Teachers AGM
Q: Why are you introducing new accounts paying better rates than your existing accounts without automatically migrating customers across to these new accounts?
A: We cannot automatically transfer customers' accounts to new accounts. Wherever possible, whether it is by writing to all members personally at every rate change, publishing these on the internet or alerting members who call or are withdrawing funds, we try to bring all our best products to the attention of members as we firmly believe that we should as a mutual. Fixed rate products are an exception to this rule as these are not included in the interest rate sheets sent to members as these change frequently and we cannot continuously update the information sent to customers or inform them as this would be too costly. This information is available on the Society's website and we can tell members who call about the products available at that time.
Q: Whilst arrears are commendably low, what is the attitude of the building society towards repossession?
A: The Society's arrears are not low as a result of an aggressive approach to repossessions. The Society had no properties in possession at the end of last year and only one property was repossessed in the whole of last year and this was a voluntary repossession when the borrowers sent their keys to the Society. The Society manages its arrears actively by communicating regularly with members in arrears and working with members before they get in arrears to find workable and well-balanced solutions for those customers experiencing financial difficulties.
