I'm seriously starting to think Nationwide has forgotten about me. Checked my account this morning - still nothing. That promised £50 "thank you" payment they've been banging on about? Nowhere to be seen. And judging by the flood of complaints online, I'm definitely not alone in this frustrating waiting game.
Back in April, I got that same email everyone else did. "Congratulations! You're getting fifty quid!" Great, I thought. Free money. But here we are, a month later, and my account balance remains stubbornly unchanged while my sister-in-law (who barely uses her Nationwide account) got hers within 3 days. Typical.
The whole "thank you" thing explained (sort of)
So here's teh deal. After Nationwide successfully gobbled up Virgin Money earlier this year, they announced this grand gesture - "The Big Nationwide Thank You" - promising £50 payments to around 12 million eligible customers. Payments supposedly started hitting accounts from April 9th.
That's a whopping £600 million they're distributing in total. Not exactly pocket change!
My neighbor Dave (who works in finance and loves explaining things I didn't ask about) pointed out this is completely separate from their "Fairer Share" payment, which has been £100 for the past couple years. "Different pot of money," he insisted over our garden fence yesterday. "Don't confuse the two."
Why haven't I been thanked yet?!
After scrolling through X (still can't get used to not calling it Twitter), it's clear I'm in good company. One poor soul wrote: "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 frustrated customer complained: "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."
Listen. I've been with Nationwide for 11 years. Is a little punctuality too much to ask?
The official line (yawn)
Nationwide has been scrambling to reassure everyone that payments are still being made. According to their posts on X, payments will continue until May 14th, depending on what products you hold with them.
A spokesperson told This is Money (in what I imagine was their most reassuring customer service voice): "If we were able to pay the money into a Nationwide current account, instant access or limited access savings account in your name, we have now done so."
They went on: "If we couldn't, and you have a mortgage with us, we paid £50 into the bank account used to pay your mortgage Direct Debit where we were able to do so. If we haven't been able to make the payment for any reason into a current account or savings account, we have sent a cheque. Cheques will be sent by May 14, 2025."
Cheques? In 2025? Seriously?
The waiting game - who gets what when
According to Nationwide's website (which I've checked approximately 47 times), if you have an instant access or limited access savings account, your payment should have landed by April 30th.
Mortgage holders should also have received their payments before April 30th, into whatever account their direct debit comes from.
Everyone else will apparently get cheques, which should be sent by May 14th... though God knows how long the postal service will take to actually deliver them.
Am I even eligible? (Probably, but who knows)
The eligibility criteria seems straightforward enough - you needed to be a Nationwide member on September 30, 2024, and still be one now.
Plus, in the 12 months leading up to the end of September 2024, you needed to have either:
- Made at least one transaction on a current or savings account
- Held at least £100 across your accounts
- Owed at least £100 on a Nationwide mortgage
I've had over £2K sitting in my FlexDirect account since 2023, so I definitely qualify. Which makes the wait all the more annoying.
Could another windfall be coming?
While I'm still waiting for this £50 to materialize, there's already talk about whether Nationwide will issue another "Fairer Share" payment this year - that's the separate £100 bonus they've given out twice since 2023.
Apparently we'll find out on May 29th whether that's happening. Nationwide's boss Debbie Cross said back in December they were "well positioned" to make these payments again.
Not that I'm counting on it. I'd settle for just getting the £50 they already promised me!
I'll be checking my account again tomorrow morning. And probably the day after that. And the day after that...
Frequently Asked Questions
What are credit scores and why are they important?
Credit scores are numerical representations of an individual's creditworthiness, calculated based on credit history, payment behavior, and debt levels. They are important because they impact the ability to obtain loans, credit cards, and favorable interest rates, affecting overall financial health.
What is a budget deficit?
A budget deficit occurs when a government's expenditures exceed its revenues over a specific period, usually a fiscal year. This can lead to increased borrowing and national debt if not addressed through spending cuts or revenue increases.
What are the benefits of having an emergency fund?
An emergency fund provides financial security by offering a safety net for unexpected expenses, such as medical emergencies or job loss. It helps prevent debt accumulation, reduces stress, and allows for better financial planning, ensuring that individuals can navigate unforeseen circumstances without significant hardship.
What is the definition of money?
Money is a medium of exchange that facilitates transactions for goods and services. It serves as a unit of account, a store of value, and a standard of deferred payment, allowing individuals to compare the value of diverse products and services.
How can I budget my money effectively?
To budget effectively, start by tracking your income and expenses to understand your spending habits. Set realistic financial goals, categorize your expenses, and allocate funds accordingly. Regularly review and adjust your budget to ensure it reflects your current financial situation and objectives.
What is the importance of financial literacy?
Financial literacy is essential for making informed decisions about budgeting, saving, investing, and managing debt. It empowers individuals to understand financial concepts, evaluate risks, and navigate complex financial products, leading to better financial stability and long-term wealth building.
What are the different types of money?
The main types of money include commodity money, which is based on physical goods like gold or silver; fiat money, which is government-issued currency not backed by a physical commodity; and digital currency, which exists electronically and is often decentralized, such as cryptocurrencies.
Statistics
- According to the World Bank, around 1.7 billion adults worldwide remain unbanked, lacking access to basic financial services.
- According to a Gallup poll, 56% of Americans report that their financial situation is better than it was a year ago.
- According to the Federal Reserve, approximately 39% of Americans do not have enough savings to cover a $400 emergency expense.
- As of 2021, the average American household had approximately $8,400 in credit card debt, according to Experian.
- As of 2021, the average student loan debt for recent graduates was approximately $30,000, according to the Federal Reserve.
- Research by the National Bureau of Economic Research found that individuals who receive financial education are 25% more likely to save than those who do not.
- A report by Bankrate indicated that only 29% of Americans have a written financial plan.
- In 2020, the average retirement savings for Americans aged 60 to 69 was approximately $195,000, according to Fidelity.
External Links
How To
How To Improve Your Credit Score
Improving your credit score is a gradual process that requires consistent effort. Start by obtaining a copy of your credit report from the major credit bureaus to identify any inaccuracies or negative entries. Pay your bills on time, as payment history accounts for a significant portion of your credit score. Reduce your credit card balances to maintain a low credit utilization ratio, ideally below 30%. Avoid opening new credit accounts frequently, as this can negatively impact your score. Lastly, consider becoming an authorized user on a responsible person's credit card to benefit from their good credit habits. Regularly monitor your credit report to track your progress.
Did you miss our previous article...
https://hellofaread.com/money/cereal-nostalgia-hits-hard-bm-brings-back-those-chocolate-straws-we-all-lost-our-minds-over
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