Nationwide Fairer Share Payment 2024

WillPS

boingy said:

eskbanker said:

steven141 said:

I think that they will probably want to offer more this year as they want to keep members sweet after the Virgin Money purchase and not giving members a say. 

That's one way of looking at it - alternatively, their approach to the VM deal will be seen by many as contemptuous of the membership, so it may be more realistic to expect less generous payment or terms....

What happened to the challenge of the VM thing? It's gone very quiet.

They ran out of steam/bravado, basically. They tried to strong arm Nationwide with an SGM request but failed to comply with the conditions set out in the society's rules under which such a demand can be made - notably they failed to provide a list of at least 500 "eligible two year members" account details, and perhaps more brazenly and less democratically they tried to impose conditions on the cheque for the deposit, thereby removing the ability for the members to be able to determine whether or not such a deposit should be refunded as afforded to them in the rules.

There is now a 4 month lockout period surrounding the yearly AGM where SGMs cannot be held, so the soonest an SGM could possibly happen is September. Of course, presuming this time that the admin is done correctly. In the meantime all they can do is post personal attacks aimed at the society's employees who have to deal with them, and multipage rants on how poorly they feel they are being treated (+ the jingoism and anti-Branson stuff alludeded to on my post before).

We will find out tomorrow if the VM shareholders accept the offer or not. If they do, I suspect it is game over.

There was a window of opportunity where they could have had a resolution added to the AGM instead, with no need for a deposit to be paid, but this was never sought - I presume either because it was felt (correctly) an AGM vote would certainly go the way the board desired it to go, or perhaps just because an SGM was felt to be the most nuisance that could be made.

eskbanker

Just a suggestion - the VM deal was initially mentioned in passing but this thread seems to be at risk of being derailed into another one about it, when there are already at least two threads where the extensive discussion can be restarted if necessary, rather than reinventing wheels on this one (the Guardian article from March has been debated at length already), leaving this one to cover the Fairer Share initiative?

https://forums.moneysavingexpert.com/discussion/6516643/vote-now-proposed-take-over-of-virgin-money-nationwide-members-should-be-given-a-vote
https://forums.moneysavingexpert.com/discussion/6511397/nationwide-take-over-of-virgin-money

simonsmithsays

Bumping this for tomorrow's announcement 

ForumUser7

simonsmithsays said:

Bumping this for tomorrow's announcement 

Wonder where will have it first. Often seen Nationwide announcements late on the night before/early on the morning of on thisismoney - and generally seems to go on Nationwide's press release site before emails come out.

dealyboy

I wager £300 for eligible members ... but I also bet I miss out ... will I be right ?

WillPS

dealyboy said:

I wager £300 for eligible members ... but I also bet I miss out ... will I be right ?

If that's right, either the Daily Mail's number is way off or the eligibilty criteria will be much tighter than last year.

My bet is that it's exactly the same reward and conditions rolled forward a year, and the slight hike is due to a bump in the number of eligible members. Maybe plus a promise of a little something extra when (/if) the VM deal completes.

jameseonline

£300 ?, What The Fudge?.

So is there an unofficial party planned for the announcements or what?

I did find it interesting that today Nationwide put a thanks for saving message in app which you can tap to get more info, along with options to top up savings, don't show message again etc, I took it as a good sign I'm eligible for payment this year.

noh

Details now available.
https://www.nationwidemediacentre.co.uk/

Zanderman

https://www.nationwidemediacentre.co.uk/news/nationwide-announces-new-benefits-as-it-reports-record-member-value

GalacticaActual

“Nationwide is also announcing its second Fairer Share Payment. It will distribute £385 million to members who choose Nationwide for their everyday banking and have a qualifying savings or mortgage product. The Fairer Share Payment is £100 and will be paid directly into current accounts of eligible members next month.”