Worthing pensioner's share "windfall"

A WORTHING pensioner has slammed a building society for "wasting" money by sending him a cheque for 2p.

John Shaddick, 78, from Offington Lane, received the cheque from the Britannia Building Society as part of a 19million dividend being shared between members.

"The stamp cost a lot more than the cheque," said Mr Shaddick, a retired company secretary.

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"If an amount is below a certain figure, surely it should be rolled over until next year. That seems elementary to me."

Lower payout

A letter accompanying the cheque said: "This year is lower than last year, however we are pleased we are able to share 19m with our members."

But 7 of Mr Shaddick's dividend was paid directly into his account, leaving him scratching his head as to why a cheque was sent at all.

He added: "I was staggered. I saw it and thought 'they're just wasting our money'. It's bureaucracy gone mad."

Uncommon cheques

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Jayne Dono, from Britannia, said the 7 payment related to a tax-free ISA account, while the cheque payment related to a bond Mr Shaddick had opened and then closed within a short period of time last year.

She said tax laws prevented the membership dividend not earned by an ISA being paid into an ISA account, therefore payment was made by cheque for the small dividend earned by the short-lived bond.

Ms Dono added it was uncommon to hear of cheques being issued for such small amounts but that altering the computer system to try to roll over small amounts for all customers could cause more problems than it solved.

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