Nationwide Building Society has issued an update how £50 payments will go out to customers. The payments are being sent out as a thank you to members after Nationwide acquired Virgin Money.
Some 12 million customers are receiving the one-off payment. How you get the funds depends on the type of customer you are.
A person contacted the group over social media to ask: “With the £50 that’s been kindly given out. Mine is just a mortgage would it just go on my payments?”
The building society responded to explain the process: “If you hold a Nationwide mortgage, you will see the £50 payment in the current account that you pay your mortgage direct debit from.
“That’s so long as the account is in your name. You can expect the payment to arrive by April 30.”
The person then responded to say that the account is in their name but they had changed their surname, and asked if this would affect them receiving the payment.
Nationwide asked them to contact them about the matter, either by starting a chat them through the banking app or internet bank, by calling 03457 302011, or by visiting a branch.
Another customer got in touch on April 10 as they had received the £50 payment for their joint account, but the other person linked to the account had not had the payment. In response, Nationwide said: “Payments are planned to start landing from April 9 onwards until May 14 depending on the products held with Nationwide.”
The terms and conditions about the £50 payment on the Nationwide website state: “If a member product has more than one account holder, each of you will be a member of Nationwide, so these terms and conditions apply to each of you individually.
“This means that if a member product is in joint names, the product and the whole of any balance will count towards each individual’s eligibility for the payment.”
To qualify for the cash, you must have been a Nationwide member on September 30, 2024. You also need to still be a member when the group makes the payment.
Other conditions include that in the 12 months to the end of September 2024, you must have had:
Payments into current accounts, instant access or limited access savings accounts with Nationwide should arrive by April 30, as well as payments into accounts used to pay a Nationwide mortgage.
All other payments will go out as cheques, and will be sent out by May 14. Cheques must be paid in by January 1, 2026 to make sure you don’t miss out on the payment.
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