What does Building Society mean?

Building Society meaning in Finance Dictionary

'Mutual' non-profit-making establishments arranged to lend money for their people for household purchase. Building societies are 'mutual' since they're had by their particular people, that entitled to their profits and benefits. The Building Societies Act 1986 allowed creating societies to produce a much broader variety of services for their users, including unsecured personal loans, insurance coverages, house-selling and retirement benefits. This is built to wear them a level playing field with finance companies. In recent years a few of the UNITED KINGDOM's biggest building communities have actually demutualised and efficiently switched on their own into profit-making financial institutions, with their profits being distributed to shareholders in the place of their customers. Building societies tend to be regulated by the Financial solutions Authority (FSA). Their trade connection may be the Building Societies Association.

Building Society meaning in Law Dictionary

n association where subscriptions of the people form a capital stock or fund out-of which advances might be built to people desiring them, on home loan safety.

Building Society meaning in General Dictionary

British equivalent of united states of america savings and loan association