Tuesday, June 2, 2009
Where’s YOUR money?
'Five building societies to fail within a year'
A leading building society commentator reckons that at least five mutuals will fail within 12 months and 15 will be forced to merge. Ralph Silva of TowerGroup, the leading financial services research firm, said that up to 15 building societies could be forced to merge within the next year or so but that at least five others would fail on the lines of Dunfermline Building Society.
Posted by devo @ 08:29 PM (995 views)
5 thoughts on “Where’s YOUR money?”
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inflation is eating my savings says:
I’m not sure about Nationwide. Had a friend who took 30+k to them last week wanting to open an account. He failed their internal credit check as he’d been overseas for a few years, pays his credit cards, no bad debts. He was therefore offered only a limited range of accounts. He went elsewhere. Muppets.
lenny says:
I was surprised at Nationwide limiting their range of accounts when your friend had £30K to deposit. They should have been very keen to get a sizeable deposit like that.
Both my brother and myself live abroad and Nationwide have been among the best at providing banking facilities to expats, apart from when it is time to get renewal credit & debit cards
It’s about time that banks returned to the days of looking after their customers on a more personal level, not just using them as cash cows.
techieman says:
inflation… if their controls cant prove that your friend is ok, then i think they are wise to just say no. I hope they apply similar tough criteria to their loans! Perhaps it was the money laundering rules that was the problem??
If the controls are more stringent im not sure that them saying no is a bad thing.
nomad says:
During the early days of the banking crises first emerged these mutual societies were held up as the ideal model – loans based on deposits held, so much safer than the reckless casino banks. Now they are looking increasingly flaky along with banks – and honorable members.
This is turning into such an enormous crisis of trust.
mr g says:
OK, so perhaps a few societies may have problems but this is being over hyped to distract from the mega problems of the big high street banks and other financial institutions.
At the end of the day if you stay within the £50k compensation limit per institution you will be OK.
I would sooner have my money with a building society rather than the cowboy banks run the Deputy Dawgs in the boardroom.