FNB Cheque Account Fees 2023 (Gold vs Premier)

First National Bank FNB is not just known for its entry-level bank accounts that have become very popular among the younger generation for the low fees they charge; the bank is also making the rounds for their cheque accounts, especially as many of their young customers have now graduated from student accounts and other smaller types of accounts to bigger accounts with more freedom, and the ability to disburse money through cheques.

As expected, many of the customers now upgrading their accounts want to know if they can get the same low fees and charges that they have enjoyed and that they have come to be used to. For this reason, there are a lot of enquiries about the FNB cheque accounts.

What are FNB Cheque Accounts?

FNB Cheque accounts are designed for businessmen and professionals who need to disburse money through cheques so as to efficiently and accountably run their businesses and offices. These accounts are above the entry-level accounts, but below the executive-level products.  

These accounts enable you to perform huge transactions, and also to have a steady flow of money in and out of the account. Below we compare the most popular options out of the FNB cheque accounts.  

What is the difference between FNB Gold, and FNB Premier Accounts? 

FNB Gold and Premier are both professional-level accounts that offer account holders the benefit of disbursing money through the issuance of cheques. However, despite their similar functions, there are small differences. 

Gold account is designed with the intention of helping you save more. That is the first and primary purpose of the account. 

On premier, you are actually encouraged to spend money, probably to run your business, pay your workers, and disburse money to run your office. However, Premier enables you to gain more benefits for these transactions you make. For example, you get to earn ebucks up to 40% discount on the expenditure of R20 000. 

On Gold you still earn ebucks, but your earnings are usually lower. 

FNB Gold Cheque Account Fees

Cash withdrawal fee: When Performed at an FNB Bank Branch: R60 + R2.10 per R100

Cash withdrawal fee: When performed at an FNB Bank ATM: R1.90 per R100

Cash deposit fee – First-month deposits at ATM is free or till you reach R5 000. Thereafter you pay R0.95 per R100 deposited.

Cash deposit fee: at a Bank Branch you pay R60 + R2.10 per R100

Purchase fee: purchases made using your Debit Cards are free.

Payment fee: when you make payments, using the Bank’s ATMs it is free of charge. 

Transfer fee: when you make fund transfers using the ATM, the service is Free. There is no charge.

FNB Premier Account Fees

FNB Premier Account Monthly Bank Charge: R219.00

FNB Premier Account Credit facility service fee: R17.00

Credit Card monthly account fee (Separate Charge): R75.00

Linked petro card fee (Monthly charge): R29.50

Monthly overdraft service fee: (Optional): R69.00

Electronic payments: Free of charge

Debit orders: Free of charge

FNB Cheque Account Requirements

• Proof Of Identity
• Proof Of Address
• Minimum Opening Deposit

 The process of opening an FNB Cheque account may seem intimidating, especially to the younger ones who have not operated cheque accounts previously. However, it is not as complicated as many imagine. However, in compliance with the Financial Intelligence Centre Act (FICA), the national identity is not enough to open an FNB account. That means there is a little extra documentation needed to complete the registration process.

Proof of identity: This is the first and foremost requirement. You need to have a valid smart card Identification document or an authentic identity book that has the green bar codes. This is the first thing that you need when applying for a cheque account with FNB. Please bring it along when coming to the branch.

Proof of address: FNB also needs for you to give a valid address on their FNB proof of residence. The documents that are accepted for this particular requirement are municipal utility bills. It is also possible to use a recent clothing bill, which is not older than three months as proof of residence. 

The minimum opening deposit:  it is expected that you pay the minimum opening deposit while opening your FNB. This amount will be communicated to you at the bank branch while you are opening the account. Please note that FNB charges different amounts for each different account type.

What do I need to open an FNB account as a Foreign national?

Of course, FNB accepts both South Africans and people from other countries who wish to open their cheque accounts. The requirements for foreign nationals are slightly different, however. These are the FNB non-foreign nationals account requirements: 

Passport: The passport acts as the proof of identity of the applicant. The only difference is that while a South African national could produce any other document as an alternative proof of identity, this is hardly the case with an applicant whose South Africa is not his country of origin. 

The passport should clearly state his name, country of origin, and clearly show his face.

 A study permit or a work permit: Depending on the individual circumstances, the applicant is required to provide either a work permit or a study permit, both of which are official documents from the Ministry of Home Affairs, proving that their stay in the country is valid and that the money going in and out of the account is legitimate. 

Minimum deposit: just the same way that applicants who are South African nationals are required to pay the minimum opening deposit, the same rule applies to foreign nationals who are seeking to open FNB cheque accounts. 

The opening balance will be communicated to you at the point of opening the account.

How do I Qualify for FNB Cheque Accounts? 

Let us use the FNB Gold Cheque Account as a yardstick. In order to qualify for this checking account, you need to prove to the bank that you earn between R120 000 – R239 999 per year. That can be done through payslips, or if you are self-employed you can show your books that indicate the flow of money.

Of course, you must also show your other documents like an ID card and address proof. 

What do I need to know about FNB Cheque Account Overdraft? 

Yes, you may have already heard that the FNB cheque accounts allow you to overdraw your accounts. That is true. However, in order to qualify for an Overdraft up to an amount of R150 000 which can help you make payments when you may not have enough cash available in your account, or take advantage of unplanned opportunities that may arise you need to have maintained a steady inflow and outflow of money with the account. 

Your Gold account comes with a Savings Account that makes saving very easy. With this account, you can apply for short and long-term credit facilities which the bank will grant you. Some of the Short term credit facilities include Temporary Loans, Personal loans, Home loans, Car Finance, and so on. You can also apply for long-term credit. 

FNB Cheque Account Queries

If you have any issues, complaints, or questions about your FNB cheque account kindly contact the bank on its Telephone Hotlines set aside for cheque accounts: 087 575 9404 or +27 (0) 11 369 1088. You may also visit the bank on their website, and click on contact us/ and follow the appropriate options.

How do I close my FNB cheque Account? 

You can close your FNB bank cheque account by sending an email to premier@fnb.co.za. Alternatively, you can do so by giving FNB a call on 087-575-9404. You can also close your account with their FNB secure chat feature. Please note that you can only close your FNB bank account if you do not have a pending overdraft facility, or if you do not have money in the account.

Also, can also not close your account if you have any automatic or recurring payments pending. Therefore you are advised to close all recurrent payments tied to your account at the source first, before attempting to close your FNB checking account. 

Related:

• FNB Easy Account Fees
• FNB Business Account Requirements
• FNB Pay and Clear Cost

Conclusion:

That is all the information you could possibly need about FNB Cheque Accounts, their fees, and everything else. Please note that it is possible to start your registration online, however, it is always best to walk into a branch of FNB, and request to open an account. You can then receive guidance on what particular cheque accounts are best suited to your individual needs. 

Disclaimer: The information in this post is considered true as at the time of publication. However, neither the author nor publishers accept any liability for whatever damages may occur from your use of this information. We are not affiliated with FNB. Please contact the bank for more information.