Nationwide Building Society has begun clarifying customer confusion over its one-off payment scheme after some members noticed discrepancies in payment amounts.
The building society started rolling out "The Big Nationwide Thank You" in April, distributing £50 payments to 12 million customers following its acquisition of Virgin Money.
Some customers took to social media, questioning why others appeared to be receiving £100 bonuses instead of the £50 they had received.
One customer wrote on X that the difference was "very unfair to some customers," prompting Nationwide to issue a clarification about the different payment schemes.
Nationwide Building Society has responded to customer backlash
NATIONWIDE BUILDING SOCIETYNationwide quickly responded to the confusion, explaining that the £50 payments were "in addition to the Fairer Share Payment we made last year".
This separate £100 payment was distributed in June 2024 as part of the group's profit-sharing initiative with its community.
The building society also addressed future payments, stating: "We would like to make another Fairer Share Payment this year, but this will depend on how we perform financially."
They added that a decision would be announced when publishing results for the 2024/25 financial year. Despite the clarification, some customers remained dissatisfied with the explanation about the payment structure.
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When the society announced "The Big Nationwide Thank You" earlier this year, it outlined specific eligibility criteria for the £50 payment.
Members must have held Nationwide membership on September 30, 2024 and still be members during the payment rollout.
Additionally, in the 12 months to the end of September 2024, members needed to have had at least one qualifying transaction on a Nationwide current or savings account.
Alternatively, they could qualify by having at least £100 in total across Nationwide accounts or owing at least £100 on Nationwide residential mortgages.
Those who completed a switch to any Nationwide current account between July 1 and September 30, 2024, using the Current Account Switch Service also qualified.
Earlier this year, Debbie Crosbie, Nationwide CEO, explained the reasoning behind the payment scheme.
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Customers were frustrated about the scheme's confusion
GETTY"Nationwide became even stronger when it bought Virgin Money and we are already improving services for its customers," she said.
She emphasised that the payment acknowledges members' contributions to the society's financial position.
"The Big Nationwide Thank You recognises the role our members played in building the financial strength that made the deal possible," Crosbie added.
"It's another of the very real benefits of being a member of Nationwide and our modern mutual model."
