After about 3 years of not making any changes to the monthly fees applicable to account holders, The Financial Services Group’s FNB has made certain changes, especially because the focus of many customers has shifted from traditional banking systems to digital banking. For this reason, many services related to electronic banking have actually had their fees reduced. Yes, the prices have gone down. However, some other services may have also become more expensive.
As a customer of FNB, you should want to know how much you will now be charged for normal services, and you will want to know about the rewards programs currently offered by your bank. This post answers what questions you may have about the FNB fees.
Remember that what fees are applicable to you will largely depend on the account type you are operating. In turn, what account you are operating will largely depend on your net worth and the kind of money you handle daily. Therefore what charges are applicable can differ by very wide margins from one person to another.
FNB Account Fees (2022)
FNB Notifications and Alerts Fees:
FNB has declared that all payment notifications via SMS and email will be free from now on. This is because of the increasing dependence on these services as customers do more of their shopping online.
FNB Electronic Payments and Collections Fees:
As business is increasingly being done online and through remote channels, more customers depend on electronic payments and collection.
Electronic payment and collection fees have been reduced from R9.80 to R7.00.
External debit orders which used to cost R19.00 will now be R3.50.
Debit orders from FNB, Direct Axis, or Wesbank continue to be free.
Fees for immediate payments (real-time payments) now: R10.00 for payments less than R3,000.
FNB Business Zero Account Charges
First Business Zero is a digital-only business bank account designed for Entrepreneurs with annual sales of up to R5 million.
The Account now charges no monthly account fees; and still offers Free funds transfer, free payment notifications, and Withdrawals.
You also get unlimited free POS card swipes, interoperable QR codes to accept payments, and linked savings pockets to enclose your savings and earn interest.
FNB Easy Account Charges:
Easy Zero : No Monthly Fees
Easy Payu: Pay as You Use/ R4.95 per month.
Easy Smart: R62 Per Month
FNB Increased Fees:
FNB will now increase the fees of its Premier, Private Clients, and Private Wealth Accounts. These price increases are small but will help the bank maintain incentives to clients.
Fusion Premier clients will now pay R230 per month.
Fusion Private clients will now pay R420 per month.
Fusion Private Wealth clients will now pay R525 per month.
FNB ATM Withdrawals
Easy Zero and Easy PAYU account now charge a fee of R7 for R1000 transactions. This is up to a limit of R2000. This represents a fee reduction, customers now depend heavily on ATM withdrawals and so a fee reduction is warranted.
FNB Fees Reduced but Value Increase
FNB now has a brand new product called FNB Aspire which will be a replacement for the FNB Gold account, and which will be a much cheaper option. FNB Aspire costs just a monthly maintenance fee of R99, as opposed to the current fee being paid by FNB Gold customers which is R105 per month.
Aspire Customers will reap added benefits such as e-bucks this is applicable when customers reach a stipulated minimum spend. The benefits can reach R150 per month, and will be spent in four main categories:
Shopping at Shoprite/ Usave
Fuel Purchases at Engen
Shopping at Clicks
Bus tickets at Intercape
FNB customers can also get fuel rewards which are obtainable when they use their FNB cards to make fuel purchases at affiliated marketers: Engen, and Moolman. Customers will earn a flat rate of 60c per litre, until they reach the reward threshold of R25. The maximum for this reward is R150.
Aspire customers can be rewarded with up to R1500 per year which they will spend on buying a new pair of shoes. In order to qualify for these rewards, customers must spend at least R4000 in 12 months.
Customers must also grow their savings by R500 every month,
Or maintain a savings of R16,500 every month,
Or have an FNB life assurance cover of R400,000.
Are you interested in enjoying these low fees and great benefits? Why not open a business account with FNB?
How to Open a Business Account with FNB
If you are an entrepreneur and need to be on top of your business’ finances at all times then you have to check out the various FNB business category accounts designed to help grow business.
To open a business account with FNB you can just go online to the banks’ website and register. You can just provide your personal information, as well as information about your business. After providing these details please go to any branch of the bank in your city to continue the process.
You will be guided about the type of account most suitable to your business, and also to your finances.
Please take your identity documents, proof of residence, certificate of incorporation, and so on. When you get to the bank tell them that you have already started the registration process online.
Is FNB Business Free?
Small business owners have the option of choosing the Business Zero account type which is free in the sense that the bank does not charge a monthly maintenance fee. In addition to not charging any monthly fee the bank also gives Free funds transfer, free payment notifications, and Withdrawals. With this account type you still get free unlimited card swipes, and free unlimited POS card swipes.
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FNB is a bank that targets long-term relationships with customers and is committed to helping them grow. The focus is evidently changing to less paper money, and more electronic transactions and the bank is trying to encourage businesses to go with these kinds of transactions, hence the reduced fees.
Disclaimer: The information provided in this article is believed to be accurate at the time of publication. Neither the Author or Publishers of this article are liable for any damage or losses that may occur from your use of this information. Please visit the nearest branch of FNB and talk to a customer care agent before making any decision.