FNB Slashing Prices And Reducing Fees

Kicking off on 1 July, First National Bank (FNB) will no longer charge for card purchases on a number of their accounts and will also reduce fees by up to as much as 11% in certain cases. Click through for the full breakdown.

Beginning next month, FNB will stop charging personal customers for credit and debit card purchases who are on FNB Easyplan, Smart Accounts, Gold and Platinum Cheque Accounts. Previously this luxury was only available to customers on their unlimited or mobile pricing options and other customers were paying R2.75 per transaction. Collectively, this added up to R76 million generated from over 230 million swipes.

The bank’s Smart Gold Unlimited Account fees will be reduced by 11%, dropping to R49 per month.

“The R49/month fee includes free access to all of FNB’s electronic channels (including the FNB App), unlimited card and electronic transactions and six FNB ATM withdrawals per month.”

They are also trying to discourage cash withdrawals, and will limit these to only six per month. However, fees can be avoided by swiping at select outlets.

FNB CEO elaborated on the bank’s fees,

“In reality, a customer’s experience of bank charges can differ depending how they transact. Two South African annual bank fee comparisons are undertaken and consumer reports are published as a result. According to the typical basket of banking transactions used by Solidarity, FNB’s Easyplan fees will drop by 28% and FNB Smart Transmission Account Fees will drop by 9%. According to the basket of transactions and products used in the Finweek report, a typical FNB Gold client will see a reduction in banking costs of 3%,”

To view a full breakdown of their new pricing, view their online brochure.

[Source: Moneyweb]

http://URL Schalk

and this too:

http://www.imod.co.za/2012/06/07/multi-currency-accounts-from-fnb/
http://URL Evert

Not for my accounts at FNB, it just got much worse.
My banking fees has increased to R97, R5 more, I can live with that.
But my ATM transactions has decreased from unlimited to 6 a month!
I use my debit card for purchases wherever I can.
Then I also pay R57 banking cost for them to run a debit order on my morgage account from my cheque account. Both of these accounts are at FNB!
So I called and said I have the unlimited electronic transactions option, but I was informed it only applies to my cheque account and not my morgage account.
http://URL zayin

Platinum account fees went up as well ..
http://URL Fran

Trust me, they can increase their fees, they will still better than ABSA, the absolute worst client service bank in the whole fuckin world. Up yours ABSA! I’m leaving you forever, bitch
http://URL The Tycoon

Trust me, they can stand to cut the fees with all the money they’ve made on us over the years. We pay them for good service, that’s the way it should be.
http://URL Thomas

I joined FNB the other day and I’m a little disappointed.. Prices aren’t that cheap. For instance their “unlimited” accounts are far from unlimited, specially after this crap. And you only find out after you join them. ABSA’s unlimited accounts have a standard fee and you get a credit card free whereas with FNB you have to pay extra per month. If anything FNB just has clever marketing and an app. And now, again articles like this make them look like hero’s when they are actually not. sad.. The one little decrease in their fees deserves all the publicity whereas the huge increases in all other areas dont get a mention.. bleh
http://URL pieter

i in the same boat as evert

fnb can bullshit some of the people some of the time but not all the people all of the time

as sson as i can take a days leave i will join the 50 people line at fnb tableview to change to cheaper plan
http://URL Shaun

Yeah, then there’s those crap ads that they play repeatedly on the radio…one of which mentions it takes 10 minutes to open an account over the phone, without visiting a branch…i tried that, but ended up wasting an hour and a half in the branch before walking out…

Finance

Brent Crude Oil	102.08	-1.83 ( -1.76%)
Rand / Euro	12.29	-0.00 ( -0.07%)
Rand / Pound	14.36	-0.01 ( -0.07%)
GOLD	1367.50	-1.07 ( -0.08%)
Rand / Dollar	9.56	-0.00 ( -0.06%)

FNB Slashing Prices And Reducing Fees

08 Jun 2012 by Albi P in Business, Money, Very Cool

Latest News

Wireless Home Security Camera Lets You Watch What’s Happening On Your iPhone/Android – Get It Now For Only R899 (Save R1,800)

Kim Kardashian’s Baby Shower Invite Is As Overboard As You Thought It Would Be [PIC + LULLABY]

One Of The People Who Landed At Waterkloof On The Gupta Plane, Is Missing

Radvertising: The Dance Dictionary – A Name For Every Move On The Floor [VIDEO]

Wanna Hang At Justin Bieber’s House? Sign This

Most Read

2oceansvibe Partners

Finance

Josh Thompson – Beer on the table [Video]

Follow