Nationwide Building Society has issued an urgent update to its customers who currently have "two active direct debits" from one of the financial institution's accounts.
The country's biggest building society has been forced to clarify the rules around its £175 switching bonus after customers sought confirmation about direct debit requirements.
The UK's largest building society responded to queries on X about whether direct debits needed to have already processed payments to qualify for the incentive.
A customer had asked: "To qualify for your current bank switch offer would the two direct debits need payments to have already been taken or can they have been recently set up and showing on the existing account?"
The provider confirmed that direct debits must be active and have already processed at least one payment from the existing account.
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Nationwide Building Society has issued a warning
NATIONWIDE BUILDING SOCIETYIn order to qualify for the £175 switching incentive, customers must switch a non-Nationwide bank account that has at least two active direct debits.
These direct debits cannot be newly set up - they must have already processed at least one payment from the customer's existing account.
It should be noted that customers have to complete the switch within 28 days of initiating the process.
Customers need to ensure they select the option to close their existing non-Nationwide account when requesting the switch, which the building society can handle as part of the process.
The building society is offering customers incentive deals for switching accounts
NATIONWIDE BUILDING SOCIETYWithin 31 days of requesting the switch, customers must deposit at least £1,000 into their new account.
This deposit cannot include transfers from other Nationwide accounts or Visa credit.
Customers must also make at least one purchase using their new debit card within the same timeframe.
The building society has warned that certain transactions, such as gambling, will not count towards meeting the debit card purchase requirement.
Customers are advised to check the full terms and conditions to ensure their transactions will qualify for the switching bonus.
The switching offer is available for customers moving to a FlexPlus, FlexDirect or FlexAccount.
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Customers have asked for clarity about eligibility criteria
GETTYExisting Nationwide customers can also benefit from the £175 bonus when switching a non-Nationwide account, provided they meet all qualifying criteria.
FlexPlus is Nationwide's packaged account, offering worldwide family travel insurance, mobile phone insurance, and UK and European breakdown cover.
The FlexDirect account is described as a "self-service bank account that pays you to bank with us", featuring five per cent interest and one per cent cashback on debit card purchases for the first 12 months.
Furthermore, terms and conditions apply to all Nationwide Building Society account benefits.
