G
garrettod
Guest
Hi
Speaking as a small, personal customer of the EBS Building Society, I don't think I am better off in the long run, as they continue to tell me on advertisments etc.
A quick glance at the EBS tells me I'm not better off in the long run, for the following simple reasons:
- Their Mortgage Rates are not the cheapest & have not been for about 5 years, I reckon.
They give you all this rubbish about the cheapest variable mortgage rate, but everyone knows that you can get cheaper rates by selecting a tracker mortgage from another lending institution - why would I want to pay more, for a different type of mortgage rate that is also variable ?
- The Rates on their share accounts are very poor
The EBS don't publish the interest rate they pay all of their share account holders on any of their readily available literature in their branches, don't mention the interest rates on statements & don't like having to answer you when you push them in the branch.
However, after serious effort, I eventually discovered that the EBS pays the miserable sum of 0.25% per annum on ones savings, in a EBS Share Account (that little passbook, we all cherish so dearly !)
This savings rate is probably one of the worst in the market, so how can having your savings in one of these be better for you in the long run ?
Granted, one might suggest that I move my savings into an alternative product at the EBS - but why should I have to do this, to get a decent interest rate .... and lose my valued membership of the society, where I'd not be a voting member anymore ?
Weakening Customer Service
When I go into a local branch, I find that they EBS is cutting back on it's staff at the counter, resultig in longer waiting time to be served.
Less & Less branches now open Saturday mornings than they used to.
Their Internet & Telephone Banking is limited to very basis stuff
How can this be better for me in the long run ?
Retained Profits At EBS
The society continues to retain good profits year upon year, but I don't see what these reserves are doing to aid my good in the short or long run.
As a member (aka part owner), Im entitled to a share of the earnings of the society, if there is a distribution. I've not had any. Have you ?
Unlike some other mutual societies, the business is not, a not for profit organisation - it's profiting on myself & every other EBS members. It does not refund us part of our interest paid, or award us additional interest after each years profit is announced.
EBS to be taken over by Rabobank ?
The newspapers continue to mention the likely takeover of the EBS by Rabobank, indicating that the EBS is a mutual & as Rabobank is also a mutual, this is the way forward for the EBS (or so some people think).
Why must it be Rabobank ?
Why must I read the views of named, or unnamed, sources in *my (granted, I only own a very small interest in the EBS) society ?
Why can the board of the EBS petition the Government for special legislation to be passed, which will influence the future of *company, without me getting any say on it first ?
How can this be better for me, in the long run ?
So the big question is .... how am I better off in the long run with the EBS ?
Cheers
G>
Speaking as a small, personal customer of the EBS Building Society, I don't think I am better off in the long run, as they continue to tell me on advertisments etc.
A quick glance at the EBS tells me I'm not better off in the long run, for the following simple reasons:
- Their Mortgage Rates are not the cheapest & have not been for about 5 years, I reckon.
They give you all this rubbish about the cheapest variable mortgage rate, but everyone knows that you can get cheaper rates by selecting a tracker mortgage from another lending institution - why would I want to pay more, for a different type of mortgage rate that is also variable ?
- The Rates on their share accounts are very poor
The EBS don't publish the interest rate they pay all of their share account holders on any of their readily available literature in their branches, don't mention the interest rates on statements & don't like having to answer you when you push them in the branch.
However, after serious effort, I eventually discovered that the EBS pays the miserable sum of 0.25% per annum on ones savings, in a EBS Share Account (that little passbook, we all cherish so dearly !)
This savings rate is probably one of the worst in the market, so how can having your savings in one of these be better for you in the long run ?
Granted, one might suggest that I move my savings into an alternative product at the EBS - but why should I have to do this, to get a decent interest rate .... and lose my valued membership of the society, where I'd not be a voting member anymore ?
Weakening Customer Service
When I go into a local branch, I find that they EBS is cutting back on it's staff at the counter, resultig in longer waiting time to be served.
Less & Less branches now open Saturday mornings than they used to.
Their Internet & Telephone Banking is limited to very basis stuff
How can this be better for me in the long run ?
Retained Profits At EBS
The society continues to retain good profits year upon year, but I don't see what these reserves are doing to aid my good in the short or long run.
As a member (aka part owner), Im entitled to a share of the earnings of the society, if there is a distribution. I've not had any. Have you ?
Unlike some other mutual societies, the business is not, a not for profit organisation - it's profiting on myself & every other EBS members. It does not refund us part of our interest paid, or award us additional interest after each years profit is announced.
EBS to be taken over by Rabobank ?
The newspapers continue to mention the likely takeover of the EBS by Rabobank, indicating that the EBS is a mutual & as Rabobank is also a mutual, this is the way forward for the EBS (or so some people think).
Why must it be Rabobank ?
Why must I read the views of named, or unnamed, sources in *my (granted, I only own a very small interest in the EBS) society ?
Why can the board of the EBS petition the Government for special legislation to be passed, which will influence the future of *company, without me getting any say on it first ?
How can this be better for me, in the long run ?
So the big question is .... how am I better off in the long run with the EBS ?
Cheers
G>