UP IN ARMS OVER FNBS BANK CHARGES


Investing & Money
piece written on the 10th June 2014 by  

There’s been a huge amount of buzz lately on the Internet about bank charges. This all started last week when everyone received FNB’s revised fee structure and realised that there were a number of changes that are going to see us paying more bank charges than ever before. In a world where technology is the driving force, one would have hoped that efficiencies through technology would assist with reducing the costs not increasing them.

I think the strangest thing I read was written by a Moneyweb journalist, Hilton Tarrant. Take a read of this scenario:

  1. A transfer of money from one of your accounts to another of your accounts (ie. from own account to own account) via online banking or an ATM it’s free. However, if you do so via the app or USSD it’ll cost you R3,50 a go.
  2. A transfer of money from your account to someone else’s account via online banking it will cost you R7 a go, but if you do the transfer via mobile banking or the app it’ll cost you nothing.

Yes, you read that right! What the heck?!

Business Tech published some fantastic fee tables:

2014 Account Fees

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2014 Withdrawl Fees

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ATM Withdrawl Comparisons

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Here are a couple of the other things that were noted:

  1. Buying prepaid airtime via FNB will now cost you R1,10 per purchase, that applies even if you’re on an unlimited transactions package.
  2. There is no longer an FNB Fee Saver rebate option for new FNB customers.
  3. If you forget your online banking password it’ll cost you R55.
  4. Getting bank statements printed at your branch will cost you R13 per page.

Absolutely crazy, no matter what you want to do, FNB will have a way to get more from you.

For me, the biggest thing to come from reading over the fee structures was that of debit order fees. FNB charges R16 a debit order! This in comparison to R15 with ABSA, R13 with Nedbank, R12 with Standard Bank and just R3.20 with Capitec. If Capitec are able to handle debit orders for just R3.20, then the other banks are surely taking us for a bit of a ride? I probably have about 10 debit orders each month, possibly even a few more than that – that means I’m incurring upwards of R160/month in bank charges!

Right now FNB’s motto is, “How Can We Help?” – Reduce your fees and you’ll be helping!

If you’re an FNB customer or interested in moving to FNB, here are the links to their pricing guides:

It’s a really good idea to have a quick read of the guide. If you’re just interested in your personal banking costs, click the Personal Banking link in the bullet points above, let it open and then find your banking account type. Below that you’ll see the tables with the costs – by just reading over it once I can assure you that you’ll spot something that’s going to save you money, even if it’s a painful reminder of how much you pay to withdraw cash from one of those carefully and cleverly positioned International ATM machines.