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Question of the Day: Will you be subscribing to the new Disney+ R49 streaming package?
FNB Bank Your Change
- Thread starter Dolby
- Start date
sdd
Expert Member
Afaik, yes.
Awesome feature.
Awesome feature.
KleinBoontjie
Honorary Master
Also works better if you choose the option to round of to the nearest R5.
Even so unless you're really doing a lot of transactions per month it's not going to add up to much so I never bothered.
I prefer to budget and put money into a savings pocket at the beginning of the month.
That's not how it works - you can choose to add R5 (or R10, in my case) to your change when it goes into your savings pocket.
It doesn't round up to R5, it just rounds up and then adds R5...
e.g. if you add R5 and something costs R8.75 it rounds up to R9 and your change is 25c - you will get R5.25 transferred into your savings pocket!
I.am.Sam
Honorary Master
thats not right
so i will just buy stuff for r8.75 every time and go crazy ...then ask for a cash refund
No, demeurge is right, and your post makes no sense - ask for a cash refund from who?
The shop charges you R8.75.
FNB deducts R8.75 from your cheque account.
FNB then deducts a further R5.25 (if you have the R5 topup option enabled, or 25c, if not) from your cheque account and puts it into your savings pocket.
capisce?
I.am.Sam
Honorary Master
no lol
so fnb takes off r5.25 again of your own money to save ...so you actually not getting anything from fnb
where as i was under the impression ...fnb gives you the 25c as a saving
Dolby
Honorary Master
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Why would they do that?
I.am.Sam
Honorary Master
bank your change ?
where for eg you buy for 8.95....you pay 8.95
but fnb gives you a 5c (rounded to the nearest rand) for savings as a benefit to being with them
CrazYmonkeY159
Expert Member
I thought I was alone
KleinBoontjie
Honorary Master
I.am.Sam
Honorary Master
That's not right
why wont it be right ?
its a benefit, now obviously you wont go swiping 100 times to get a r5
but over time maybe you swipe more and more and get some change which gets saved
KleinBoontjie
Honorary Master
It would be nice if they give the change, but AFAIK the change you save is coming from your account.
Obviously. Why would they give you money?
It's to encourage you to save, even if it's just a little.
It rounds it up to the Rand, and that difference goes into the savings pocket. So it's a bit like taking all the coins you get as change from cash and putting them in a piggy bank. Where it falls flat is that it doesn't do it immediately, it takes the cumulative amount once a month. So instead of 5c here and 25c there, you get a R25.30 transaction at the end of the month.
End of the week, every Sunday you get the weeks change...
I like it. I don't notice I'm saving and I don't notice the money being deducted, I just keep track of my account balance and spend what I can afford, every time I spend, R10 + change goes into my savings pocket. At the end of the month, about R300 has been transferred into my savings pocket. It's not a huge amount, no, but it's a bit extra. I bought a little gift for myself last month with the R1500 that was in my savings pocket, all my 'change' from the last few months. Yes, it was my money to start off with, but it would have been spent if it hadn't gone into savings.
I could, of course, just transfer R300 into my savings pocket at the beginning of the month, it would be the same thing really!
On an unrelated note I've turned back to cash only for my day to day transactions. Looking at my bank statement it details where I'm going and what I'm doing. The restaurants I visit, which days I go to the movies, which supermarkets i go to, how frequently i go to each and how much i spend, petrol stations, toll gates... Lots and lots of behavioural data. Makes me uncomfortable...