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The Case of Nationwide & Portman

By: Chris Nickson - Updated: 1 Aug 2022 | comments*Discuss
 
Unclaimed Money Unclaimed Funds

Nationwide Building Society is Britain’s second largest mortgage lenders, and highly thought of, to the extent that their figures largely track house prices and sales. It’s one of the giants in the industry, a building society that, in many ways, is as big and as influential as any bank.

Where others have demutualised and become Plcs, Nationwide (which was once called the Co-operative Permanent Building Society) has not, remaining a very large fish in a smaller pond, rather than competing directly against much larger banks.

Nationwide Dormant Accounts

However, its size and position means that Nationwide has literally millions in dormant accounts – they’ve estimated it at £42 million divided between 24,000 dormant accounts. To that end, in 2007 they started an extensive campaign to make people aware of their dormant accounts. Interestingly, but understandably, what they ideally wanted was for people to make those accounts live and active once, more, rather than having them withdraw the money.

They attempted to make mail contact with account holders, and appointed a search agent to try and track down others. The focus was on those whose accounts had had no activity for 15 or more years, meaning that in many instances those people would probably be dead.

As well as attempting to make contact, Nationwide also had a claim form on their website for those who believed they might have a dormant account, but weren’t sure.

Nationwide & Portman

As one of the largest in its field, Nationwide has the money to grow bigger and acquire smaller firms. In 2007 it did this with Portman Building Society, another of the giants among building societies (like Nationwide, it was one of the three biggest) with 1.8 million members.

Portman members had to vote on the matter. 93% of savers were in favour of joining forces with Nationwide, and 92% of those with mortgages.

As a result of this, all Portman members were in line to receive a windfall which would average £445 per person, although real figures were anywhere between £200 and £1000, depending on the size of the accounts.

Inevitably, though, a number of those due money will fail to claim their windfall. Those sums will join others in the Nationwide coffers (no Nationwide account holders will receive any windfall from the takeover), and in a few years there will be attempts to reunite people with heir money.

Although the takeover has been well publicised, some will still forget to claim, others will have moved and not given their new address, a few will believe their money has been lost in the takeover and make no attempt to claim, while some others will just be too lazy to make a claim (hard to believe, perhaps, but statistically true!).

All of that creates problems for Nationwide. The total to be disbursed in the windfall is £500 million, which is a fair amount (Nationwide has £160 billion is assets), and in all likelihood at least £50 million won’t be disbursed.

So, if you have a Portman account or mortgage, make sure you enter your claim and get the money that’s owed to you!

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So, it would be super helpful if the article included how we claim our funds because some of us are trying!
Char72 - 1-Aug-22 @ 11:54 AM
I had a mortgage with Portman and sold the house. Myself and partner paid an endowment every month. Now Ive been told that they can't find the mortgage account and I have lost all paperwork. Nationwide then contacted me to say they found the bank account which I know was linked to the mortgage. We were not paid any windfall and have not received the miss sold endowment. Please advise.
Ernest - 20-Jul-22 @ 12:34 AM
Still waiting Nationwide. Had no communication from you nor have others by the looks of it. At my local branch I was told that my account was closed, so where has my money gone??
Jeppy - 2-Jun-22 @ 4:33 PM
Still waiting Nationwide! I have had zero contact from you! Please respond! In anticipation.
Jeppy - 2-Jun-22 @ 4:30 PM
How do I claim back my money in my Portland BS?
Jeppy - 3-Mar-22 @ 12:51 PM
I too have an old Portland account together with my wife,can you please advise us how we can claim back our deposits from our accounts?
Jeppy - 3-Mar-22 @ 12:42 PM
I have £158.54 in a Portman Account dated 24/11.06.How do I claim back my money?
Celia - 29-Jul-21 @ 1:49 PM
I have a Portman account last used in 2002.how doni claim money owed?
Si - 4-Sep-20 @ 8:32 PM
I have found an portman account with over £100 in it I was wondering who to contact to get shares? I was wondering what value I am entitled to anything thanks
Greg - 4-Sep-20 @ 6:07 PM
I recently been doin a bit of clearing out and found my Portman Passbook with a value of £310 dated 24-09-2007.How can I find out how to reclaim my money? Can I also claim any shares or my windfall in the new merger? As additional info my son also had Portman account but he never received any shares or windfall. His Portman account was just transferred into a nationwide savings account. Any reason why he did not receive a windfall amount or shares?
FMAli - 16-Jul-20 @ 12:01 PM
I recently been doin a bit of clearing out and found my Portman Passbook with a value of £84.66 dated 10/06/98. How can I find out how to reclaim my money?
Kam - 8-Jul-20 @ 5:32 PM
I have an account with Portman Building Society which was opened several years ag, since then I have moved and basically forgotten about my account and but my passbook has not been updated since 2001.I have now came to understand that Portman has merged with Nationwide, unfortunately, I have not received any notification of this merger.Can you please confirm what should I do, I need to update my passbook and also claim for the shares in the new merger.
dp - 23-May-20 @ 11:38 AM
Hi i wonder if anyone could help, my father past away and in the processes found he had a old portland account, how would i go about looking into this? Thankyou
LauK - 14-May-20 @ 8:36 PM
Hi I have found my old paying in bold , was last updated in 2007 , how can I find out how to get my funds out ?
Shaun - 14-Apr-20 @ 12:55 PM
I recent empty my desk and found a Portman building society. Book which was wedged in back of it The account is mine there is £200 in it it was put in on the06/March 1998 how do l claim the money back please
Roger - 22-Mar-20 @ 3:39 PM
I HAVE A PORTMAN INVESTMENT PASSBOOK WITH A BALANCE OF £77-25 AS OF 1/1/06. HOW DO I GO ABOUT RECLAIMING THIS MONEY PLEASE ?
Ronnie - 19-Feb-20 @ 9:00 AM
Sir kindly a m looking for unclaimed property to claim as a next of kin to share as partnes if no heis to claim
Mbogoshi - 30-Dec-19 @ 9:11 AM
I had a mortgage with my parents with Portland many years ago, I have all the account no’s etc, where do I go from here as time is running out and there may be ppi to come back to me.
Lambo - 19-Aug-19 @ 3:56 PM
I had a london and Manchester endowment mortgage in 1987 with my partner it was passed to the Portman building society when the london and manchester came outof the mortgage business. A number of years later the nation wide then took over the portman I like others have tried to see if I had ppi . I have wrote to nation wide and asked them to pass my letter to those dealing with portman accounts I got no response.Ps being my mortgage came from a 3rd party when nation wide took the portman over we got 0 shares .
Muck - 31-Jul-19 @ 12:49 PM
My mother had an old Portman account and the old paying in book show over £3000 being in this account . Please could you tell me how she can get to this as she is sorting out her finances. Many thanks
TR - 3-May-19 @ 4:12 PM
Hello, I had a Portman Mortage in the 80's or even early 90's but I cannot find any record of this. I am currently checking if I am owed PPI and contacted Nationwide to check for me as they now own Portman. They could not find a record of my mortgage either. How can I find out information going back that far. Thank you
Susie - 5-Nov-18 @ 11:44 AM
I had a portman mortgage in the 90'show do i find out About ppi
Jadey - 3-Sep-18 @ 5:40 PM
hi i had an instant access account with portman. just come into contact with my paper work again. the account has transferred to nationwide but I didn't receive my windfall. any suggestions? spoke to nationwide and they said write a letter to their head office. thanks akram.
Akram - 9-Jun-18 @ 5:22 PM
BS - Your Question:
Iv got 12 building society accounts including the Portman & Nationwide. Iv not moved home. Non of them have ever sent a letter saying the accounts have been made dormant until I contacted them using my lost accounts website.I'm in the process of tracking them down. My lost accounts has been great. Wonder how much money The building society's/banks have gained in non payment of interest and not being forthcoming with the information. Another banking scandal. As always the banks get rich on the backs of the hard working public.

Our Response:
We're glad this has helped you. I'm sure there is a lot of money sitting in unclaimed accounts.
UnclaimedFinances - 5-Apr-17 @ 2:22 PM
Iv got 12 building society accounts including the Portman & Nationwide. Iv not moved home. Non of them have ever sent a letter saying the accounts have been made dormant until I contacted them using my lost accounts website.I'm in the process of tracking them down. My lost accounts has been great. Wonder how much money The building society's/banks have gained in non payment of interest and not being forthcoming with the information. Another banking scandal. As always the banks get rich on the backs of the hard working public.
BS - 5-Apr-17 @ 12:43 AM
Lis - Your Question:
I opened an account many years ago - 134-41833054 - but cannot remember ever having closed it. Recently discovered paperwork suggests there was approximately £100.00 in it. Can you enlighten me please? Many thanks.

Our Response:
You would have to contact My Lost Account via the link here.
UnclaimedFinances - 9-Dec-16 @ 12:43 PM
I opened an account many years ago - 134-41833054 - but cannot remember ever having closed it.Recently discovered paperwork suggests there was approximately £100.00 in it. Can you enlighten me please?Many thanks.
Lis - 9-Dec-16 @ 10:24 AM
my late mother had a portman building society account with £3000.How do I now withdraw the money to pay death duties?
sharon - 18-Aug-16 @ 12:21 PM
I had a portman building society account, how do i claim money
Sophie - 29-Jun-16 @ 9:33 PM
I had a Lambeth Society account that was then taken over by Portman. We moved and I forgot to update them. I now can get access to the original deposit in a Nationwide Account, however, Nationwide are saying that there was no money and therefore no windfall. Can you help as I did speak to someone a few years ago who said that we would be due about £250 windfall but was never told that again.
Jessie - 19-Dec-15 @ 8:15 AM
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