Best bank for business with multiple transactors

[Idiosyncratic]

Ahh so here we are again... Thing is, my situation changed, and as I will likely be moving overseas sometime soon, I want my business banking sorted.

I currently have a FNB business account (one of the monthly bundles). That has worked out fine, until recently when the secondary account which is used by the person who uses the account (it's my business/company, but I don't really do the payments etc) no longer allowed her to transact. It was created under my profile as a sub account, so not cool, as she could only view stuff. Bank couldn't help us. Long story short we had her registered as a transactor, and this meant the business bank account showed up under her personal profile along with her personal accounts. This is a no-no for both of us. Beneficiaries etc, gone. Also, they listed her as CEO and this further complicates my life as she could leave the company in the future and then it's a hassle to remove her...

Anyway, now I'm looking towards greener pastures, as the solution they offered us was enterprise banking, which means we lose the bundle and pay just shy of R9 per transaction! Holy smokes!

The features are great, but a little bit overkill. So now my question is, which bank will offer us a decent pay-as-you-go, or even better, a bundle which is reasonably priced but allows another transactor/account representative without the hassle? Or is the person I'm talking to at my FNB just smoking the good stuff when she's constantly misinforming us and changing roles and we should look at staying with FNB?

 

[Idiosyncratic]

Everyone else handles their own business bank account and don't need or utilize transactors?

 

[Mira28]

Hi. Did you manage to sort this out? We are having the same issues with FNB and are now looking for for other banks. Where did you end up moving to?

 

[Greg C]

Ahh so here we are again... Thing is, my situation changed, and as I will likely be moving overseas sometime soon, I want my business banking sorted.

I currently have a FNB business account (one of the monthly bundles). That has worked out fine, until recently when the secondary account which is used by the person who uses the account (it's my business/company, but I don't really do the payments etc) no longer allowed her to transact. It was created under my profile as a sub account, so not cool, as she could only view stuff. Bank couldn't help us. Long story short we had her registered as a transactor, and this meant the business bank account showed up under her personal profile along with her personal accounts. This is a no-no for both of us. Beneficiaries etc, gone. Also, they listed her as CEO and this further complicates my life as she could leave the company in the future and then it's a hassle to remove her...

Anyway, now I'm looking towards greener pastures, as the solution they offered us was enterprise banking, which means we lose the bundle and pay just shy of R9 per transaction! Holy smokes!

The features are great, but a little bit overkill. So now my question is, which bank will offer us a decent pay-as-you-go, or even better, a bundle which is reasonably priced but allows another transactor/account representative without the hassle? Or is the person I'm talking to at my FNB just smoking the good stuff when she's constantly misinforming us and changing roles and we should look at staying with FNB?

So essentially the facilities and perks you are looking for is not designed for the retail platform, thus enterprise banking. Unfortunately what you are looking for there is no real low cost option. Before you can even get into compromising and negotiating whomever you go with will depend on the volume threshold of your business. FNB, Absa are very close in terms of the enterprise banking option. Both use certificates, seperate login.

I will say this, the enterprise banking system is nice, but definitely not worth it unless you are over 1000 transactions a month. Dont even bother. Stick it through, unfortunately for the comforts you want with an authoriser and transactor you are looking for comes with price. Avoid if you can