Portman is a mutual organisation, owned by its members.
A little while back over 500 of the members of Portman got together and asked the directors of the company they own to consider demutualising. Portman responded by throwing these members out of the society.
It seems to me that the ... Read review
Advantages: None Disadvantages: Directors are unaccountable
Portman is a mutual organisation, owned by its members.
A little while back over 500 of the members of Portman got together and asked the directors of the company they own to consider demutualising. Portman responded by throwing these members out of the society.
It seems to me that the arguments for or against demutualising are almost irrelevant here - in a free society 500 of the members of a mutual organisation should ... ...them out, knowing that a legal challenge by the members would be very expensive. It seems to me that the directors are acting without any control from anyone at all.
The market is full of banks and building societies. I advise use one that is not tarnished by such arrogance.
... more
Portman is a mutual organisation, owned by its members.
A little while back over 500 of the members of Portman got together and asked the directors of the company they own to consider demutualising. Portman responded by throwing these members out of the society.
It seems to me that the arguments for or against demutualising are almost irrelevant here - in a free society 500 of the members of a mutual organisation should be able to have an idea considered. Portman has thrown them out, knowing that a legal challenge by the members would be very expensive. It seems to me that the directors are acting without any control from anyone at all.
The market is full of banks and building societies. I advise use one that is not tarnished by such arrogance.
Advantages: Take out up to £1500 Disadvantages: None, good service
I joined the PBS about 2 years ago and I am generally happy with the account. I have found that the staff at my local branch are very helpful and I usually end up happy.
The Deposit account is restricted to £500 per day cash withdrawal.
Tip - If you go into the branch before 3:30pm and make an emergency withdrawal (only one per year allowed) they will waive the limit up to £1500.
I have been told by the staff at my branch that this is usually ...
OhBrother 08.08.2000
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Ciao members have rated this review on average: helpful Review of Portman Building Society
Advantages: None Disadvantages: Arrogant, listens to no-one
...invited the directors of the Portman to consider demutualising and becoming a bank - and in the process paying a windfall to members.
Now the pros and cons of demutualisation are complex, and you may or may not think that Portman should demutualise. But Portman responded not by having a vote, or by the directors saying they would indeed consider demutualising, but by kicking out 500+ of their members. In theory a legal challenge could be brought ...
Aquila 06.09.2000
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Ciao members have rated this review on average: helpful Review of Portman Building Society
Advantages: Excellent service and human-based credit scoring Disadvantages: Not full range of products offered
Portman is one of the building society that does credit-checking instead of credit scoring. They will make sure your credit background is clean and they judge their lending based on your circumstances in a humanly manner. This is different from some lenders such as Natioanl Wide Building society which placed more importance on computer-based scoring then human wisdom. For those who have been unfortunately branded as 'credit-unworthy' by those unworthy ... ...Also, there is not penalty for over payment (up to a certain amount) for most mortages.
They only weaknesses is that Portman do not provide full range of financial services - e.g. current account and open-financial plans, such as those provided by intelligence finance IF and Woolwich. ...
casper77 28.03.2001
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Ciao members have rated this review on average: helpful Review of Portman Building Society
Advantages: Competitive-ish Disadvantages: Inflexible, old fashioned approach
I have been with Portman for several years having previously been with C&G. I was attracted to their low cost deals and lack of redemption penalties which offered a great deal more transparency than the likes of C&G.
I have, generally, been pleased with the service and product offered although have found that their competitiveness has slipped considerably since taking out my product. In particular, it is disappointing to note that the flexibility ... ...management seems to have a rather odd approach to the fact that, as a mutual society, Portman is owned by its members (i.e. mortgage borrowers and savers). It has, for the third year, refused to allow a vote on whether it should de-mutualise and issue shares to members. Democracy? ...
Kristian 25.03.2001
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Ciao members have rated this review on average: helpful Review of Portman Building Society
Staff courtesy
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