Nationwide Building Society has issued an update on its progress in paying out an £100 bonus payment to customers.

The group started paying out the funds yesterday (June 18), in the latest round of its Fairer Share Payment. More than four million members are due to get the cash.

Stephen Noakes, Nationwide's retail director, said yesterday: "We have already made excellent progress in rolling out this year's Fairer Share payment, having surpassed four million payments in the first day.

"We are delighted to have been able to pay eligible members £100 for the third year running due to Nationwide being in a strong financial position.

"That strength, combined with our mutuality, meant we were able to return a total of £2.8billion in value to members in the last financial year."

Nationwide said it had paid out 99.97% of the payments to eligible members. The group was asked when the remaining customers would be paid the £100.

The savings provider said: "The payment will be processed from 18 June to 4 July - the remaining payments will be paid within this period. It will appear as Nationwide Fairer Share Payment."

Many happy customers took to social media to say they have received the cash, which is being paid into Nationwide current accounts.

To qualify for the funds, you need to have a qualifying current account and either a qualifying savings account or a mortgage with the group.

You also need to have carried out certain account activities between January and March this year, which will depend on which combination of qualifying accounts you have.

If you are a Nationwide member, it may also pay to check if you can get £200 in bonus cash by taking advantage of a switching offer the group currently has.

You can get the extra cash when switching from a non-Nationwide current account to either a FlexPlus, FlexDirect or FlexAccount current account.

You will need to switch over at least two direct debits and carry out a full switch using the Current Account Switch Service, including closing the old account.

Some other time limits to note include that the switch has to be completed within 28 days and also within 31 days of opening the account, you need to pay in at least £1,000 and make one debit card payment.

The offer is available when switching to a new or existing current account with Nationwide. You also need to have been a qualifying member on March 31 this year.