FNB becoming expensive?

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will_i_a_m

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Hi There,

About 2 years ago I was faced with paying too much bank fees per month at a national retail bank, and had to find an alternative that works out cheaper.

I moved to FNB after finding that they are(2010) currently the cheapest.

I am now once again faced with more expensive bank fees(I think they try to win your business, then hike up charges). My problem is: They allowed 4 free ATM envelope deposits per month, now they give no deposits for free. They now charge 0.70%, min R5.50 for an ATM deposit, and 1.35% min R20.00 per branch deposit. Is this over expensive or am I complaining too much?

Regards
 
The question is why are you depositing cash in the first place? Can you not get whoever is paying you to do an electronic transfer or inter bank payment from their bank? Just wondering.
 
Macethy said:
The question is why are you depositing cash in the first place? Can you not get whoever is paying you to do an electronic transfer or inter bank payment from their bank? Just wondering.
Click to expand...

Well, if he is running a small cash shop... or a bar or something...
 
I actually closed one of my FNB accounts recently because I wasn't impressed with their increasing terms and costs.
Like no interest on a cheque account? that's a big hidden cost right there.
I hardly ever go into a branch and do all my banking online so i felt over-charged
long story short, i moved to capitec and although their offering is rudimentary, it is adequate for my needs and i prob save R150 a month in fees and interest.
 
I'm also getting the feeling that stuff has increased a beyond the point where it pays to be with them, but from everything I've heard and experience the other banks except maybe for capitec are all worse.
 
This is what my ABSA account fees were for the last month:

INTERNET BANK FEE: -25.80

The catch is that I have to maintain a minimum balance of R10k in the account at all times. It's called an Active Savings Account which I opened about 8 years ago. My salary flows in and all my debit orders, withdrawals, EFT's come off it. No fees are great.

I could move to FNB but then I would have to pay minimum R90 per month.
 
SaiyanZ said:
This is what my ABSA account fees were for the last month:

INTERNET BANK FEE: -25.80

The catch is that I have to maintain a minimum balance of R10k in the account at all times. It's called an Active Savings Account which I opened about 8 years ago. My salary flows in and all my debit orders, withdrawals, EFT's come off it. No fees are great.

I could move to FNB but then I would have to pay minimum R90 per month.
Click to expand...

FNB have the same option with a min balance of R9K
 
Vlad said:
Like no interest on a cheque account? that's a big hidden cost right there.
Click to expand...

As far as I know, no bank offers interest on cheque accounts. You only earn interest on savings accounts but in that case, they charge you for every card swipe, debit order, ATM withdrawal, etc. FNB has the option for a savings pocket which earns you a small amount of interest monthly.
 
Macethy said:
As far as I know, no bank offers interest on cheque accounts. You only earn interest on savings accounts but in that case, they charge you for every card swipe, debit order, ATM withdrawal, etc. FNB has the option for a savings pocket which earns you a small amount of interest monthly.
Click to expand...
i get interest on my capitec savings account - all swipes are free
other fees are minimal....
 
Shayd said:
That 10k would earn you nice interest if you were with Capitec.
Click to expand...

6% p.a. on R10k is only around R50 per month interest with Capitec.

I get 2% p.a. on the ABSA savings account. Not much, but the zero fees for all transactions make up for it.
 
Capitec has quietly (very quietly) changed their interest rate to 5% a while ago - the scheming bastards

I have an account that I keep R9999 in, I got roughly R42.50 interest last month on the account.
 
williamveeden said:
Hi There,

About 2 years ago I was faced with paying too much bank fees per month at a national retail bank, and had to find an alternative that works out cheaper.

I moved to FNB after finding that they are(2010) currently the cheapest.

I am now once again faced with more expensive bank fees(I think they try to win your business, then hike up charges). My problem is: They allowed 4 free ATM envelope deposits per month, now they give no deposits for free. They now charge 0.70%, min R5.50 for an ATM deposit, and 1.35% min R20.00 per branch deposit. Is this over expensive or am I complaining too much?

Regards
Click to expand...

Capitec is currently your best bet for cheap banking.
 
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