Totally shot themselves in the foot here. Either market it as what it is (a ‘thank you’ for having both an active current account and an active mortgage last year when they made a massive surplus) or make sure it actually does what they’re saying it should.
I’ll stand by the “dividend payments should be given to all shareholders or none” stance
You’re either a member or not a member
That’s a good point.
My £100 Fairer Share payment is in my account this morning
Same here
There are no shareholders, thus at least one but probably both of your conditions have been met.
If there were shareholders then the ‘dividend’ would arguably have been paid in proportion to the amount each person held in their shares accounts (most are share accounts in the Nationwide, but they have some deposit accounts too). Loans/mortgages wouldn’t count as they are more similar to bonds in a normal company. I suspect under 18s would get nothing in this scenario as they have no voting rights.
Yes, I’ve been a customer of Nationwide for well over a decade. I have a joint Flex plus and sole account with them and my Wife also has a credit card with them. We previously also held a mortgage with them. Yet we don’t get the money. It’s more than a bit poor in my opinion
Whatever criteria Nationwide used to identify the beneficiaries, they clearly dropped the ball on this occasion.
POV you don’t understand how building societies work ! every member is effectively a shareholder
Not just effectively. They ARE shareholders. That’s why in the olden days the accounts were called share accounts.
Au contraire!
Depending on what you might consider a shareholder to be then yes, that’s quite possibly true. Legally there are huge differences between being a member of a mutual (be it a building society, co-operative or something else) and a shareholder of a private or public company.
One of the differences is the right to a proportionate share of dividends (or lack thereof!).
No they’re not.
Weirdly enough, the barely used current a/c I have with them with a couple of hundred quid in it has had £100 paid into it, but not the joint account I have with my partner, with considerably more in it.
I think they are. The difference is that it’s one member, one vote for those members with at least £100 in their accounts on the key dates for the votes. Mortgage holders also get a vote.
So different in that votes aren’t proportional to balances but the normal companies can have strange voting structures too.
It’s not based on how much is in the account, but whether £500 or more went in, in two out of three months of January, February, March.
Sure - like shareholders but not actually shareholders. The fact they can flexibly determine voting rights is a big clue.
It didn’t ! And it did on the joint account ! Not that I am protesting, to be honest…
Member for over 30 years
Flexaccount used as my main account for all that time (approximately £2000 a month in and out)
FlexPlus for the insurance package
High limit credit card held for over 30 years (used regularly)
3 loans over the years (just about to finish paying the last one off)
2 savings accounts (OK not a huge amount in them at the moment)
And… not a bean
Today I missed two calls from 0800 464 3123, on calling back a lady picked almost immediately and what she said was you are through to Nationwide can you say out your credit card number.
I immediately hung up, and asked on Twitter. They confirmed the number is theirs.
Like seriously how are they acting differently from scammers?
Why would I just read out my credit card number like that?
Could be number spoofing?