Nationwide slammed after customers lose £100 due to 'grossly unfair' rule

Nationwide has come under fire after a "grossly unfair" rule saw customers lose £100. Nationwide, the UK's biggest building society, is paying a £100 loyalty bonus to customers after its announcement last month - but the move has sparked fury.

James Daley from the consumer group Fairer Finance said: "This annoyed people last year, and they’re doing it again when it’s only a small percentage of people who will get it. There are lots of long-term customers who are going to be upset by this, they are losing the PR battle."

Since the announcement, it emerged only 3.85million - just 24% - of its 16million member base will receive any cash. This is down to the scheme's eligibility criteria, which saw some long-term members miss out on the payment last year.

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"This time round, if this is about ;Loyalty; Nationwide without doubt needs to flex the criteria they applied last time around that was grossly unfair!" one customer fumed. "If someone has a dormant account with a few pence in it they haven’t contributed to the profit," a second agreed.

A third fumed: "Not talking abour dormant accounts here. Nationwide said not shuting branches - they have. We are a mutual - which is giving members no vote on taking on Virgin Money. Nationwide gave £100 only to members who also have a current account. Obviously long term savers are not ,loyal members.

"Their CEO believe one time also worked for VM. R. Branson will be able to make about someone quoted £600 million. Could be risky but board will walk away happy with payout and no doubt shareholders. What is in this for the Nationwide members when a building society supposed to be mutual buys said bank.

"Not loyal enough approx only if you also have a current account. You could have received £200 at one time through switching accounts to a bank. So they offer £100 on certain conditions. Are they intending turning same into a bank. Cutting branches and staff is that what they mean. Fair to the board members and their lavish salaries as loyal savers are not appreciated or consulted".