£100 payment - Nationwide Fairer Share

Section62

veggieblob said:

ShezaEU said:

I'm in the same boat and opened a new CA last week (I had retained the RS) and it was instant.  I am still receiving the £100 message online and in the app, so hopeful.

I think you'll be Ok as you'll have an open current account on the date the payment is made, but I'd suggest people generally should be wary of assuming the £100 message online/in app is any kind of guarantee that they will get the payment.

I.e. for anyone who closed their current account and hasn't opened a new one, the eligibility message doesn't mean they will get the payment, because the T&C's still apply.

HonestJohn

Nationwide once referred to people who opened accounts for a short term gain as carpetbaggers and excluded them from any share out from demutualisation. Now they are rewarding them. You couldn't make it up.

minislim

Looks like I'm another one who's lost out.
Been a long term member for nearly 8 years. 
My regular savings matured in February and had used the money to pay off a holiday.
but i had delayed starting the new regular savings due to making up a short fall in holiday funds.
so at the end of march i registered as not having any savings. so missed their rather limited criteria.

so much for rewarding loyal members. 

srgrove

I missed out by a whisker, got the current account, savings account, made payments but the money I put in only went over £500 in one of the three months.  Annoying as the total was over £1k betwen January and March but only one month went over the £500.

Win some, lose some but a fairer method would have been a smaller payment with less hoops to jump through so more members would have got something.  I'm not bothering to hang around in the vain hope I'm one of the chosen few next year so have decided to take one of the £200 switch bonuses to move away.  I needed to shift the savings anyway so this has been a prompt to do just that and get a better deal somewhere else.

allison445

I decided to wait and see if nationwide made any sort of statement to address the issue lots of distressed and upset customers and as of yet no statement or any communication issued just the usual cut and paste stuff on Facebook send feedback or complain which I doubt will make much difference as people will probably just receive an automated response as I doubt they will be able to work through the millions of complaints within the 5 day time scale
I am also still seeing lots of press outlets with conflicting information on who qualifies which seems to be inflaming the issue

I have started the switch and closed my savings account
win for me £200 for switching early interest on the closed account and 2% more interest than nationwide were giving me on my savings account 
Not being loyal has paid off for me 😁

km1500

Automated response by email just received

Thank you for your feedback

 

Dear xxx

 

As a Building Society, we’re owned by our members. And that means we always want to hear what you think and how we can make things better for you.

 

Thank you for taking the time to give us your feedback. We really appreciate it.

 

Nationwide Digital Support

TheBanker

Their reply doesn't really address the issue, does it?!

Finbo62

My understanding was that Nationwide was "owned by its Members" so I consider this latest gimmick discrimination of the highest order. I like many others have had my salary paid into NW for over 30 years and over the years several thousands in savings. Now because of the cost of living I have no other option than to withdraw my savings.
I will now transfer my account and take advantage of the £200 others are offering NW will no longer have access to my money. 
I am writing to the CEO to explain my decision.
If enough disgruntled "Members" follow suit perhaps NW will think more carefully before they alienate those that have had that loyalty severely tested.

flaneurs_lobster

Well, Nationwide's master plan to clear out a lot of the old, dead wood from their customer base seems to be working a treat. 

DS_MSE

I think the 12.6M Savers that have been excluded from Nationwide’s ‘Fairer Share’ Profit Distribution (including myself), deserve, at the least, an immediate full and frank explanation from the CEO of Nationwide - Debbie Crosbie, as to how Nationwide arrived at and chose their current ‘Fairer Share Payment’ selection criteria, explain why they think this was appropriate and how they think this accurately identifies genuinely loyal Members that deserve a share of the Societies profits over and above other long standing Members of the Society.

Sitting on this side of the ‘fence’ one might be forgiven for thinking that they had a maximum figure they were prepared to distribute (let’s say up to £350M - which again begs the question why only this amount and what’s happening to the rest ?) and a target payment amount for each qualifying member - since £100 seems a very convenient and nice ‘headline grabbing’ round sum, before working backwards, no doubt calculating all the different permutations of membership criteria in order to arrive at an acceptable target of 3.4M qualifying Members - Bingo - Job Done, without stopping to think whether this resulting permutation was fair and more importantly morally defendable.