FNB launches ATM cash withdrawal using a cellphone

[TowerGuru]

this is great for sending money to someone! time to make the switch to fnb

i wouldnt do that unless you really trusted the guy. i tried it yesterday. once you enter your number and pin you have access to your whole account so you can withdraw as much as you like. you dont get to specify an amount when doing the cellphone bit.

still a really cool idea for when you need cash and forgot your wallet.

 

[ingeon]

Nice idea.
But in a country rife with cellphone theft. mmm...

 

[rorz0r]

So CashSend is not an eWallet type product? Where you send money from your bank account to a specific cellphone number? With this FNB product, you're actually accessing your bank account... I think FNB eWallet and Absa's CashSend are similar...

Yup.
CashSend = eWallet (which FNB has had for quite a while, think it launched a bit after ABSA though).

I noticed the "withdraw cash" on the USSD menu a while ago and was like "huh?".

It sounds cool but besides the "forgot wallet at home" scenario I don't really see what the point is.
Without this if I forgot my wallet at home I could use cellphone banking to send money to my phone then just withdraw it at an ATM anyway.

 

[TowerGuru]

Nice idea.
But in a country rife with cellphone theft. mmm...

the only way they would be able to gain access to this feature is if they knew you had FNB cellphone banking, they knew the codes to dial, and they knew your cellphone banking password.

It would be the equivalent of losing your debit card. its useless without the pin.

 

[CrazYmonkeY159]

great for when i forget my wallet at home!

 

[Pavan]

Yup.

Without this if I forgot my wallet at home I could use cellphone banking to send money to my phone then just withdraw it at an ATM anyway.

Yeah, but that would cost you R9 as opposed to nothing

 

[mobioki]

FNB keeps getting better everyday...Goodby e-wallet..Now I can bypass the e-wallet service fees ( R9),just send the other person the OTP..Cool stuff..and send more than R1000 as thats the limit for e-wallet.:-D

This is not a replacement for eWallet. The person you give the OTP to will have complete access to all you accounts. And what makes you think they will not be charging the normal ATM withdraw fees?