FNB Private Client Cheque Account - any good?

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deweyzeph

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Hi Guys

I'm currently an FNB Platinum cheque account client, but I've been offered an upgrade to FNB's Private Client Cheque Account. I'm really struggling to see what the benefit is of this account over the Platinum account. The benefits listed on the website don't seem to be worth the extra bank charges.

Can anyone who's made the move from platinum to private client comment?
 
I think they're going a database to migrate ; seen a few people here that have been offered.
 
Dolby said:
I think they're going a database to migrate ; seen a few people here that have been offered.
Click to expand...

My salary increased a few months ago to move me into the required income bracket to qualify for this account. I just assumed their systems automatically picked this up and then generated the offer. The offer was made via their online banking platform after you login.
 
My ex was a private client and the only advantages I saw was better interest rates which can make the difference in price worthwhile if you have a lot of items on credit and if you utilize ebucks to the extreme.
The private banker assigned to her was useless. Everytime my ex called the banker, she would say she is busy and only call back like 3 days later.
If you have various credit types with them as well then I would say consider going private. Else stick with what you have.
 
Dolby said:
I think they're going a database to migrate ; seen a few people here that have been offered.
Click to expand...

agreed, i have seen a lot of friends also get offered this recently as well.

I think they figure they arent making enough money off the other accounts, lets bump people up, charge R450 for a different colour card and the potential to impress the shooter girl at the pub
 
Yes

Do your calculations on excel to work out whether it is worth it. In my case it is for the following reasons:
Avis point to point to collect son after concert at 1:30 in the morning - value R970 and peace of mind. Cost R0. 5 free trips a year.
AA assistance and towing when my car broke down. - value R945 a year
Extra percentage on savings covers the extra bank charges
Better ebucks rewards on purchases. An extra percentage point or half a percentage point. That can add a few hundred rand a month to my ebucks rewards and then when I buy vouchers at a 40 percent discount then the value increases by another 40%.
 
No

I moved from Platinum to Private a few years ago and I must say lately I feel like going back to Platinum!
- My private banker is never available, always end up having to use the service suite. Never had this issue on Platinum.
- I've seen zero benefits on lending rates (mortage, car finance) comparing the two and savings interest rates benefit is negligible
- eBucks reward level requirements on Private Wealth is much higher than platinum / graphite
- Higher banking fees on Private Wealth
- I couldn't care less about Slow lounge access as it isn't great or international for that matter (and the international priority pass "benefit" is useless). I find the normal Star Alliance gold access to lounges is much better
 
Mycroft said:
- My private banker is never available, always end up having to use the service suite. Never had this issue on Platinum
Click to expand...

I put through a complaint and they moved me to another.

I don't use these guys often, but when there were property transactions on a deadline that she kept missing, I requested the new one. She seems better
 
If not already too late, my answer would be a big fat no.

My motivation is influenced by disingenuous motives by a bank that doesn't give a rat's ass about the consumer. I shall try to briefly explain some of the things which will eternally sway me away from upgrading:

  • Everyone raves about the potential to increase your ebucks earnings. The reality is that unless you are paying back the full sum of your credit card spend every month (i.e. 100% of your spend), you are losing out somewhere else. No amount of diving into debt is worth the return on ebucks.

  • You need to maintain a certain minimum level of spend every month to qualify for different levels of ebucks. Falling below certain thresholds of spend will almost immediately result in being dropped the equivalent levels. As the bank is never going to give you ebucks without them gaining immeasurably from it, is this really worth it? So your spending habits (now and retrospectively) should drive this decision. Do not fall into the trap of spending just to get ebucks.

  • Slow lounges are usually choked and overused. I have always found a spot elsewhere in the airport which is less cramped and/or frenetic. Plenty of other places to chill and enjoy the vistas (if so fortunate) with a cup or two of coffee, a newspaper and / or your laptop. This is not a drawcard.

  • The benefits of the personal relationship banker may as well be written in excrement on toilet paper. I have now had 3 different people looking after me. One of them had good intentions and tried (for a while). The first and last (especially the last) have been utterly useless. I regret having had to work through the last guy. Even when I tried to work around him, I was routed back to him. His advice on the banks own products and services have been poor. He failed to provide pertinent information regarding products and services. Perhaps there are good folk out there who actually add value; I have yet to encounter them. Rather than chase my blood pressure up dealing with his kind, I have found it better to develop a "relationship" with one of their branches. So far so good.

In the end I have looked at all the benefits on offer and my personal experience of these versus the monthly fee charged, and it just isn't worth it. I have downgraded my package and may do so again in a year or so. If it doesn't get any better, I will explore moving to Capitec or Discovery when they launch there banking suite.
 
Fcon_Vpro said:
My ex was a private client and the only advantages I saw was better interest rates which can make the difference in price worthwhile if you have a lot of items on credit and if you utilize ebucks to the extreme.
The private banker assigned to her was useless. Everytime my ex called the banker, she would say she is busy and only call back like 3 days later.
If you have various credit types with them as well then I would say consider going private. Else stick with what you have.
Click to expand...

i have a feeling i have the same private banker as you
 
Only update if you can get to level 5 rewards.

Otherwise, what's the point. The bank isn't your friend, and isn't giving it to you because you got an increase. They offer it because they get more from your per month, and a possibility they have to pay you less since you'll be in a lower rewards bracket.
 
You get a named private banker. A real person you can phone or email to get things done.
 
unskinnybob said:
What exactly is it the guys have experienced problems with their banker were asking for? No problems here.
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I have called my private banker to investigate double transactions and also for reversals. Every time I ended up going into the bank to complete paperwork because the private banker was too busy.
 
Not worth it at all imo. I was on PC for about 8 months and downgraded back to platinum [now premier] cheque and credit card accounts.

The supposed benefits do not warrant the very high costs. The private bankers, as others have stated, are particularly useless, even though this is the main reason people are attracted to this account. They are not private bankers in the true sense of the word - such as with investec or rmb. Pretty much every time i called mine to do something, she told me to do it online. There is very little that you will need to be done that cannot be done through online banking.

The card does look very nice though haha.
 
unskinnybob said:
What exactly is it the guys have experienced problems with their banker were asking for? No problems here.
Click to expand...

Incorrect documents for things being sent to me, promised call backs and hear nothing....

The list goes on and on.. and I am the kind of person who talks to a private banker once every 6 months at most and every time I have its been a pain in the arse.
 
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