More than 12 million Nationwide customers will each receive a payment of £ 50 after taking control of Virgin Money.
The country, the largest construction company in the United Kingdom, described money as a “thank you” to its members, at a cost of 600 million pounds sterling.
However, the same members did not have a vote on the acquisition of 2.8 billion pounds Sterling by Virgin Money last year.
Most customers will receive the £ 50 directly in their accounts by the end of April, although some will be paid by check.
Nationwide writes to members who receive payment from now on to let them know how and when they get the money.
Payments will go to more than 12 million customers who:
Has a saving or a current account, or mortgage, at the end of last September, made at least one transaction on their current account or savings, or had a balance of at least £ 100 in their current account, savings or mortgage in the 12 months at the end of September, having their account or their mortgage when payment is made
These criteria mean that around four million customers will not receive payment.
Virgin Money customers – which was the name of the Clydesdale and Yorkshire Bank Group – will not be eligible for money either.
Debbie Crosbie, director general at national level, said that payment “recognizes the role that our members played in the creation of the financial force which made the agreement possible”.
After last year’s agreement – the greatest bank test since the financial crisis – Nationwide has become the second supplier of the United Kingdom in mortgages and savings accounts.
However, there was some controversy that, if the members of Virgin Money were voted on the agreement, the members of the country were not. The Board of Directors of Nationwide decided that no approval of the members was required.
Payment of £ 50 is separated from the so-called Payment Payment Regime of Nationwide, which periodically returns some of its profits to members.
