FNB Private Bank

whatwhat

whatwhat

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Are they the only bank where you have to do everything for your banker? Or do I just have a very, very lazy PW banker?

Trying to open some accounts, but they want certified copies of residence and ID. None of the existing documents they have on me seem to count, and they need me to come to a branch to get it certified. I sent them the required docs, but they don't want to certify it either.

As they are "office bound" they can't come to you. My friends at Investec are laughing their asses off as their bankers go wherever they want them to do all paperwork for them.
 
My FNB private banker changed recently. I was notified by email. The old one was fantastic and I didn't request the change.
Since trying to get a few things done with the one I no longer use them and just go into the branch instead. The new banker in no responsive to emails. When I call and ask for things I often have to do so twice.
 
whatwhat said:
Are they the only bank where you have to do everything for your banker? Or do I just have a very, very lazy PW banker?

Trying to open some accounts, but they want certified copies of residence and ID. None of the existing documents they have on me seem to count, and they need me to come to a branch to get it certified. I sent them the required docs, but they don't want to certify it either.

As they are "office bound" they can't come to you. My friends at Investec are laughing their asses off as their bankers go wherever they want them to do all paperwork for them.
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FNB PW is not a true private bank like Investec is.

If you want a private bank in SA, go with Investec
 
Of course they can come out to you. My FNB private banker does. Just kick up a fuss. The courier company f...ed up the delivery of my card and I insisted she drop it off herself. So she did. She also comes out every now and again just for coffee.
 
JStrike said:
FNB PW is not a true private bank like Investec is.

If you want a private bank in SA, go with Investec
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Or RMB, or Nedbank. All the big banks have private banking, it's just about who has the best service and interest rates that matters the most.
 
KaMoS said:
Or RMB, or Nedbank. All the big banks have private banking, it's just about who has the best service and interest rates that matters the most.
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Nedbank Private Bank and ABSA Private Bank aren't true private banks. Hell, Nedbank Private is so useless, it is barely a bank.

Investec is. RMB used to be
 
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FNB private banking is the biggest con. You're better off just sticking with the standard Gold account.
 
KaMoS said:
Please define private bank.
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Sorry, I should have said private banking. We don't have any private banks in South Africa that I am aware of.

The first line from Wiki is a pretty good definition.
"Private banking is banking, investment and other financial services provided by banks to high-net-worth individuals who enjoy high levels of income or invest sizable assets"
 
JStrike said:
Sorry, I should have said private banking. We don't have any private banks in South Africa that I am aware of.

The first line from Wiki is a pretty good definition.
"Private banking is banking, investment and other financial services provided by banks to high-net-worth individuals who enjoy high levels of income or invest sizable assets"
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I prefer the alternative explanation:

"Private banking is a con trick perpetuated by banks where they charge wealthy individuals a premium for banking services that should be free in exchange for an impressive looking status card that they can show off to people to show how wealthy they are."
 
Slightly OT - but what does it take to open an Investec account? After years with FNB and their ridiculous fees, I'm considering changing accounts; and all the other banks don't appeal to me.
 
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deweyzeph said:
I prefer the alternative explanation:

"Private banking is a con trick perpetuated by banks where they charge wealthy individuals a premium for banking services that should be free in exchange for an impressive looking status card that they can show off to people to show how wealthy they are."
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Private banking is actually pretty awesome. They manage the family's money without you having to be that involved. You get meet up every now and then to get updates. For transactional banking it it also pretty nice, you get your bankers personal number in case of any emergency.

Nedbank Private, FNB Private etc are a borderline scam. FNB PW has some aspects of what it should be, but falls very short.
Investec is the only one in SA that I can think of that offers private banking
 
Tander said:
Slightly OT - but what does it take to open an Invested account? After years with FNB and their ridiculous fees, I'm considering changing accounts; and all the other banks don't appeal to me.
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I think you need to have R5m in nett assets or R1m per year in salary
 
FNB contacted me also to upgrade but I refused because I heard several people complaining about the service they receive, so not really private.
 
@Nemus anybody can bank with Albaraka as long as you know with Islamic banking there is no interest, you are not permitted to pay interest or receive so if you have investments you will not get any interest. They work on profit based schemes and invest in non interest bearing investments etc. You can purchase a house or vehicle etc but it works totally different from conventional banks.
 
JStrike said:
I think you need to have R5m in nett assets or R1m per year in salary
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I'll need to stick with FNB then. They keep pestering me to upgrade to private banking. Based on their excessive fees and the stories I've heard I'll just stick to the account I am on. Thanks
 
Tander said:
I'll need to stick with FNB then. They keep pestering me to upgrade to private banking. Based on their excessive fees and the stories I've heard I'll just stick to the account I am on. Thanks
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It's definitely better than their lower tier banking products. It's just far from a private banking offering (Like Investec)
 
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