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

TheBanker

2010 said:

I would say this is just a one off payment because of excess profits and never likely to be repeated.

It comes as Nationwide reported a 40% jump in annual pre-tax profits to £2.2bn, topping its previous record high of £1.6bn a year earlier.
19 May 2023

I would hope so - it's possible they made excess profits as a result of provisioning for bad debt that hasn't materialised. If they take a prudent approach to provisioning, then excess profit can occur. 

But they seem pretty committed to repeating it next year - see their press statement a few posts above. 

Section62

TheBanker said:

2010 said:

I would say this is just a one off payment because of excess profits and never likely to be repeated.

It comes as Nationwide reported a 40% jump in annual pre-tax profits to £2.2bn, topping its previous record high of £1.6bn a year earlier.
19 May 2023

I would hope so - it's possible they made excess profits as a result of provisioning for bad debt that hasn't materialised. If they take a prudent approach to provisioning, then excess profit can occur. 

But they seem pretty committed to repeating it next year - see their press statement a few posts above. 

Furthermore, in the letter to the Treasury Committee the CEO referred to it as the "inaugral Nationwide Fairer Share" and says "The Board intends this to be an annual distribution to eligible members, provided that it’s not detrimental to the financial strength of the Society".

If this is a Board-level decision, and has been given in the form of evidence to a Commons committee, it carries significantly more weight than a soundbite in a press release.

Yorkshire_Pud

I feel a bit better about missing out despite being a long term member as I not only closed my NBS isa last year but now realise I didn’t put £500 in my current account in two of the first three months of the year.

I also feel 20% less aggrieved because it’s a taxable payment 🤭 

km1500

ForumUser7 said:

MACKEM99 said:

jim1999 said:

Turns out that Nationwide are trying to close out all of the fairer share complaints by doing a copy-pasted response en-masse.

But, if you contact them to say you're unhappy with that response, they will actually allocate someone to investigate.

They've tried to prevent people from doing so by not providing any contact details on the letter itself.

Not sure it's the best strategy if they want to avoid lots of people going to the FOS, but I suppose that's their prerogative.

Why don't all those that are not happy to flood the CEO with emails.  I know he will not deal with them but will maybe get a flavour of the feeling of members.

*she - It’s Debbie Crosbie

Reply to my emeail to 'she' (Debbie)

Thank you for your email of 9 June 2023, addressed to our Chief Executive, Debbie Crosbie.  I’ve been asked to review this matter, and respond on Debbie’s behalf, in my capacity of Member Relations Executive.

 

We value all our members, and we always want to hear their views but, on this occasion, I’m sorry, I can’t agree we’ve done anything wrong.

 

The Nationwide Fairer Share Payment is a way of recognising the particular contribution of those members who have a deeper relationship with us and use us for their most important everyday financial needs. These are those members who not only have their main bank account with us, but also a mortgage or savings of more than £100.

 

The Nationwide Fairer Share Payment is just one way in which we seek to reward our members. We also reward members in other ways, such as through our competitive mortgage and savings rates, including our Fairer Share Bonds which are paying 4.75% AER/gross a year (fixed) for two years*. These are available for a limited period to all our members - online and in our branches. You just needed to be a member on 18 May 2023 to be eligible and still be a member when you apply.

 

We work out how much extra value we provide in better pricing and incentives compared to the market average. Last year, this member financial benefit was over £1 billion, more than 70% of which was value that we returned to our savings members in better rates. Initiatives like our free cost of living helpline, and our commitment to our branches are also ways in which we seek to return value to all our members.

 

Thank you for telling us what you think

 

The feedback we receive helps shape all our decisions. We really appreciate you sharing your views with us.

 

I hope this email explains why we introduced the Nationwide Fairer Share Payment. It is far from the only way in which we reward our members, but it enables us to recognise the support of those members who have a deeper relationship with us and the contribution they make to the sustainability and success of Nationwide. If you have any questions, please get back in touch.

 

Yours sincerely,

 

(Removed by Forum Team) | Member Relations Executive | Member Service

Tel: (Removed by Forum Team);  email: (Removed by Forum Team)

jim1999

It says a lot that they're sending the same copy paste response to everyone, irrespective of the questions they raised or concerns they had.

TiVo_Lad

At least they've confirmed there is more than one type of member.

metrobus

The £100 was paid into the account this morning. 👍 Well done NW.

wiseonesomeofthetime

metrobus said:

The £100 was paid into the account this morning. 👍 Well done NW.

The thread in the Budgeting and Banks Account forum is starting to be filled with individual posts by everyone who has received this payment this morning. That will be a fun read

I think we only need the one (metrobus) on here to confirm/show that the deposits have started arriving tbh, but let's see which direction this thread goes now 🤷‍♂️

km1500

Voting time ! (email)

Vote today in our AGM

As a building society, we are owned by our members – those customers who bank, save or have a mortgage with us. That includes you, which is why you have a vote at our Annual General Meeting (AGM).

kaMelo

Anyone upset by the qualification for fairer share payments need to vote to show their displeasure. Don't be apathetic.

Moaning in a forum might make you feel better but doesn't change anything, voting can.