Nationwide - 'Mutual building society'?

nomorekids

I dont qualify despite all our bills coming from my account because my account is fed from my husbands Nationwide account. Both of us have been loyal customers for over 40 years 

TheBanker

p00hsticks said:

I confess I do find all the uproar on these boards  regarding Nationwide's mutual status just now strange, when it has been offering switch bonuses to a new customers for a while and no-one here seems to have found that use of customers money either objectionable or discriminatory against its long term existing members...

The difference is they didn't describe that as a fair distribution of profit. If it is in the long term best interests of the society to attract new current account members, then I have no objection.

If they'd used the £340m in a different way I wouldn't have a problem. It's the badging it as fair that's really annoyed me. And if they are going to distribute profits based on the types of transactions that go through your current account, then they should publish the criteria in advance.

Band7

p00hsticks said:

I confess I do find all the uproar on these boards  regarding Nationwide's mutual status just now strange, when it has been offering switch bonuses to a new customers for a while and no-one seems to have found this use of customers money either objectionable or discriminatory against its long term existing members...

Haven‘t seen anyone complain either about the members’ money that has been spent on general advertising, or on Executive remuneration, or in the lotteries Nationwide has been/is running. Strange that a few are so triggered by not getting the £100 “fairer share”

Becles

TheBanker said:

Becles said:

[Deleted User] said:

For once a little bit of loyalty was rewarded. The biggest moaners seem to be those who spend time switching bank accounts in order to gain from any potential offer. This time they lost out 🥳.

The very reason I stick with Nationwide is that it is a mutual. I am not alone in that opinion either. 

30+ years customer.
Savings criteria met.
Current account income met.
Current account withdrawals met.

Don't qualify because I have two current accounts for budgeting reasons. First one fails criteria as it doesn't have external bill payments coming out of it. Bills current account fails criteria as it's funded by the first current account.

Have you written to Nationwide to make your disappointment known? I think it's important that they understand there criteria have, perhaps accidentally, upset a lot of loyal, longstanding, profitable customers. 

Yes when I was on live chat to find out why I didn't qualify, the customer service person said they could log it as a complaint.

Becles

wiseonesomeofthetime said:

Becles said:

[Deleted User] said:

For once a little bit of loyalty was rewarded. The biggest moaners seem to be those who spend time switching bank accounts in order to gain from any potential offer. This time they lost out 🥳.

The very reason I stick with Nationwide is that it is a mutual. I am not alone in that opinion either. 

30+ years customer.
Savings criteria met.
Current account income met.
Current account withdrawals met.

Don't qualify because I have two current accounts for budgeting reasons. First one fails criteria as it doesn't have external bill payments coming out of it. Bills current account fails criteria as it's funded by the first current account.

No external bills come out of my current account, yet I still qualify.

AFAIK the criteria doesn't have a clause on external payments being a requirement 🤷‍♂️

It's in the T&C's:

FlexAccount, FlexDirect or FlexBasic

In two of the three months of January 2023, February 2023 and March 2023, you must have received at least £500 into your current account. Transfers in from other Nationwide accounts do not count. Plus, you must have made at least two payments out of your account each month, in two of those three months.

I've got two FlexDirect accounts plus the savings accounts. I've got multiple employers (agency worker). All my salary goes into current account 1, then I fund the second current account using it which is where my bills and payments come out of. It works for me as I don't have a fixed income from working.

Then underneath it says:

You do not need to have met the above requirements if you completed a switch to your FlexAccount, FlexDirect or FlexBasic using the Current Account Switch Service between 1 January 2023 and 31 March 2023.

Newbies will have already had the switching bonus, and now they're getting more free cash while loyal customers miss out. That's why it doesn't feel very fair to me.

TheBanker

Band7 said:

p00hsticks said:

I confess I do find all the uproar on these boards  regarding Nationwide's mutual status just now strange, when it has been offering switch bonuses to a new customers for a while and no-one seems to have found this use of customers money either objectionable or discriminatory against its long term existing members...

Haven‘t seen anyone complain either about the members’ money that has been spent on general advertising, or on Executive remuneration, or in the lotteries Nationwide has been/is running. Strange that a few are so triggered by not getting the £100 “fairer share”

Because, whether you agree with them or not, they are costs that are intended to grow the Society. The lotteries are fair because the eligibility criteria are known and everyone has the same chance of winning. 

Section62

Band7 said:

p00hsticks said:

I confess I do find all the uproar on these boards  regarding Nationwide's mutual status just now strange, when it has been offering switch bonuses to a new customers for a while and no-one seems to have found this use of customers money either objectionable or discriminatory against its long term existing members...

Haven‘t seen anyone complain either about the members’ money that has been spent on general advertising, or on Executive remuneration, or in the lotteries Nationwide has been/is running. Strange that a few are so triggered by not getting the £100 “fairer share”

Have you joined the Connect forum yet?

Plenty of complaints on there about senior management remuneration, advertising (particularly the 'poetry' adverts), and the lottery-style approach Nationwide have been maxing out on.

This thread is about the £100 'fairer share', so not "strange" most of the comments here relate to that.

Eco_Miser

Band7 said:

p00hsticks said:

I confess I do find all the uproar on these boards  regarding Nationwide's mutual status just now strange, when it has been offering switch bonuses to a new customers for a while and no-one seems to have found this use of customers money either objectionable or discriminatory against its long term existing members...

Haven‘t seen anyone complain either about the members’ money that has been spent on general advertising, or on Executive remuneration, or in the lotteries Nationwide has been/is running. Strange that a few are so triggered by not getting the £100 “fairer share”

Over the years I've seen numerous complaints about the Chief Exec's salary, and there's always a grumble about advertising at the start of each new campaign.

Section62

TheBanker said:

The question is whether (a) the board want to demutualise and (b) whether the members want to.

Given anyone who's joined Nationwide since 1997 has signed any potential windfall over to charity, I can't see it happening.

AIUI the effect of the charitable assignment could be nullified if the 'society' believes it in the best interests of the 'society', I'm fairly sure there is a possible workaround if the Board does make a decision to demutualise as a result of natural change, rather than say a carpetbagging attempt.

I would not be surprised if one day Nationwide members wake up to read that having become the 'largest retail bank' in the UK (in all but name) the Board consider it would be in the interests of the society to demutualise.

It was of course unthinkable that John Lewis would consider demutualisation... until someone decided it might be a good idea after all.  JL probably won't fully demutualise because it is the partners who would suffer with the inevitable job cuts.  But given the direction of travel Nationwide has taken, what percentage of the membership would really think they would be worse off with demutualisation plus a cash bird in the hand?

I hope that doesn't happen... but the more Nationwide acts like a bank, the more likely that scenario will become.  So who are the true guardians of mutual status?  The Board, or the members who have owned Nationwide for 20, 30, 40+ years?

ForumUser7

Re charitable assignment - with other BSs it is like after you’ve been with us for X years you are released from the agreement. Is that not the case with nationwide (if you joined after 1997)?