£100 payment - Nationwide Fairer Share

jim1999

Finally managed to shift the mortgage after pulling all of my savings.  It took some time, but glad I've done it.

The total lack of understanding they display in those AGM minutes is pathetic, though totally unsurprising.

hollie.weimeraner

oldagetraveller1 said:

It most certainly didn't encourage me to keep a current account open year after year.

It came as an unexpected bonus to the £200 switching in incentive already received.

The £100 was very acceptable in spite of personally not really deserving it. Of course, it would have gone completely against the grain to opt out.

I switched elsewhere soon after.

When was this paid, I've received nothing in my Flex Plus account

Zanderman

hollie.weimeraner said:

oldagetraveller1 said:

It most certainly didn't encourage me to keep a current account open year after year.

It came as an unexpected bonus to the £200 switching in incentive already received.

The £100 was very acceptable in spite of personally not really deserving it. Of course, it would have gone completely against the grain to opt out.

I switched elsewhere soon after.

When was this paid, I've received nothing in my Flex Plus account

Were you eligible?

ForumUser7

hollie.weimeraner said:

oldagetraveller1 said:

It most certainly didn't encourage me to keep a current account open year after year.

It came as an unexpected bonus to the £200 switching in incentive already received.

The £100 was very acceptable in spite of personally not really deserving it. Of course, it would have gone completely against the grain to opt out.

I switched elsewhere soon after.

When was this paid, I've received nothing in my Flex Plus account

Zanderman said:

hollie.weimeraner said:

oldagetraveller1 said:

It most certainly didn't encourage me to keep a current account open year after year.

It came as an unexpected bonus to the £200 switching in incentive already received.

The £100 was very acceptable in spite of personally not really deserving it. Of course, it would have gone completely against the grain to opt out.

I switched elsewhere soon after.

When was this paid, I've received nothing in my Flex Plus account

Were you eligible?

@hollie.weimeraner  https://www.nationwide.co.uk/about-us/fairer-share/terms-and-conditions/

boingy

jim1999 said:

The total lack of understanding they display in those AGM minutes is pathetic, though totally unsurprising.

I think they understand perfectly what they are doing.

oldagetraveller1

hollie.weimeraner said:

oldagetraveller1 said:

It most certainly didn't encourage me to keep a current account open year after year.

It came as an unexpected bonus to the £200 switching in incentive already received.

The £100 was very acceptable in spite of personally not really deserving it. Of course, it would have gone completely against the grain to opt out.

I switched elsewhere soon after.

When was this paid, I've received nothing in my Flex Plus account

To answer the specific question, very soon after the 13th June.

As others have asked, were you eligible?

I received an e-mail, and possibly a text message confirming eligibility, did you?

Grumpy_chap

So, I was not eligible for the "fairer share" as I don't have a mortgage or current account with Nationwide.  I have, though, held savings with them for many years.

I think the way this "share dividend" was paid was totally wrong.  The basis of the Nationwide (and Building Societies in general) has always been that all Members are equal - One Member One Vote - irrespective of which Membership accounts are held or how much is on deposit / borrowed.  Essentially, each individual is the holder of one share.

This whole "fairer share" thing creates two classes of shareholders (Members), but after the event.  Where companies have different classes of shares, at least the shareholders know whether they have preference shares or not.

Anyway, I had to go into a branch today so I explained what I thought of the process to the Cashier who simply said "them are the rules, nothing I can do" but then continued to say that the process would be repeated next year and to guarantee being eligible I should either take out a mortgage with Nationwide or open a Current Account.  She also added if I switched a qualifying current account, they will credit £200 as well.  I don't have a qualifying current account that I can switch, so she said I can just open a current account, deposit £1 and then leave it idle and that will work.

That seems entirely daft to me as that current account will have a cost to Nationwide and generate them nothing, but seemingly will generate me £100...  Can it be that simple?

Nebulous2

Grumpy_chap said:

So, I was not eligible for the "fairer share" as I don't have a mortgage or current account with Nationwide.  I have, though, held savings with them for many years.

I think the way this "share dividend" was paid was totally wrong.  The basis of the Nationwide (and Building Societies in general) has always been that all Members are equal - One Member One Vote - irrespective of which Membership accounts are held or how much is on deposit / borrowed.  Essentially, each individual is the holder of one share.

This whole "fairer share" thing creates two classes of shareholders (Members), but after the event.  Where companies have different classes of shares, at least the shareholders know whether they have preference shares or not.

Anyway, I had to go into a branch today so I explained what I thought of the process to the Cashier who simply said "them are the rules, nothing I can do" but then continued to say that the process would be repeated next year and to guarantee being eligible I should either take out a mortgage with Nationwide or open a Current Account.  She also added if I switched a qualifying current account, they will credit £200 as well.  I don't have a qualifying current account that I can switch, so she said I can just open a current account, deposit £1 and then leave it idle and that will work.

That seems entirely daft to me as that current account will have a cost to Nationwide and generate them nothing, but seemingly will generate me £100...  Can it be that simple?

Last time you had to add £500 a month to your current account, for a specific 3 months. I added around £11k in those 3 months, but was short of £500 in one of them. I didn’t get the fairer share. 

So a no from me, it’s unlikely to be that simple. 

General_Grant

Grumpy_chap said:

. . . .

Anyway, I had to go into a branch today so I explained what I thought of the process to the Cashier who simply said "them are the rules, nothing I can do" but then continued to say that the process would be repeated next year and to guarantee being eligible I should either take out a mortgage with Nationwide or open a Current Account.  She also added if I switched a qualifying current account, they will credit £200 as well.  I don't have a qualifying current account that I can switch, so she said I can just open a current account, deposit £1 and then leave it idle and that will work.

That seems entirely daft to me as that current account will have a cost to Nationwide and generate them nothing, but seemingly will generate me £100...  Can it be that simple?

I don't really think that a branch cashier is going to know what criteria are going to be applied in a future year, especially not a change in one of the requirements, which is what "leave it idle" would be.

alibean121

I would bet on the criteria being pretty similar to last year mainly because "committed member" has a stated definition for Nationwide very similar to the qualifying criteria for this payment.

Guess what, increasing numbers of committed members is a key KPI for setting director bonus...