Nationwide explains rules after confusion over £50 and £100 payments | Personal Finance | Finance
Nationwide Building Society has clarified the rules for bonus payments going out to members.
The issue came to light after a member asked over social media: “I’m curious, my sister received another £100 member bonus a couple of weeks [ago], not that long after the £50, which she and I both received too. I didn’t get the £100? Why is that?”
Nationwide recently paid out £50 to over 12 million members as a thank you gesture to loyal customers after it completed its acquisition of Virgin Money.
The group also recently announced it will be issuing another round of its Fairer Share Payment, where it shares out its profits among members. The funds will go out to more than four million members.
Responding to the customer, Nationwide asked which £100 payment the sister had received, as the Fairer Share Payment has not gone out yet.
The person clarified that his sister had had an email notification that she would get the funds, and that they were due to be paid between June 18 and July 4.
The person added: “I’ve not had the email so I’m wondering if it’s only selected members getting the fair share payment?”
Nationwide clarified in response: “Yes, that’s the Fairer Share Payment, she received the email because she qualifies. You need to be eligible by meeting all the criteria to receive the payment.”
The group also pointed the person to the qualifying conditions for the £100 payment on the Nationwide website.
The guidance sets out that payments will go out between June 18 and July 4, with the funds to be paid into Nationwide current accounts.
To get the cash, you need to have had either a qualifying current account and a qualifying savings account, or a qualifying current account and a qualifying mortgage on certain dates.
Explaining how the funds will be paid, the Nationwide website states: “We will pay the money into your Nationwide current account by electronic transfer.
“If you hold more than one current account with us, we may pay the money into any of those accounts. We will pay the money into an account in your sole name if you have one and will pay it into a joint account if you do not.”
Nationwide members may also want to check if they are eligible for a £200 payment on offer if you switch from another provider to the group.
You will qualify if you had an eligible mortgage, savings account or current account with Nationwide on March 31, which can be a sole or joint account.
You need to complete a switch online through the Current Account Switch Service, switching from a non-Nationwide current account to a new or existing FlexPlus, FlexDirect or FlexAccount.