Nationwide's 'Fairer Share' £100 payment for eligible members

ForumUser7

Exodi said:

Tom_Hendo said:

I've had a weird one with this, wanted to share in case anyone had the same questions.

I was eligible (Paid £700 in Jan, Feb and March each, conveniently) however I closed my account in the middle of April and now have no Nationwide account to pay into.

I called the team at Nationwide, and as I am eligible for the period they measured, they said as long as I have a current account open (New, existing or any) when they make the payment, I should still receive it into the most relevant account. 

You won't get the bonus.

Even on the main page (https://www.nationwide.co.uk/about-us/fairer-share/) it says:

If you’re eligible, you can expect to receive the payment between 13 and 30 June 2023. You don’t need to do anything. So long as you still have an open current account with us, we’ll transfer it straight to you.

This is then expanded on in the terms and conditions (https://www.nationwide.co.uk/about-us/fairer-share/terms-and-conditions/):

Are there any other exclusions?

Yes, you will not be eligible to receive the payment if any of the following apply:

You do not have a current account with us on the day we are due to make the payment.

And also further down:

"When and how will the payment be made?
...
We will not make the payment in any other way and if you do not have an open Nationwide current account when we try to make the payment, you will not be eligible to receive it (see ‘Are there any other exclusions?’ above)."

I think @Tom_Hendo is trying to say that if they open a new current account with nationwide (sharpish) they'll still be able to get the reward

Exodi

ForumUser7 said:

Exodi said:

Tom_Hendo said:

I've had a weird one with this, wanted to share in case anyone had the same questions.

I was eligible (Paid £700 in Jan, Feb and March each, conveniently) however I closed my account in the middle of April and now have no Nationwide account to pay into.

I called the team at Nationwide, and as I am eligible for the period they measured, they said as long as I have a current account open (New, existing or any) when they make the payment, I should still receive it into the most relevant account. 

You won't get the bonus.

Even on the main page (https://www.nationwide.co.uk/about-us/fairer-share/) it says:

If you’re eligible, you can expect to receive the payment between 13 and 30 June 2023. You don’t need to do anything. So long as you still have an open current account with us, we’ll transfer it straight to you.

This is then expanded on in the terms and conditions (https://www.nationwide.co.uk/about-us/fairer-share/terms-and-conditions/):

Are there any other exclusions?

Yes, you will not be eligible to receive the payment if any of the following apply:

You do not have a current account with us on the day we are due to make the payment.

And also further down:

"When and how will the payment be made?
...
We will not make the payment in any other way and if you do not have an open Nationwide current account when we try to make the payment, you will not be eligible to receive it (see ‘Are there any other exclusions?’ above)."

I think @Tom_Hendo is trying to say that if they open a new current account with nationwide (sharpish) they'll still be able to get the reward

Yeah I noticed it after clicking post and edited my post - I'd say he can by the T&C's (they seem to be worded with that in mind)!

km1500

Exodi said:

km1500 said:

for me the problem with the way they have done it is that there are not just a few members 'on the edge' who have missed out - there are very very large number of members who have missed out and that is fundamentally unfair

A lot of people have waded in with the view that the current terms are not fair, but very few have offered alternatives.

Where would you set the goalposts? Half the bonus, remove the current account requirement but increase the savings/mortgage balance needed to double the amount of members eligible? What about the objections from people that are £1 short of the savings requirement?

the answer is simple - it is a mutual society owned by their members so every member should get an equal share in the same way for example as a bank distributes profits to shareholders

For a bank, if you have one share you get one share of the distributed profits and it doesn't matter if you have accounts with them or if you have had the share one day or 20 years

 Nationwide should do the same

Section62

Exodi said:

As this is a share of profits from the past year, it's seems reasonable to share this with the demographic of members who may have materially contributed to this profit. I feel the difficulty is in where you set the goalposts. I'm not sure if you've stated your view on this (or if you'd have them?).

As the excess profit has developed over the year, is it reasonable to share the funds with the demographic who just happened to be active in the last two or three months of the financial year?  Particularly when those three months approximately coincided with a promotion which would have seen people who didn't use their current account in a way which would have made them eligible for the £100 suddenly becoming eligible because they decided to pursue the free £30?  Is that a fair and representative measure of each member's contribution to the society?

I have stated my own view on what a fair and reasonable approach might be.  But I'm not banging on about that because I don't think any one of us individually has the right to say it should have been done 'x' way and no other.  This is something which the membership as a whole should have had the opportunity to debate and vote on.

Are you a member of the Connect forum?  Were you one of the select few who were invited to take part in a survey on how this money should be distributed?  ....although you probably shouldn't say if you were, as participants were told not to discuss it with anyone, not even within the Connect forum itself.  Are you comfortable with that level of secrecy about decisions over the way in which Member's money is distributed?  Personally I think it is totally alien to the principles of mutuality.

I'd like to say more, but I can't rule out the possibility that simply mentioning the existence of that survey might be enough to get me banned from Connect, so I'm going no further than that here.

Band7

km1500 said:

the answer is simple - it is a mutual society owned by their members so every member should get an equal share in the same way for example as a bank distributes profits to shareholders

 

Why should someone who has a couple £0 balance Nationwide accounts that they haven’t used in the last 5 years (as an example) get the same reward as someone who has been paying back their £200k mortgage (also as an example) over the last 5 years?

comparing the free Nationwide membership with a shareholder who bought a share is apples and pears

Ciprico

They want to retain active current account holders...simples...

People will always shop around for best mortgage/saving accts and even open up ghost current account to access best savings accounts.

The holy grail is getting people to really move their current accounts and retaining the same.

So that is what they want to encourage..

Stop moaning ! 

Section62

Band7 said:

km1500 said:

the answer is simple - it is a mutual society owned by their members so every member should get an equal share in the same way for example as a bank distributes profits to shareholders

 

Why should someone who has a couple £0 balance Nationwide accounts that they haven’t used in the last 5 years (as an example) get the same reward as someone who has been paying back their £200k mortgage (also as an example) over the last 5 years?

Why should the person paying back their £200k mortgage over the last 5 years miss out completely because they paid £501 into their current account in February, but only £499 in March?

boingy

Ciprico said:

Stop moaning ! 

Why? This is the internet. Moaning is the second most important thing on the internet. 

Albermarle

Ciprico said:

They want to retain active current account holders...simples...

People will always shop around for best mortgage/saving accts and even open up ghost current account to access best savings accounts.

The holy grail is getting people to really move their current accounts and retaining the same.

So that is what they want to encourage..

Stop moaning ! 

This would appear to be the main motivation, a way of trying to discourage people from switching out of their current account over the next 12 months. 

Band7

Section62 said:

Band7 said:

km1500 said:

the answer is simple - it is a mutual society owned by their members so every member should get an equal share in the same way for example as a bank distributes profits to shareholders

 

Why should someone who has a couple £0 balance Nationwide accounts that they haven’t used in the last 5 years (as an example) get the same reward as someone who has been paying back their £200k mortgage (also as an example) over the last 5 years?

Why should the person paying back their £200k mortgage over the last 5 years miss out completely because they paid £501 into their current account in February, but only £499 in March?

I haven't said they should.
 
I am just not in favour of members with nothing but long-term dormant accounts. Thus I am against that all members should get an equal share.