Unfair to those that had a Nationwide Account since 1985

dcs34

Section62 said:

freesha said:

It is FREE MONEY (technically) that they are giving away. Of course they're allowed to set whatever criteria they like.

It isn't "FREE MONEY".

It is (for the time being) money owned by the membership of Nationwide as a whole.  Soon it will belong to ~20% of the membership.

Nationwide have (apparently, I've not seen it) said that they consulted members over this distribution - which at least implies they think the way in which the criteria were set is something the membership should have had a say on.

Arguably the bulk of the profits will have come from mortgage customers paying interest to them, rather than current account and savings customers.

They have a panel system of self-selected members, you'd be able to join for future consultation. Obviously if they ask all the members it somewhat gives the game away!

freesha

Section62 said:

freesha said:

It is FREE MONEY (technically) that they are giving away. Of course they're allowed to set whatever criteria they like.

It isn't "FREE MONEY".

My point was that it is 'free' to the people receiving it. No strings. Of course they are allowed to dictate who is eligible.

Section62

dcs34 said:

They have a panel system of self-selected members, you'd be able to join for future consultation. Obviously if they ask all the members it somewhat gives the game away!

AFAIK the people "consulted" were specifically selected by Nationwide.

Section62

freesha said:

Section62 said:

freesha said:

It is FREE MONEY (technically) that they are giving away. Of course they're allowed to set whatever criteria they like.

It isn't "FREE MONEY".

My point was that it is 'free' to the people receiving it. No strings. Of course they are allowed to dictate who is eligible.

You said "Of course they're allowed to set whatever criteria they like".

I said I don't believe that to be true.

Now you say "Of course they are allowed to dictate who is eligible".

For the reasons I gave in my previous post I still don't think that is true.

Nationwide are a mutual building society, not a bank. That makes a differnce to what they can do with member's money, in addition to other legal constraints on how financial institutions make decisions about distributing money to members/customers.

xylophone

It is FREE MONEY (technically) that they are giving away.

"They" are giving away what belongs to all members to some members on a quite arbitrary basis?

xylophone

they consulted members over this distribution - 

Some members... here apparently.....

https://www.nationwide.co.uk/about-us/have-your-say/connect-community/

And even then......

• Take part in group online live chats – where we select a few members to chat with us in more detail.

It was not put to the vote which it seems to me it should have been.

xylophone

a fair summery!

Reception's been rather wintry.......

A fairer summary of the situation would be that a mutual society has  thrown cash belonging to all members to a set of members selected on a quite arbitrary basis?

 

dcs34

Section62 said:

dcs34 said:

They have a panel system of self-selected members, you'd be able to join for future consultation. Obviously if they ask all the members it somewhat gives the game away!

AFAIK the people "consulted" were specifically selected by Nationwide.

No, you can sign up here: https://www.nationwide.co.uk/about-us/have-your-say/connect-community/

wmb194

xylophone said:

they consulted members over this distribution - 

Some members... here apparently.....

https://www.nationwide.co.uk/about-us/have-your-say/connect-community/

And even then......

• Take part in group online live chats – where we select a few members to chat with us in more detail.

It was not put to the vote which it seems to me it should have been.

What's funny but not actually funny is that normal companies with normal shareholder structures have votes at their AGMs to agree whether or not to pay a dividend.

Section62

dcs34 said:

Section62 said:

dcs34 said:

They have a panel system of self-selected members, you'd be able to join for future consultation. Obviously if they ask all the members it somewhat gives the game away!

AFAIK the people "consulted" were specifically selected by Nationwide.

No, you can sign up here: https://www.nationwide.co.uk/about-us/have-your-say/connect-community/

I'm aware of the Connect forum, I posted a link to it the other day.

However, as I said, AFAIK the people "consulted" were specifically selected by Nationwide.