonus of £200 (pre-tax) (see notes to editors for further details), representing a distribution of over 70% of Portman’s general reserves at 30 June 2006.

So maybe I did miss out.

iBankAllDay · 19 Sep 2006 at 16:59

There will be 'windfalls' as a result of this merger, yes. However, only in favour of qualifying Portman members/customers, which will be of a minimum of £200. The two entities will now both be branded as Nationwide, and the new, larger organisation will remain a Building Society.

There is more information here: Cash Questions: Nationwide / Portman merger

Hope that helps

.

Usel · 19 Sep 2006 at 16:59

Only Portman account and mortgage holders will get a payout. Minimum payout is £200 and you need at least £100 in your account on the 12th September 2006.

Nationwide peeps will get nothing.

ArmyofHarmony · 19 Sep 2006 at 17:01

My mate got 200 quid

Saberu · 19 Sep 2006 at 17:02

Thats excellent. I had an account with both and closed the nationwide account, I think I still have the Portman account

OMG I only had £1 in my account because I removed all my money

/goes and cries in the corner.

crystaline · 19 Sep 2006 at 17:02

It has been rumoured for perhaps 5 years or more now that something was going to happen at Portman, thats why a few years back they put a block on people being able to receive a payout if they signed up for a new account after a certain date.

woodsy2k · 19 Sep 2006 at 17:25

£200 here we come baby \o/

Although thats not all that great if my local portman branch closes. what about the little green books? hopefully they wont disappear.

Usel · 19 Sep 2006 at 17:33

ArmyofHarmony said:
My mate got 200 quid

He's already got it :confused:

They haven't even merged yet and it is possible that it may never happen. (unlikely though)

The merge date is set for September 2007 so no one should recieve any money until that date.

ArmyofHarmony · 19 Sep 2006 at 17:40

Yeah im pretty sure he said he already has it, he was bragging about it the other day... because all my mates used to take the **** out of him for having an account with portman

Usel · 23 Mar 2007 at 18:13

Got my information pack from Portman about the merger today stating the ins & out of whats happening.

Hopefully should have £800 coming my way in August

Click for a break down of payouts at different range of invested or borrowed money.

If you have a saving and borrowing account you will get two payouts.

Digital Punk · 23 Mar 2007 at 18:20

I have a Portman account and tbh, the merger windfalls are a joke. :mad:

I don't think the bonus is fair at all, and just ensures that the people with small amounts in their accounts and mortgage owners will vote in favour of the merger.

People with more substantial amounts in their account don't get a good deal imo.

And btw, your mate is lying about getting £200 because the merger hasn't gone through yet.