Customers who were sent cheques rather than receiving direct payments must deposit them by 1 January 2026 or forfeit the bonus entirely.

The clock is now ticking for anyone who may have overlooked or misplaced their cheque, as the New Year’s Day cut-off approaches rapidly.

The scale of the initiative is substantial, with around 12 million building society members qualifying for the cash reward.

The total cost of the programme exceeded £600million, making it one of the largest customer payouts in the mutual sector.

Each eligible member stood to receive £50, distributed as a gesture of appreciation following the Virgin Money deal.

The building society confirmed that all payments have now been issued, meaning customers should already have received either a direct deposit or a cheque through the post.

Those who believe they qualified but have not heard from Nationwide can verify their eligibility status through the organisation’s official channels.

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To qualify for the £50 bonus, individuals needed to hold Nationwide membership on 30 September 2024 and maintain that status when the payment was processed.

Beyond membership, customers had to satisfy at least one additional requirement during the twelve months preceding the end of September 2024.

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This included completing a qualifying transaction on a current or savings account, maintaining a combined balance of at least £100 across current and savings products, or owing a minimum of £100 on a residential mortgage with the building society.

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Those who switched to a Nationwide current account between 1 July and 30 September 2024 using the Current Account Switch Service also met the criteria automatically.

The building society distributed payments through several channels depending on customer circumstances. Direct deposits began appearing in current accounts, instant access savings accounts, and limited access savings accounts from 9 April onwards.

Mortgage holders received their £50 into the bank account linked to their Direct Debit, provided the account was registered in their name.

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For all remaining eligible members, cheques were posted starting from 14 May.

Nationwide has emphasised that this initiative operates separately from its established Fairer Share scheme, which has delivered annual payments of £100 to qualifying members on three occasions since 2023.

The Big Nationwide Thank You represents an additional benefit rather than a replacement for that existing programme.