ABSA vs. FNB

Crusader said:
For some reason I'm apparently not allowed to have the Sanlam RA debit order deducted from my CC. Don't know why that is.
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Certain debit orders do have restrictions. I've got my 2 cellphone debit orders off my credit card and my unit trust one off my savings account. I don't pay charges for any because I keep the savings account balance above the required limit to qualify for a certain number of free transactions per month:).
 
I'm seriously considering closing the cheque account and rather getting a savings account instead. Will have to investigate further to see if there are any restrictions on the savings account and how the fees compare, but if I'm right it will be considerably cheaper.
 
I must say that I am very happy with my move to FNB so far.

Bank cost R66.
e-bucks earned 775 (R75)

Net Banking Cost if you factor in the fact that I was going to buy myself a CD anyway - R-9.

My banking cost on my now almost dormant ABSA cheque account = R150. I'm just keeping it open until I have three consecutive bank statements from FNB and then I close that puppy as fast as you can say Today, Tomorrow, Goodbye.
 
I'm with both ABSA and FNB currently. I was with ABSA since a kid (although it was Volkskas back then :)), but I opened an investment account with FNB (better rates :)), which forced me to open a transactional account with them too so I can access internet banking. In general I didn't really have any problems with ABSA (except when they didn't notify me when they changed my account type and all of a sudden I got new fees). When I opened my account with FNB, the customer service was great and it was completed in about half an hour. However when I just wanted to change my ABSA account type to another, I waited for more than one hour and my internet banking got a bit screwed. The customer service was good though (although some things could have been better). In general, I'm gonna wait and see and keep both accounts open. Who knows, maybe ABSA will change since it will lose business and it might lower its fees and improve its customer service.... hopefully :).

BTW my parents are with BoE Private Banking and they said its great! Reasonable fees, good rates and excellent service. So I guess if you want Private Banking you go BoE :)
 
Only thing I am not happy with FNB is their investment account, the flexi fixed is not as good as ABSA's investment advantage and Nedbank's Money 24 in terms of their terms, can't access the money in full (only 20%). Other two gives you full access with 24 hrs notice, good interest rate. Logged a official complain with FNB already and see what they say.
 
CTSA said:
BTW my parents are with BoE Private Banking and they said its great! Reasonable fees, good rates and excellent service. So I guess if you want Private Banking you go BoE :)
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All banks Privating banking sections are generally good - although I wouldn't touch FNB's with a 20-foot pole. Rather stick with FNB Premier than go near them.

ABSA's Private Banking still needs to prove itself to me.
 
ToxicBunny said:
xrapidx : Why wouldn't you go near FNB's Private banking section?
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Because I find them dishonest, and completely un-interested.

I used to do all my banking with FNB Premium, and decided to apply at FNB Private Clients considering ABSA Private Bank had offered me banking services.

Needless to say, they didn't believe I earned what I claimed, and being a consultant, its difficult to prove as my income is from various sources, and varying amounts each month. I asked them to simply add all the large deposits over the year, and they would see its over the minumum requirement, they said that wasn't proof enough. It was however good enough for other banks, and for FNB when I wanted a car loan and home loan (which I didn't take). They also said they'd refer me to premium banking, which if they bothered to check either the hard copy statements, or my account, which was with FNB, they'd see I already bank with FNB Premier.
 
CTSA said:
I'm with both ABSA and FNB currently. I was with ABSA since a kid (although it was Volkskas back then :)), but I opened an investment account with FNB (better rates :)), which forced me to open a transactional account with them too so I can access internet banking. In general I didn't really have any problems with ABSA (except when they didn't notify me when they changed my account type and all of a sudden I got new fees). When I opened my account with FNB, the customer service was great and it was completed in about half an hour. However when I just wanted to change my ABSA account type to another, I waited for more than one hour and my internet banking got a bit screwed. The customer service was good though (although some things could have been better). In general, I'm gonna wait and see and keep both accounts open. Who knows, maybe ABSA will change since it will lose business and it might lower its fees and improve its customer service.... hopefully :).

BTW my parents are with BoE Private Banking and they said its great! Reasonable fees, good rates and excellent service. So I guess if you want Private Banking you go BoE :)
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It doesn't really make sense to have two transactional accounts because then you are paying double the bank charges.
 
Saule said:
It doesn't really make sense to have two transactional accounts because then you are paying double the bank charges.
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I'm also keeping both my FNB and ABSA account open until I decide, if I'm not happy with ABSA, I'll close the account, and find someone else, leaving the FNB account open.
 
xrapidx : unfortunately yes... FNB PC do operate that way, very stupid if you ask me... but hey, thats what they're told to do, so thats what they do.
 
ToxicBunny said:
xrapidx : unfortunately yes... FNB PC do operate that way, very stupid if you ask me... but hey, thats what they're told to do, so thats what they do.
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...well if they'd rather loose a client, thats their loss, not mine... :)
 
Damn str8...

Personally I won't bank with FNB ever since I know what their backend systems are like and all I can say is :eek:
 
Saule said:
It doesn't really make sense to have two transactional accounts because then you are paying double the bank charges.
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Ah my little secret lol. Since Im still studying at a university, I was able to keep the student accounts for both banks. So I pay practically R28 pm for both accounts! If I was worrying about bank charges, I would have moved to FNB completely in an instant. Btw student account fees for FNB are better than ABSA. More free transactions :)

I wouldn't deal with a normal commercial bank such as ABSA, Standard or FNB for private clients. I would choose more exclusive banks which are more specialized in that area such as BoE, Rand Merchant and Investec. You get better customer service and better rates.
 
CTSA : Just to let you know, RMB private bank and FNB private clients are actually the same company.
 
ToxicBunny said:
CTSA : Just to let you know, RMB private bank and FNB private clients are actually the same company.
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Just to disagree... :) They're not - they do share infrastructure, and in some cases, offices, but they are separately run in almost every other way - policies, personnel, management, client offerings, etc.
 
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