FNB fees

T

theesan

Active Member
Joined
Oct 9, 2014
Messages
64
Reaction score
46
Just reviewed my bank fees after a long time.

I'm on a FNB Premier cheque account. I used to be on the Feesaver Cheque account where fees are waived when your balance remains at above 20k in your account. This option worked really well but I guess was not profitable for the bank and they stopped it.

I realise that I've been paying R19 per debit order, R8.50 per ETF. Some of my debit orders are less than R100 a month- yet the debit order fee is R19- doesn't make sense- especially since some banks charge very minimal (if at all) for debit orders.

I have a share trader account so I'm not sure if I can downgrade and still keep the share trader account so I might be stuck.

I don't mind switching to a no frills product. I see that FNB has also baited and switched and I've lost a lot of the benefits that made me join them (free slow lounge visits- as I don't have a credit card and no more personal bankers- I have to use the app to get assistance now-which is another post on its own).

I'm still going to review this and make a decision on whether to switch...
 
theesan said:
Just reviewed my bank fees after a long time.

I'm on a FNB Premier cheque account. I used to be on the Feesaver Cheque account where fees are waived when your balance remains at above 20k in your account. This option worked really well but I guess was not profitable for the bank and they stopped it.

I realise that I've been paying R19 per debit order, R8.50 per ETF. Some of my debit orders are less than R100 a month- yet the debit order fee is R19- doesn't make sense- especially since some banks charge very minimal (if at all) for debit orders.

I have a share trader account so I'm not sure if I can downgrade and still keep the share trader account so I might be stuck.

I don't mind switching to a no frills product. I see that FNB has also baited and switched and I've lost a lot of the benefits that made me join them (free slow lounge visits- as I don't have a credit card and no more personal bankers- I have to use the app to get assistance now-which is another post on its own).

I'm still going to review this and make a decision on whether to switch...
Click to expand...
They've updated their pricing guide which comes into effect from 1st July. Might want to check what changes they making for the immediate future that might affect you.
 
Suspect99 said:
Check if the bundled option is better. You'll pay a flat monthly fee and then nothing after that
Click to expand...
Still a bit annoyed that ones pay the fee for email for an eft.

And as OP said, that chat is near completely useless, might post a transcript of the last two interactions I had.
 
Last edited:
theesan said:
Just reviewed my bank fees after a long time.

I'm on a FNB Premier cheque account. I used to be on the Feesaver Cheque account where fees are waived when your balance remains at above 20k in your account. This option worked really well but I guess was not profitable for the bank and they stopped it.

I realise that I've been paying R19 per debit order, R8.50 per ETF. Some of my debit orders are less than R100 a month- yet the debit order fee is R19- doesn't make sense- especially since some banks charge very minimal (if at all) for debit orders.

I have a share trader account so I'm not sure if I can downgrade and still keep the share trader account so I might be stuck.

I don't mind switching to a no frills product. I see that FNB has also baited and switched and I've lost a lot of the benefits that made me join them (free slow lounge visits- as I don't have a credit card and no more personal bankers- I have to use the app to get assistance now-which is another post on its own).

I'm still going to review this and make a decision on whether to switch...
Click to expand...

Fees are so easy, to vary, to confuse, SIMPLY because its DIGITAL, poorly understood.
 
Why do you want to switch banks. If you never knew about the fee saver or bundled option ...

I would do the bundled option, its R219 all inclusive
 
Like all products and services... It's your responsibility to review if you are getting a good deal/benefits.

You were on a feesaver option which worked for you at the time... then they took it away. So there was no benefit to staying on that.

Going onto any of the Bundled options would be better for you. It's not even a choice, it should be a default move.

I've been with FNB for a few years now (Gold/Premier/Private Clients). Never paid for a debit order. Never paid for an EFT.
 
Why on earth are you not on the bundled plan? I don't pay for any of those things.
 
The R5 easy saver account looks interesting as well. EFTs become R1, external debits R8.50. If I can keep my Sharetrader account and ebucks account then I wouldn't mind.

I doubt my total bank fees would top R120 and will save on administrative burden of moving accounts.

I withdraw at tills which is now free again according to the revises price guidelines.
 
I noticed this on my statement from July 2020 onward--they are charging banking fees (R209, bundled)--I see to offset this fee, we now have to either invest in a FNB investment account or earn this amount back through eBucks behavior (i.e. spend and earn it back).
 
One thing I've noticed (After July) is that on my Premier Fusion, they charge me the R69 monthly credit fee regardless of whether I use my overdraft or not.

I still don't understand the reasoning behind this, so I'm going to query it with them this week. Does anyone here know what its for (if not the overdraft)?
 
RedViking said:
Absa I pay R110 a month.

Looks like FNB has become the most expensive bank?
Click to expand...

You might be right, but you also have to consider the entire ecosystem of said bank.

In other words, I'm not sure if it's an apples to apples comparison.

I will say that option looks mighty tempting though. :unsure:
 
r4nd0m said:
You might be right, but you also have to consider the entire ecosystem of said bank.

In other words, I'm not sure if it's an apples to apples comparison.

I will say that option looks mighty tempting though. :unsure:
Click to expand...
True. When it comes to online banking FNB's website is just crap. When it comes to going into a branch, Absa sucks and service is slow and painful, fortunately I seldom go.

Haven't tried capitec yet.
 
RedViking said:
Absa I pay R110 a month.

Looks like FNB has become the most expensive bank?

View attachment 926575
Click to expand...
Fnb Gold Fusion is R99. That absa discount at R30k is meh at best, since 4% yearly interest is about R100/month.
Absa's mobile App is horrendous, FNB one is substantially better.

To me, the choices are: you doing ebucks/rewards? FNB on the lowest tier that maxes rewards, otherwise go capitec. Exception is if you qualify for investec and you're planning on e.g. a loan for a house in the next decade or two.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X