NATIONWIDE has issued an update on its distribution of £50 thank-you payments after customers complained they hadn’t received the cash.
The building society announced earlier this year it would be rewarding customers with cash payments after successfully acquiring Virgin Money.
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In total some 12 million customers were eligible for the £50 payments as part of what was dubbed “The Big Nationwide Thank You”.
Payments began to hit bank accounts from April 9 but one month on some customers have said they still haven’t received the cash.
Writing on X (previously Twitter) one customer said: “I received a email saying I was getting the £50 thank you but haven’t received it yet. Two other family members have received theirs.”
Another said: “Got an email at the beginning of April saying I’d be getting my £50 fairer share payment into the account my mortgage comes out of. Still not arrived though.”
Nationwide has looked to reassure customers that payments are still being made.
Writing on X the building society said payments would be made until May 14, depending on the product the customer holds.
On its website Nationwide has said if funds could be paid into a instant access or limited access savings account in your name they should have landed by April 30.
Those holding a mortgage with the building society should also have received payments into the account their direct debit comes out of before April 30.
Other recipients will receive payments by cheque.
Nationwide has said cheques will be sent by May 14, although it may take longer for them to land on doorsteps.
In total Nationwide’s thank-you payments will amount to more than £600million.
Customers are only eligible for the £50 payment if they were a Nationwide member on September 30, 2024 – and continue to be.
To qualify for the £50 bonus, Nationwide members must have met at least one of the following criteria in the 12 months leading up to the end of September 2024:
- Made at least one qualifying transaction on a current account or savings account
- Held at least £100 in total across one or more current and savings accounts
- Owed at least £100 on a Nationwide residential mortgage
This £50 payment differs to Nationwide’s “Fairer Share” payment which has been issued twice since 2023.
Each year, the payment has been worth £100.
The building society has suggested that it may issue another payment of this kind this year – depending on its financial performance.
It has exclusively revealed to The Sun that customers will find out on May 29 whether the payment will be issued.
However, Nationwide’s boss Debbie Cross said in December it was “well positioned” to issue the payments.
Of course, eligibility criteria for this year’s payment may be different to previous years.
Based on the assumption that the eligibility criteria remain the same as in 2024, customers will need to have:
- A qualifying current account and qualifying savings
- Or a qualifying current account and a qualifying mortgage
They will also need to have used their current account between January and March.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
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