FNB and Banking Fees

A

Alacrity

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Why is FNB increasing and charging more fees so furiously lately? Aren't they making tons more money on other places why would they squeeze money out of clients where it will just cost them clients in the long run?

I for one don't find it amusing that on my credit card alone there are multiple fees each month and some of them has even the same name but different charges! Not long ago it was like R250 in total for a whole year and the rewards was great. Now it is like R65 a month.

And they also have this magic amount they use for multiple products, currently it is R65 but I see some has increased to R75.

I will be leaving FNB if they keep this up. And I will not be leaving because some other bank had such good deals but because FNB got ridiculously greedy!
 
Alacrity said:
Why is FNB increasing and charging more fees so furiously lately? Aren't they making tons more money on other places why would they squeeze money out of clients where it will just cost them clients in the long run?

I for one don't find it amusing that on my credit card alone there are multiple fees each month and some of them has even the same name but different charges! Not long ago it was like R250 in total for a whole year and the rewards was great. Now it is like R65 a month.

And they also have this magic amount they use for multiple products, currently it is R65 but I see some has increased to R75.

I will be leaving FNB if they keep this up. And I will not be leaving because some other bank had such good deals but because FNB got ridiculously greedy!
Click to expand...

R65? Premier CC? Gold CC is R46pm.

They stopped ebucks for CC only, you have to have a cheque account and follow the various ebucks rules.

I have a Gold cheque account and Gold CC, which together cost R151pm, but I easily make R600pm on ebucks on level 5, which I sell for over R700, so I make over R500 in profit. Maybe your fees go up to pay for my ebucks?
 
supersunbird said:
R65? Premier CC? Gold CC is R46pm.
Click to expand...

All my account is on Gold. I always keep my CC positive but last month on the day they check it was a bit negative and this is the charges with a total of R64:
1. Credit Card Account Fee: R31
2. Credit Card Account Fee: R18
3. Credit Facility Fee: R15

I also was always on reward level 5 but don't have any debt and with the new rules you can't keep level 5 without having debt.
 
Alacrity said:
All my account is on Gold. I always keep my CC positive but last month on the day they check it was a bit negative and this is the charges with a total of R64:
1. Credit Card Account Fee: R31
2. Credit Card Account Fee: R18
3. Credit Facility Fee: R15

I also was always on reward level 5 but don't have any debt and with the new rules you can't keep level 5 without having debt.
Click to expand...

29 Aug Credit Card Account Fee 31.00
29 Aug Credit Facility Fee 15.00

You should really query that R18, must be a mistake.

Some people have changed their cheque account to islamic cheque account (it earns you an ebucks level cause it doesn't have the overdraft thing). Don't know the process to switch it, I opened mine as that from the start.
 
Maybe secondary card?

But yah, fees jumped drastically a year or so ago for credit cards but that was due to the main suppliers more than the banks ie: Visa and Mastercard.
 
supersunbird said:
I have a Gold cheque account and Gold CC, which together cost R151pm, but I easily make R600pm on ebucks on level 5, which I sell for over R700, so I make over R500 in profit. Maybe your fees go up to pay for my ebucks?
Click to expand...

Just curious as to how you sell eB at a profit. What makes them worth more than face value? Would have expected the opposite.

Personally not an eBucks guy but I do enjoy the bank-pays-you game. I have about R50 in CC & transactional fees and earn it back on interest.
 
Tomtomtom said:
Just curious as to how you sell eB at a profit. What makes them worth more than face value? Would have expected the opposite.

Personally not an eBucks guy but I do enjoy the bank-pays-you game. I have about R50 in CC & transactional fees and earn it back on interest.
Click to expand...

People on level 5 can buy vouchers and other stuff with 40% off at times (like checkers vouchers this month), so some people are willing to pay R1.2 (or even R1.3) per R1 worth of ebucks, cause they get R1.4 use out of it.

I personally don't want to buy thing at most of these discounted places or things, so I sell them for cash money, and on level 5 to maximize my earn.
 
supersunbird said:
People on level 5 can buy vouchers and other stuff with 40% off at times (like checkers vouchers this month), so some people are willing to pay R1.2 (or even R1.3) per R1 worth of ebucks, cause they get R1.4 use out of it.

I personally don't want to buy thing at most of these discounted places or things, so I sell them for cash money, and on level 5 to maximize my earn.
Click to expand...

R1.67

The shops you can buy from are increasing:

Loot via Scode
Takealot via Scode via Egifts24
Raru via Scode via Egifts24
 
Last edited:
Ok wait... How do you turn your 40% discount into takealot voucher?
 
FNB private clients is the cheapest, apparently its R0 banking fees a month if you maintain more than 75k in the account.
 
I noticed over the years while trying to maintain high ebucks levels I ended up subscribing to products that aren't of use to me now that they don't push me up a level, so I've started removing those products to bring down my costs...
 
RVQ said:
I noticed over the years while trying to maintain high ebucks levels I ended up subscribing to products that aren't of use to me now that they don't push me up a level, so I've started removing those products to bring down my costs...
Click to expand...

I still had things like roadside assistance on the cheque card for R6.50 which I'm removing.
 
supersunbird said:
Besides the obvious opportunity cost...
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Apparently not so obvious...

Even educated people have little "feel" for the cost of idle cash.

And I suspect if you were born before 1971 and/or outside SA, you'll be paying the majority of your bank fees in interest not earned.
 
RVQ said:
I noticed over the years while trying to maintain high ebucks levels I ended up subscribing to products that aren't of use to me now that they don't push me up a level, so I've started removing those products to bring down my costs...
Click to expand...

I was actually looking at the same thing just now. Will definitely be making some changes on the accounts and services I subscribe to.
 
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