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  • epm-84
    epm-84 Posts: 2,746 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    MACKEM99 said:
    Perhaps its to do with their systems being down since Sunday (thats what I was told on the phone a few minutes ago) when I rang to complain about money I had transferred out well over 2 hours ago not appeared in receiving account yet.  They cannot even log my complaint.  Should I make a complaint about not being able to make a complaint?

    :neutral:
    Is this posted in the right thread? I can't see anything on the Nationwide website about a payment issue and a social media post in the last hour said all their systems are operating as normal.
  • Nasqueron
    Nasqueron Posts: 10,705 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    wmb194 said:
    Nasqueron said:
    Nasqueron said:
    epm-84 said:
    epm-84 said:
    I think in fairness to Nationwide - they have decided on a £50 member bonus. That's more than Coventry members are getting from the acquisition of Co-op Bank (unless they make some announcement soon).
    How can a company make real money soon after acquisition of some other company? I think a short-term effect is quite opposite.

    I'm not an expert on limited companies, but I think when they agree a merger it's not uncommon for there to be a shareholder pay out, even if the shareholders haven't reduced their shares. As building society members are like shareholders, should it be any different?

    I suppose the strange thing is the fixed £50, regardless of the amount you have invested.
    I posted about this before ither on this thread or another - they paid a fixed sum but got more than expected in value hence the surplus which they used as a payout
    'Value' is too vague in this respect especially as as they aren't listed on the stock market. And after spending a lot of cash you hardly can use surplus 'value' to pay even more cash.

    I agree with the earlier comment that all this is simply a 'publicity stunt'.
    If you spend say £2.5bn to buy £2.5bn of assets but get £3bn then you have a surplus value of £.5bn, shareholders might get it or customers might get it if there are no shareholders. Sure it's publicity but it's good for us and that is what counts
    Is that cash though? If it's just a revaluation of e.g., loans on the balance sheet then where's the cash come from? What stops it from being revalued lower in the future if e.g., a recession hits? Why was Clydesdale/VM's valuation so much lower than NW's?
    This is literally what they said was the reason, raise questions at the AGM or similar if you want answers to the more technical ones

    Nationwide "gained" £2.3bn from the takeover - they paid £2.8bn, some would say overpaid based on a pre-bid valuation of £2bn, but the assets were valued at £5.1bn hence the £2.3bn gain - they forecast £1.5bn gain - so £800m knocking around "spare" which translated to ~£600m pay out for the £50 thank you

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • Nebulous2
    Nebulous2 Posts: 5,672 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    MACKEM99 said:
    Perhaps its to do with their systems being down since Sunday (thats what I was told on the phone a few minutes ago) when I rang to complain about money I had transferred out well over 2 hours ago not appeared in receiving account yet.  They cannot even log my complaint.  Should I make a complaint about not being able to make a complaint?

    :neutral:

    If it was a faster payment, then you don't have any cause to make a complaint anyway. As I understand it, the timescales for a FP say that it will go through by close of business the following day. 

    Having said that, I'd find it very annoying as well. I do a money merry-go-round on the 1st of every month. If the money isn't there by the time I've closed one app and opened the next one I'm tapping my fingers in frustration...... 
  • Nasqueron
    Nasqueron Posts: 10,705 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    wmb194 said:
    Nasqueron said:
    wmb194 said:
    Nasqueron said:
    Nasqueron said:
    epm-84 said:
    epm-84 said:
    I think in fairness to Nationwide - they have decided on a £50 member bonus. That's more than Coventry members are getting from the acquisition of Co-op Bank (unless they make some announcement soon).
    How can a company make real money soon after acquisition of some other company? I think a short-term effect is quite opposite.

    I'm not an expert on limited companies, but I think when they agree a merger it's not uncommon for there to be a shareholder pay out, even if the shareholders haven't reduced their shares. As building society members are like shareholders, should it be any different?

    I suppose the strange thing is the fixed £50, regardless of the amount you have invested.
    I posted about this before ither on this thread or another - they paid a fixed sum but got more than expected in value hence the surplus which they used as a payout
    'Value' is too vague in this respect especially as as they aren't listed on the stock market. And after spending a lot of cash you hardly can use surplus 'value' to pay even more cash.

    I agree with the earlier comment that all this is simply a 'publicity stunt'.
    If you spend say £2.5bn to buy £2.5bn of assets but get £3bn then you have a surplus value of £.5bn, shareholders might get it or customers might get it if there are no shareholders. Sure it's publicity but it's good for us and that is what counts
    Is that cash though? If it's just a revaluation of e.g., loans on the balance sheet then where's the cash come from? What stops it from being revalued lower in the future if e.g., a recession hits? Why was Clydesdale/VM's valuation so much lower than NW's?
    This is literally what they said was the reason, raise questions at the AGM or similar if you want answers to the more technical ones

    Nationwide "gained" £2.3bn from the takeover - they paid £2.8bn, some would say overpaid based on a pre-bid valuation of £2bn, but the assets were valued at £5.1bn hence the £2.3bn gain - they forecast £1.5bn gain - so £800m knocking around "spare" which translated to ~£600m pay out for the £50 thank you
    Right, but it doesn't mean that £600m magically appears in a bank account... I don't believe a word of it, it's a marketing spend dressed up as brilliant dealmaking.
    As is your right, I prefer to deal with facts rather than speculate about them making stuff up. Either way, we get £50 and the board are happy to sign it off, same with the loyalty payments

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • dertinbay
    dertinbay Posts: 70 Forumite
    10 Posts First Anniversary Photogenic
    So lets hope we get our £50s tomorrow 😁
  • SickGroove
    SickGroove Posts: 319 Forumite
    Third Anniversary 100 Posts Name Dropper
    Nowt as of 07.45...
  • Sarahspangles
    Sarahspangles Posts: 3,239 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    We have both received our payment.
    Fashion on the Ration
    2024 - 43/66 coupons used, carry forward 23
    2025 - 62/89
  • GalacticaActual
    GalacticaActual Posts: 332 Forumite
    Fourth Anniversary 100 Posts Newshound! Photogenic
    edited 9 April at 7:56AM
    £50 deposited this morning in my FlexDirect account, 9th April 2025  :)


  • Troytempest
    Troytempest Posts: 333 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    2 x £50 for me and Marina
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