Big eBucks changes for business – here’s what you need to know
FNB has announced that its eBucks Rewards programme for businesses will change from 01 September 2019.
The bank says it has simplified the way FNB Business and RMB Private Bank Business customers qualify, get rewarded and move up tiers.
Businesses will be required to meet a new set of criteria based on the specific business accounts they hold, which includes having a specified minimum regular deposit in the account, performing at least one financial or non-financial transaction, ensuring that all accounts are in good standing and updating their details through online banking, App or eBucks.com.
Additionally, the more solutions and products that businesses use, the higher they will move up reward levels and earn greater discounts, the bank said.
“The eBucks Rewards programme for business has come a long way as a strategic enabler to reward our customers by encouraging them to change their banking behaviour for the better. As our customers evolve in line with changing market dynamics, so does our strategic focus to ensure that we continuously add value to their world while offering unique and superior customer experiences,” said Jesse Weinberg, head of the SME customer segment at FNB Business.
“We conducted extensive research prior to making changes to our programme, including in-depth customer surveys with our base. The outcome of this translated into the changes we are now launching which we feel cater for the diverse customer needs as well as encouraging customers to evolve their banking behaviour toward more secure, digital approaches,” said Weinberg.
Businesses can now move up reward levels simply by taking up relevant products with FNB, within the categories of, FNB Connect, Receipts, Payments, Business Solutions, Specialised Products, Short-Term Lending, Fixed Term Lending, short and long-term savings.
Weinberg said the current changes are aligned to the behaviour of many of our customers who already use two or more products. As a result, we will immediately see several businesses who are currently on tier one moving up a reward level.
For example, a Gold account holder (typically with an annual turnover between R0 – R5 million per annum) can move up to a higher reward tier each time they take up a product in a different category.
As part of our new discounts feature businesses now also have the potential to earn up to 40% OFF on vouchers and other products from the eBucks Shop.
Businesses with existing eBucks balances earned from the old programme will still be able to spend them as they have been with any of our in-store or online spend partners, as well as through various FNB channels such as buying prepaid airtime on the FNB App or shopping on eBucks.com.
The changes
In previous years, eBucks Business rewards levels were determined by allocating points to certain products and transactions, similar to the retail packages.
As of 1 September 2019, businesses will now have their reward level determined by the number of products they have across 10 categories.
Qualifying requirements
- Hold a qualifying FNB Business Current Account with a minimum monthly deposit of at least R500 OR have a minimum monthly deposit over the last six months of R3,000.
- Perform a transaction on your Business account on the FNB App or Online Banking Enterprise at least once a month.
- Ensure that ALL your FirstRand Bank accounts are active and in good standing.
- Update your business details with us via Online Banking or eBucks.com.
| Reward Level | Requirement |
|---|---|
| 1 | Meet the basic qualifying requirements |
| 2 | Have 1 additional product from the list of service categories |
| 3 | Have additional products across 2 different service categories |
| 4 | Have additional products across 3 different service categories |
| 5 | Have additional products across 4 different service categories |
Service categories
Short-term savings
- Have a Money on Call Account with a minimum balance of R5,000
- Have a Call Account (Non Standard) with a minimum balance of R250,000
- Have an Islamic 48-Hour Cash Accelerator Account with a minimum balance of R100,000
- Have a 48-Hour Cash Accelerator Account with a minimum balance of R100,000
- Have a 7-Day Notice Account with a minimum balance of R20,000
Longterm savings
- Have a Fixed Deposit Account and maintain a monthly balance of R10,000
- Have an Islamic Term Deposit Account with a minimum balance of R10,000 Have a 32-Day Flexi Notice Account with a minimum balance of R5,000
- Have a Cash Intelligence Investment Account with a minimum balance of R1,000,000
- Have a Flexi Fixed Deposit Account with a minimum balance of R5,000
Specialised products
- Have a Global Account and maintain a minimum monthly balance of 10,000 Australian dollars, euro, British pounds or US dollars in the account
- Have at least one active Guarantee with no commissions outstanding
- Have a 3PIM structure with an average balance of R1,000,000 a month
Fixed-term lending
- Have a Business Loan of more than R50,000
- Have a Booster Loan of more than R10,000
- Have an Agric Loan of more than R500,000
Short-term lending
- Have an overdraft and use R1,000 per month
- Have a revolving loan and make use of R1,000 per month
- Have an Agric Overdraft and use R1,000 per month
Payments
- Have at least 6 debit orders
- Do payments and transfers with Online Banking Enterprise
- Transact with eWallet Pro
Receipts
- Have a Merchant Services Device with a minimum monthly turnover of R25,000, settled into a FNB Business Account
- Have a SmartBox or SmartTill and use it
- Make use of FNB’s Integrated Payments and Receipt Solutions
Business Solutions
- Use Commercial Property Finance
- Have an active Cashman Account
Credit Card
- Have a Business Credit Card and spend at least R3,000 a month
FNB Connect
- Have an active FNB SIM
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