Letters: 'Building Societies used to be non profit organisations, but now they're no better than banks'

They were originally set up many years ago as not for profit institutions, designed to benefit their members – their members being borrowers and savers alike.

However, sadly this is no longer the case as now an army of fat cat executives, board members and hangers on all require their over inflated salaries, so seek to maximise yield at the expense their members ­– the majority of which are savers.

It now appears to be a race to the bottom – as long as the high salaries remain, members will have to endure low interest rates, slow cheque processing times and outdated unnecessary charges.

Maurice Paton, Aiskew, Bedale.