Charitable Assignment

At National Counties Building Society we aim to attract customers and develop long term relationships with them through the competitiveness of our products and the convenience and personal nature of our service. The Society is a mutual organisation, which means that there are no external shareholders to whom dividends are paid. Instead the benefits of our ongoing operations are returned exclusively to our members.

However, there are a small number of people who are not interested in a long term association and instead open a savings account in the hope of receiving future windfall conversion benefits, despite the assurances we have given that we are committed to remaining a mutual organisation and have no plans to change.

In order to avoid any disruption to our business by such speculators, we require all new shareholding members to sign a declaration when opening a share account agreeing to assign any future windfall rights to Charities Aid Foundation for five years from the date of account opening.

The Charities Aid Foundation is a long established charity and its purpose is to make sure that giving to charities is as effective as possible. The assignment of any future windfall rights removes the element of short term personal gain and should thus deter speculators, allowing us to provide the level of service our genuine customers expect and deserve.

The precise terms of the charitable assignment are incorporated into the declaration on our new account application forms which must be signed by all shareholding members when an account is opened or their name is added to an existing account.

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