{"id":256557,"date":"2025-03-11T10:49:12","date_gmt":"2025-03-11T10:49:12","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/03\/11\/nationwide-customers-to-get-50-each-after-virgin-money-deal\/"},"modified":"2025-03-11T10:49:12","modified_gmt":"2025-03-11T10:49:12","slug":"nationwide-customers-to-get-50-each-after-virgin-money-deal","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/03\/11\/nationwide-customers-to-get-50-each-after-virgin-money-deal\/","title":{"rendered":"Nationwide customers to get \u00a350 each after Virgin Money deal"},"content":{"rendered":"<div style=\"text-align:center\"><img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ichef.bbci.co.uk\/news\/1024\/branded_news\/f756\/live\/e5860040-fe5e-11ef-affb-a750ab607ba8.jpg?ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Nationwide customers to get \u00a350 each after Virgin Money deal\" title=\"Nationwide customers to get \u00a350 each after Virgin Money deal\" \/><\/div><p> <br \/>\n<\/p>\n<div data-component=\"text-block\">\n<p class=\"sc-eb7bd5f6-0 fezwLZ\">More than 12 million customers of Nationwide will each receive a payment of \u00a350 following the takeover of Virgin Money.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fezwLZ\">The Nationwide, the UK&#8217;s largest building society, described the money as a &#8220;thank you&#8221; to its members, at a cost of \u00a3600m.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fezwLZ\">However, there was criticism that the same members were not given a vote on the \u00a32.8bn acquisition of Virgin Money last year.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fezwLZ\">Most customers will receive the \u00a350 directly into their accounts by the end of April, although some will be paid by cheque.<!-- --><\/p>\n<\/div>\n<div data-component=\"text-block\">\n<p class=\"sc-eb7bd5f6-0 fezwLZ\">Nationwide is writing to members receiving the payment from now to let them know how and when they will get the money.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fezwLZ\">The payments will go to more 12 million customers who:<!-- --><\/p>\n<ul class=\"sc-5c9c90b0-0 ggNdZQ\">\n<li class=\"sc-8d73edac-0 ezcCTE\">Had a savings or current account, or mortgage, at the end of last September<!-- --><\/li>\n<li class=\"sc-8d73edac-0 ezcCTE\">Additionally, have made at least one transaction on their current account or savings, or had a balance of at least \u00a3100 in their current account, savings or mortgage in the 12 months to the end of September last year<!-- --><\/li>\n<li class=\"sc-8d73edac-0 ezcCTE\">Still have their accounts or mortgage at the time the payment is made<!-- --><\/li>\n<\/ul>\n<p class=\"sc-eb7bd5f6-0 fezwLZ\">Those criteria mean about four million customers will not receive the payment.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fezwLZ\">The customers of Virgin Money &#8211; which was the name for the Clydesdale and Yorkshire bank group &#8211; will not be eligible for the money either.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fezwLZ\">Debbie Crosbie, Nationwide chief executive, said the payment &#8220;recognises the role our members played in building the financial strength that made the deal possible&#8221;.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fezwLZ\">Following <!-- --><a target=\"_self\" href=\"https:\/\/www.bbc.co.uk\/news\/business-68499145\" class=\"sc-c9299ecf-0 beIoQm\" rel=\"noopener\">last year&#8217;s deal<!-- --><\/a> &#8211; the biggest banking takeover since the financial crisis &#8211; Nationwide became the UK&#8217;s second largest provider of mortgages and savings accounts.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fezwLZ\">However, there was some controversy over the fact that, while Virgin Money members were given a vote on the deal, Nationwide members were not. Nationwide&#8217;s board decided no member approval was required.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fezwLZ\">The \u00a350 payment  is separate to Nationwide&#8217;s so-called fairer share payments scheme, which periodically returns some of its profits to members.<!-- --><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.com\/news\/articles\/cj3n8j5jdrko\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than 12 million customers of Nationwide will each receive a payment of \u00a350 following the takeover of Virgin Money. The Nationwide, the UK&#8217;s largest building society, described the money as a &#8220;thank you&#8221; to its members, at a cost of \u00a3600m. However, there was criticism that the same members were not given a vote [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":256558,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/ichef.bbci.co.uk\/news\/1024\/branded_news\/f756\/live\/e5860040-fe5e-11ef-affb-a750ab607ba8.jpg","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[674,2294,1455,232,9407],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/256557"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=256557"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/256557\/revisions"}],"predecessor-version":[{"id":256559,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/256557\/revisions\/256559"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/256558"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=256557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=256557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=256557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}