On 3 November 1998, we introduced a new condition as part of the declaration for new customers opening savings accounts.
Every new customer opening an account that provides membership of the Coventry must agree to assign any windfall conversion benefits to which they may become entitled, to the Coventry Building Society Charitable Foundation for a period of five years from the date the account is opened.
We introduced this to avoid disruption to our normal business caused by the actions of speculators whose main objective in opening accounts is to receive windfall conversion payments.
The Coventry Building Society Charitable Foundation, established in 1998, is a registered charity, and the majority of its trustees are independent of Coventry Building Society. It provides financial assistance in the form of grants to registered charities operating in the area served by our branch network.
If you were an existing member on 2 November 1998, this condition does not apply to any new accounts you open after this date (as long as you've remained a member continuously).
Read more about our Charitable Assignment Scheme in our leaflet.