ABSA vs. FNB

Johand

Johand

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Location
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Monthly unlimited banking fee with FNB: R66.00
Limited banking with ABSA Monthly cost: R231.60
Saying whatever! I'm moving to FNB ... priceless.

Opening Accounts (Current Account and Credit Card) with FNB: 30 minutes
Waiting for ABSA to give me three months bank statements which they are only able to do in the end by me printing the statements from Internet Banking and having them stamp it: 1 hour 40 minutes.
Having your decision validated whilst doing the move ... priceless.
 
Johand said:
Monthly unlimited banking fee with FNB: R66.00
Limited banking with ABSA Monthly cost: R231.60
Saying whatever! I'm moving to FNB ... priceless.

Opening Accounts (Current Account and Credit Card) with FNB: 30 minutes
Waiting for ABSA to give me three months bank statements which they are only able to do in the end by me printing the statements from Internet Banking and having them stamp it: 1 hour 40 minutes.
Having your decision validated whilst doing the move ... priceless.
Click to expand...

Making this exact same move 1 month ago and still unable to get fking FNB internet banking to work: Frustrating :mad:

But yes, ABSA lost my business too... :D
 
Pilgrim said:
Making this exact same move 1 month ago and still unable to get fking FNB internet banking to work: Frustrating :mad:

But yes, ABSA lost my business too... :D
Click to expand...
Mine worked immediately :confused: Did you ask the consultant to make sure that it's working before leaving?

But yeah I also changed a few years back - ABSA to FNB as well. R66pm banking fee is madness :eek:
 
been with fnb for a few years. not looking back. oh and johand, fnb will move all your debit orders for you.

and dont forget the ebucks

PS: no, i dont work for fnb :)
 
I am also with FNB and must say so far way better service than other banks although they also have their issues. My dad also moved from ABSA to FNB a year or two ago. The FNB representative came to his house to open his account. He was with ABSA since the days of Trustbank, prob more than 25 years and finally had enough after they treated him like cr@p. He says he has never had service before like he is getting from FNB, not to mention lower rates.
 
It's R75 per month now according to the new 2008 price guide for personal banking. At least that's what applied to my savings account.
 
I'm moving from FNB to ABSA... FNB are on the way down in my books...

Bit confused by your ABSA Bank Charges claim, I only pay R100/pm all inclusive? With FNB I pay R85/pm.
 
Bit confused by your ABSA Bank Charges claim, I only pay R100/pm all inclusive? With FNB I pay R85/pm.
Click to expand...

I took the new unlimited banking option on the FNB cheque account. There might be more charges related to the credit card etc. but have compared apples with apples because the R231.60 also doesn't include "yearly" fees and credit card fees.

Breakdown of the 231.60:
MIN SERVICE FEE -30.00
TRANSACTION CHARGE -122.35
ADMIN CHARGE -5.00
INTERNET BANK FEE -74.25


Now bear in mind that I am on the Silver Package on ABSA (which is another story... I am not suppose to be on the Silver Package).

* The Minimum fee according to their website:"* The minimum monthly service fee is only charged if the sum of fees from cheques issued is less than R 30,00 per month." - hell I don't even have a cheque book. What is this minimum frekkin service charge for????

* Transaction Charge - As far as I can tell R68.75 of that relates to 7 debit orders. I only did around 5 debit card/ATM transactions on my cheque account.

But of course the whopper is the internet banking charges at -74.25? Why the hell do I have to pay to do what traditionally has been their work?? I mean I move my entire salary out during the month (seeing that whatever is left over at the end of the month doesn't get any interest) but that happens with a limited number of transactions. 74.25 for self-service electronic banking?


I must tell you that my decision to move to FNB has been influenced heavily with my experience with WesBank. I have financed two cars with them and had excellent service overall. When I applied for finance for my first car WesBank responded with 3 hours. ABSA came back to me about 5 weeks after I took delivery of the vehicle which took a few weeks to arrive.

Don't get me wrong -- banking is bad in SA -- but FNB has impressed me with their aggressive (at least for South Africa) pricing structures. The fact that they stated they believe the ridiculous SASWITCH fees should be dropped at the competition commission also earned them brownie points in my book.

I believe a bank should look after your money. Currently you have to watch the bank and try to optimize the way you use your banking facilities. FNB will not only save me a lot of money with the pricing structure but now I can actually bank the way it suits me .i.e. drawing smaller amounts of cash at a time reduces my risk, paying with my debit card instead of my credit card is a lot better for my cash managent (and now the debit card doesn't have transaction fees either), hell I can use my petrol card linked to my cheque account instead of running around with cash or paying an additional premium on petrol. I can monitor my bank account via the internet on a daily basis without incurring more charges. Did I say I get notifications with inContact is for free...

Oh well... let me use FNB for a month or two and see if I am happy.


I'm sounding like an ad. But the point is that not only is R66.00 a saving but over R231.60 but I do get a heck of a lot more. And better service as well.

I had to ask myself today -- exactly what do ABSA do to earn R231.60? Almost everything I do is electronic and almost nothing requires human intervention. How do they justify that amount?
 
Thats interesting... I'll take note of what they decuct from my account at ABSA in the next couple of weeks, but I'm pretty sure they said its only 100/PM for all fees.
 
As soon as my bond is paid ... i'm leaving ABSA like a dead fish leaves a stench.
@ xrapidx .. there's a thing somewhere in their internet banking that shows the account costs, look for it.
Found it : Enquiries -> Service Information -> Cost Summary -> Choose Month
Here's mine on my "Savings Account":
Registered for Internet Banking Yes
Registered for Cellphone Banking Yes
Cost account xxxxxxxxxxxxx
Total number of chargeable transactions in this month 31
Summary

Cost type Amount
Monthly fee 17.50 (VAT Excluded)
Transaction cost Internet 74.39 (VAT Excluded) ********* The breakdown is below
Transaction cost Cellphone 0.00 (VAT Excluded)
Total cost 91.89 (VAT Excluded)
VAT Payable 12.86
Total debit 104.75
Breakdown

Transaction type Channel Volume Free Charge
Alerts via sms Internet 13 0 0.00
Own defined payment (to an account) Internet 4 0 38.16
Notice of payment via e-mail Internet 3 0 1.05
Bill payment (to a beneficiary) Internet 2 0 16.75
Bank statement on account Internet 2 0 0.00
Funds transfer Internet 7 0 18.42
Total 74.38




MADNESS!
 
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Im a student..im gonna open an account soon..im confussed..Which bank must i choose
 
FNB wins ABSA hands down. As a business, we're getting much better rates with FNB, our account took 30 minutes to setup and have money in it, and internet banking is included free. Standard Bank is also well in the same price bracket as FNB, but their online Credit Card program sucks, and it very expensive.
 
My bank charges with ABSA average about R95 pm for the last 2 years.
Have a regular Savings acc, home loan and a CCard.
Haven't had bad service yet.
 
yes, older customers seem to enjoy those lower rates, but new clients are being tagged with expensive rates. I don't know why, but that kind of sales pitch doesn't quite work for me
 
I am also at ABSA (yes from the TrustBank days) - I am also looking to move... Their charges is rediculous (well borders on stealing in my eyes)...
I needed a ONE page statement for SARS - ONE page printed - they whack me R5.50 for it!!
ONE page - R5.50?? F*(king rediculous. I am not even going to start with my internet banking...
I wish someone from ABSA could read this thread - I counted 6 people who already left blABSA... Im next!
 
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