£100 payment - Nationwide Fairer Share

oldagetraveller1

Initially it was for the switch "reward".

No inkling, then, of anything further. (Supermarket spend, "Fairer" share).

I was more than content with the initial reward but more than willing to accept something extra that I didn't ask for or anticipate.

I would have probably stayed with them, but for a reason that will not be acceptable to reveal here, I closed.

Having run out of options for another secondary account, I was willing to stay.

Deramore12

Both my wife and i have a Nationwide Flex Account and  as customers were expecting £100 each as loyal Nationwide customers.  25 years.
We have had a mortgage now paid off and house insurance. 

We assumed we would get the £100. 

Nope.

Its a flexPLUS account PLUS A SAVINGS ACCOUNTS .. Or MORTGAGE 

If you just have a flexplus account on its own you are apparently not counted as a nationwide customer.

Every article i have read 12 in total says being a Flexplus Account Holder qualifies...it doesn't.   Its even HERE on the Monesavingdexpert website !!! 

They are getting 000s of complaints a day so now have a dedicated phone number and team handling all the enquires.


 

ForumUser7

Deramore12 said:

Both my wife and i have a Nationwide Flex Account and  as customers were expecting £100 each as loyal Nationwide customers.  25 years.
We have had a mortgage now paid off and house insurance. 

We assumed we would get the £100. 

Nope.

Its a flexPLUS account PLUS A SAVINGS ACCOUNTS .. Or MORTGAGE 

If you just have a flexplus account on its own you are apparently not counted as a nationwide customer.

Every article i have read 12 in total says being a Flexplus Account Holder qualifies...it doesn't.   Its even HERE on the Monesavingdexpert website !!! 

They are getting 000s of complaints a day so now have a dedicated phone number and team handling all the enquires.


 

This has all been discussed at length in some other threads, and I've linked mine in case you want to read about other people with similar experiences: https://forums.moneysavingexpert.com/discussion/6447386/100-payment-nationwide-fairer-share#latest

A FlexPlus is a qualifying current account, but the terms require that you also hold a qualifying mortgage or savings account too.

You may be referring to a different article, but this MSE article makes it clear a savings or mortgage is needed too - https://www.moneysavingexpert.com/news/2023/05/nationwide-fairer-share-100-to-customers/

https://www.nationwide.co.uk/about-us/fairer-share/terms-and-conditions/?_its=JTdCJTIydmlkJTIyJTNBJTIyMzMwZTMxMmQtOTE5My00NmRmLWExYmMtZjc3NDNjODRhOGY2JTIyJTJDJTIyc3RhdGUlMjIlM0ElMjJybHR%2BMTY4Nzc4ODI2M35sYW5kfjJfMjY0NDk1X2RpcmVjdF9mYTZkMGI2ZGQ3NTlkNjQyOTFmMTdhM2RkOGEyNjZkYiUyMiUyQyUyMnNpdGVJZCUyMiUzQTM5NDk4JTdE

Deramore12

There is massive stink brewing.

They said all Nationwide Customers,  that is what the media picked up on, that is what what the bank said in its headlines, and indeed its even on THIS  MONESAVINGEXPERT WEB PAGE.

If you are a Flex Account holder  or FlexPlus customer you are not classed as Nationwide customers, its ONLY actually savings +mortgage to qualify. 

The stench is so bad think Hoover and Ratners,  they now have it as as 1st option when you call them. 
 
The lad i spoke to laughed and said they have brought in a dedicated team handling 000s of enquiries a day from totally disgruntled Nationwide customers who are now  checking their account and realising they are NOT receiving any monies, they  "thought" they were Nationwide customers but are clearly not.

ForumUser7

Deramore12 said:

There is massive stink brewing.

They said all Nationwide Customers,  that is what the media picked up on  vwhat tje bank said, and indeed its even on THIS WEB PAGE.

If you are a Flex Account holder  or FlexPlus customer you are not classed as Nationwide customers, its ONLY actually savings +mortgage to qualify. 

Its so bad they now have it as as 1st option when you call them.  The lad i spoke to laughed and said there is now a dedicated team handling 000s of enquiries a day from totally ddisgruntled nationwide customers  checking their account  and NOT receiving any monies, they  "thought" they were Nationwide customers but are clearly not.

https://www.nationwidemediacentre.co.uk/news/nationwide-building-society-launches-nationwide-fairer-share-to-return-greater-value-to-members

• The Nationwide Fairer Share Payment will see members with the deepest relationships rewarded with £100. It will share £340 million with eligible2 members holding both a qualifying current account and a qualifying savings or mortgage product. 

• 2 Full eligibility criteria can be found here. In summary:
  

• o Current account: To be a qualifying current account, your account must have been open on 31 March 2023. See here for further criteria. Qualifying members must still have a current account in June.
• o Savings: You will have had qualifying savings if you had at least £100 in total in one or more personal savings accounts or cash ISAs with Nationwide at the end of any day in March 2023.
• o Mortgage: To be a qualifying mortgage, you must owe us at least £100 on your Nationwide residential mortgage on 31 March 2023.

I understand why this has frustrated you and others, but Nationwide has always been clear that it is only 'eligible' members, not all members.

Deramore12

Its totally mis leading.

ForumUser7

Deramore12 said:

Its totally mis leading.

Have you got a link still for the misleading article you read, and can you tell us which part you found misleading? If you think an article is misleading, you could complain to the organisation, and then to a body such as the Independent Press Standards Organisation (IPSO). Truth and transparency in the media is increasingly important, in a time in which fake news runs rife on social media. The editor will then work with the body to rectify the article, and potentially put into place measures to avoid such things happening in the future. 

With regards to the dedicated phone number for Nationwide customers who are disappointed they didn't get the payment, are you able to share this number please? Some forumites may find it of use.

datz

pridehappy said:

I believe those who use the society for their everyday banking and savings should be rewarded, not just those who are taking advantage of one or two products, which Nationwide have done. They are actively contributing to the society, and are the ones they interact with most. Plus,
it’s nice to see a bank/building society actually rewarding loyalty, not just for switching!

Except that isn't really the case. The qualifying criteria used are perhaps a bit arbitrary and easy to inadvertently meet - I got the £100 payment just because I have a current account and their (competitive) 'Start to Save' regular saver. I have no loyalty to any financial institution, I will take 'excessive' advantage of any offers available to me, I will use those accounts with the largest returns, and I am unlikely to be significantly profitable to any of them. If this is what 'rewarding loyalty' and 'actively contributing to the society' look like...

scepticOfCheltenham

datz said:

pridehappy said:

I believe those who use the society for their everyday banking and savings should be rewarded, not just those who are taking advantage of one or two products, which Nationwide have done. They are actively contributing to the society, and are the ones they interact with most. Plus,
it’s nice to see a bank/building society actually rewarding loyalty, not just for switching!

Except that isn't really the case. The qualifying criteria used are perhaps a bit arbitrary and easy to inadvertently meet - I got the £100 payment just because I have a current account and their (competitive) 'Start to Save' regular saver. I have no loyalty to any financial institution, I will take 'excessive' advantage of any offers available to me, I will use those accounts with the largest returns, and I am unlikely to be significantly profitable to any of them. If this is what 'rewarding loyalty' and 'actively contributing to the society' look like...

HaHa.  You're not supposed to say things like that!!  But it's very true and you're not the only one!

vincit_veritas

flaneurs_lobster said:

WillPS said:

Seems like a very inequitable way of sharing profits tbh. I don't mind not receiving anything because I haven't used the accounts in any real sense since they withdrew the free travel insurance, but it puts me off using them for anything because I might not meet a mystery set of conditions which will only be revealed after the fact.

Please suggest a more equitable profit share method. Maybe they'll take it up next year.

Nationwide still claims to be a building society, so perhaps it should stick to the mutual operating principle that profits are returned to the members via the rates of interest charged/paid.  How much members' money has the Nationwide blown on their latest irritating advertising campaign for this so-called "Fairer Share Bonus", which implied all members would benefit, but which is reported to have benefitted a mere 3.4 million of its 16.3 million members/owners? 
In stark contrast, the unpretentious Coventry Building Society is currently offering me a Loyalty Bond paying 5.9% on a max £20k deposit, whereas my Nationwide Loyalty Saver pays me 3.3%, (ie a whopping £520 less over £20k) and did not per se entitle this "loyal member" to the £100 payout.  And Nationwide's 1 year bond and ISA, neither account based on length of membership, only offer 5.1%, so still £160 less than Coventry over £20k/pa.