What is the point of FNB Pay and Clear?

[Drifter]

My employer transferred funds to my Std Bank account using EFT and Pay and Clear from FNB. We incurred the R38 charges for this "service", yet the funds still do not reflect in my account. I feel FNB should reverse the charges in this case as it's not a true Pay and Clear transaction, even though that statement shows that the monies have been deducted. It was flagged as payroll as well.

 

[SYNERGY]

FNB does state that there are cut off times.

I have bank accounts with FNB and Standard Bank.

I know for a fact, that if I have to transfer funds between my STD Cheque & Credit Card - or 2 STD Bank Accounts that it doesn't transfer immediately, and only reflects the next day. Whereas, within FNB, it's instant.

 

[Drifter]

When I do inter account transfers it's instant. From Current accnt to credit card takes longer. My git feel is I wont see funds till Monday, even though Saturday is a business day for banks.

 

[KleinBoontjie]

The "point" is to make money out of you. I think FNB is absolutely the best in con(-ning)vincing people that their fairly cheaper than the rest.

 

[genetic]

FNB does state that there are cut off times.

I have bank accounts with FNB and Standard Bank.

I know for a fact, that if I have to transfer funds between my STD Cheque & Credit Card - or 2 STD Bank Accounts that it doesn't transfer immediately, and only reflects the next day. Whereas, within FNB, it's instant.

This. Got the same setup.

 

[fruitbat]

I use it all the time, and doesn't cost me a cent and I use it because I don't like to wait.
Also - I can confirm that the money goes to my Nedbank account on same day.

 

[Drifter]

Lucky you!!

 

[KleinBoontjie]

I use it all the time, and doesn't cost me a cent and I use it because I don't like to wait.
Also - I can confirm that the money goes to my Nedbank account on same day.

Huh? Even on Sundays when they have that warning pop-up, that you'll incur cost or something?

 

[AchmatK]

Huh? Even on Sundays when they have that warning pop-up, that you'll incur cost or something?

Must be on FNB Private Wealth