FNB Cheque Account Overdrawn

[vicv]

I just got an sms from FNB stating the following:

"FNB Your FNB cheque account is overdrawn. Kindly make a deposit to avoid items being dishonoured. 25Apr 07:00"

What do they mean by items being dishonoured? I checked my balance and it had gone into the minus for the first time with the available amount being -R60.

I don't have an overdraft on the account and didn't realise that it can go over. Would it be wise to get an overdraft to avoid this?

I will try to get some money in the account tonight although it will be from Absa so it will take time to show.

Thanks

 

[Sinbad]

I just got an sms from FNB stating the following:

"FNB Your FNB cheque account is overdrawn. Kindly make a deposit to avoid items being dishonoured. 25Apr 07:00"

What do they mean by items being dishonoured? I checked my balance and it had gone into the minus for the first time with the available amount being -R60.

I don't have an overdraft on the account and didn't realise that it can go over. Would it be wise to get an overdraft to avoid this?

I will try to get some money in the account tonight although it will be from Absa so it will take time to show.

Thanks

Dishonoured means bounced - ie, debit orders etc not being paid. You may want an overdraft but it would be better to manage your account a bit more closely.

 

[Messugga]

I just got an sms from FNB stating the following:

"FNB Your FNB cheque account is overdrawn. Kindly make a deposit to avoid items being dishonoured. 25Apr 07:00"

What do they mean by items being dishonoured? I checked my balance and it had gone into the minus for the first time with the available amount being -R60.

I don't have an overdraft on the account and didn't realise that it can go over. Would it be wise to get an overdraft to avoid this?

I will try to get some money in the account tonight although it will be from Absa so it will take time to show.

Thanks

Essentially, FNB saved you from paying big debit order penalty fees by giving you a temporary overdraft facility. As Sinbad said, if you don't settle the balance, the transaction will end up bouncing and that's going to suck a lot for you.

 

[Sinbad]

Suggest doing an immediate transfer from absa, not a normal one btw...

 

[TJ99]

First thing to check when you receive an SMS from a bank: Do you actually have an FNB account?

Essentially, FNB saved you from paying big debit order penalty fees by giving you a temporary overdraft facility. As Sinbad said, if you don't settle the balance, the transaction will end up bouncing and that's going to suck a lot for you.

Basically this. FNB will sometimes give you a little help like this to avoid debit orders being rejected. It's basically a free, very short lasting overdraft. I'd transfer money from my credit card if I was you to avoid the penalty charges.

 

[Rocket-Boy]

Suggest doing an immediate transfer from absa, not a normal one btw...

^this, you can get instant clearance for a small fee.

 

[wolverine_dcp]

I just got an sms from FNB stating the following:

"FNB Your FNB cheque account is overdrawn. Kindly make a deposit to avoid items being dishonoured. 25Apr 07:00"

What do they mean by items being dishonoured? I checked my balance and it had gone into the minus for the first time with the available amount being -R60.

I don't have an overdraft on the account and didn't realise that it can go over. Would it be wise to get an overdraft to avoid this?

I will try to get some money in the account tonight although it will be from Absa so it will take time to show.

Thanks

Make sure you monitor your account but imo stay away from overdraft if you don't need it....

 

[Slootvreter]

Basically this. FNB will sometimes give you a little help like this to avoid debit orders being rejected. It's basically a free, very short lasting overdraft. I'd transfer money from my credit card if I was you to avoid the penalty charges.

Yes, ABSA does this as well, but maybe for a few months, then when they see this kind of thing happens alot, they stop it.

 

[Nether]

FNB overdraft doesn't cost anything if you don't use it, but its handy for those debit orders that fall through.

But as others have stated here, FNB gives you a short reprieve if you've overdrawn you account, but you have to pay the amount asap, or they will bounce.

You can do this easily with your credit card, if you have one.

 

[SAdata]

Sorry to hash up an old thread. I see per the FNB fees (https://www.fnb.co.za/downloads/pricing-guide/products/FNB_PricingGuide_PremierChequeAndCC.pdf) there is a payment honouring fee charge of R110 per item honoured when there are insufficient funds. If you get the sms mentioned in this article will they charge you this fee? Regardless of whether you immediately transferred funds in or not. If anyone has experience with this

 

[Adrianax]

Sorry to hash up an old thread. I see per the FNB fees (https://www.fnb.co.za/downloads/pricing-guide/products/FNB_PricingGuide_PremierChequeAndCC.pdf) there is a payment honouring fee charge of R110 per item honoured when there are insufficient funds. If you get the sms mentioned in this article will they charge you this fee? Regardless of whether you immediately transferred funds in or not. If anyone has experience with this

Yes, happened with me a couple of times. On a few occasions I woke up to find a debit order to have gone off my account. My account shows overdrawn and I make a transfer from another account to bring the balance up to date. All shows fine, until later the day when my account shows the debit order bounced. I am then charged the penalty fee. The money I have transferred is back in the account, minus the penalty fee.

What I have learnt is that it is your bank account and you should manage it flawlessly. Never forget about debit orders. Always ensure the money is there to cover it when it goes off.