Coventry Building Society Take Over Co-Op Bank

[barry1010]

Will this be a cash windfall for Cov BS members?

https://www.bbc.co.uk/news/articles/c800j74l4dqo#:~:text=Coventry%20Building%20Society%20has%20finalised,be%20complete%20in%20early%202025.

[davebro3]

I doubt it. I think I did get some money from a BS re-org some years ago but I don't remember exactly.

[barry1010]

It was a big thing some years ago - I got quite lucky with all the mergers and takeovers of building societies. 

[dasherman]

More likely to be a windfall for Co-op members I'd have thought, if anybody.

[Tuvok]

Doesn't mention cash in the email

"What it means for members

Bringing together the Society and The Co-operative Bank will support:

A stronger mutual building society, that will carry on delivering competitive savings and mortgages, and keeping your money safe.

More investment in delivering an outstanding service in our branches, telephone, online and mobile services.

A larger UK branch network providing choice, access, and reassurance to more people.

A broader set of products and services, like current accounts, to meet more of your needs.

The creation of a larger, values-driven organisation centred on meeting the needs of members and customers and making a positive impact on wider society."

[barry1010]

I will keep my fingers crossed 😊

[Peter Pedant]

oh dear what short memories we all have. We are referring to the conversion of  building societies ( mutuals) into banks. This  led to some distribution of assets to the punter ( not more than £500). The 500 knicker was recovered within two or three years by raised fees.

It took two or  three years for the Brits to learn what they  had done to themselves ( think Brexit)

OK dont think Brexit

[davebro3]

Builing Societies are still available for those who want them - Nationwide is doing quite well.