FNB retracts eBucks rule
FNB has removed one of the new eBucks rules it implemented earlier this year, and will backdate earnings to those affected, according to a report from MoneyWeb.
The rule in question isn’t the criticised opt-in for marketing condition attached to FNB’s eBucks awards, but rather the condition that a customer’s qualifying cheque card swipes exceeded their monthly ATM cash withdrawals.
According to the report, eBucks CEO, Jolandé Duvenage, said that the bank is constantly monitoring all the rules that it put in place and will review them if necessary.
Duvenage echoed FNB’s stance on its rewards terms and conditions, where it said it makes changes to the rewards programmes once a year – on 1 July with the annual pricing review, the bank said.
The rewards structure will once again be reviewed in July 2013, FNB said.
“If changes are required, clients will be advised in advance in line with the Code of Banking Practice,” the bank told BusinessTech.
In July 2012, FNB restructured its eBucks reward programme to include, amongst the retracted rule, a marketing clause which required banking customers on certain accounts to “opt-in” to the bank’s marketing in order to continue earning eBucks.
The move was met with a critical response from consumers and media, who felt that the bank was “blackmailing” customers into receiving marketing.
Speaking in response to criticism, FNB told BusinessTech that its marketing communication is there in order to ensure the sustainability of the rewards offers.
“It is vital that the bank can establish a ‘win/win’ relationship with the customers – a key part of this is being able to communicate to customers and effectively manage the banking relationship, and marketing consent provides this access,” the bank said.
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