SIR: Through the news media we are hearing of more and more takeover bids and mergers of building societies by the banking profession.

All well and good, or is it?

I am an existing borrower with one of the well known building societies involved in such takeovers and also an investor in an equally well known building society that has recently been taken over in this way.

I have received through the post annual reports of accounts, an inch thick, for my perusal, which, I may add, would take me the best part of a week to read, let alone absorb all the information given.

Then there are the voting forms indicating where to place your tick when you have decided how to vote. And a sentence in bold capitals stating The Board of Directors unanimously advise you to vote in favour of the proposed takeover.

I have also heard of members due to receive between seven hundred and a thousand pounds in shares etc. All very nice.

My worry is this.

The bank's overwhelming concern is in making profits and, as interest rates vary so much between building societies and banks, and that mortgages can run 20 to 25 years, I wonder whether the average mortgage-payer would be better, or worse off, in the long term with a bank, rather than a building society.

Can any of your readers enlighten me?

Mr T Jones, High Bank, Hough Lane, Bromley Cross, Bolton.

Converted for the new archive on 14 July 2000. Some images and formatting may have been lost in the conversion.