Information for customers
Newcastle Building Society is committed to remaining a mutual building society and wants to protect its members from any disruption to its business caused by speculators.
In order to achieve this, all new customers opening share accounts are required to agree to sign a declaration agreeing to assign to the Community Foundation any windfall benefits which they may become entitled to on a future conversion or takeover of the Society.
This agreement will last for the first five years of membership, after which the agreement will cease to have effect for the member in question.
What do we mean by windfall benefits?
This is a benefit which a person has the right to receive as a shareholding member of the Society, under the terms of any transfer of the business to a company on conversion or takeover to a successor.
What do we mean by assigning benefits?
A member whose membership began on or after 1 April 1999 will need to sign a declaration agreeing that, for the first five years of membership, any windfall conversion benefits to which the member may become entitled to would automatically pass to the Community Foundation.
What does this mean for new members?
All new members opening a savings account must enter into an agreement with us to join the scheme, however this does not affect new members applying for a mortgage.
What does this mean for existing members?
If you were a member of the Society on 1 April 1999 and have continued to be a member since that date, the scheme does not affect you and you may open new accounts without signing the agreement.
How can I get more information?
If you need more information please ask at your local branch or telephone our Customer Contact Centre on 0345 734 4345. Lines are open from 8:00am - 6:00pm, Monday to Friday.