The virtuous circle of mutuality
A Yorkshire Building Society case study

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Page 5: Becoming a member of a mutual

All members of a building society are customers. However, not all customers are members. This is because to become a member it is necessary to open a share account. To be able to vote it is usually necessary to be over 18 years of age and to have more than a minimum amount of savings (usually about £100). Each voting member then has one vote regardless of how much they have put into the Building Society. In some cases people who have taken out a mortgage from the Society are also able to vote i.e. in the case of a merger or conversion of the Society.

Yorkshire Building Society | The virtuous circle of mutuality