FNB cuts point-of-sale withdrawal costs

FNB is offering free withdrawals at point-of-sale with the cash-back service for holders of FNB chip-enabled cheque cards at selected retailers.

The cash-back service is currently limited to participating Checkers, Pick ‘n Pay, Shoprite and selected Spar outlets.

“Cash-back at point-of-sale offers customers added convenience and lower costs. We see that ATMs will continue as evolve as a key delivery channel for customers accessing a range of banking services, and for drawing cash outside shopping hours,” said CEO of banking channels, Barry de Witt.

When paying for goods at the listed stores, customers will also be able to withdraw cash, under the following conditions:

  • The cash-back facility is limited to customers who are making purchases – customers are not able to draw cash without a purchase at the moment;
  • The cash amount is limited to R3 000 per withdrawal.

The transaction is free to holders of FNB cheque accounts that are on the bank’s unlimited pricing option, and customers can make an unlimited number of cash-back withdrawals in the month.

These customers can make 6 withdrawals at FNB ATMs at no charge in a month, FNB said.

FNB Gold and Platinum Cheque Account on a pay-as-you-use (PAYU) pricing option, will be charged R0.90 for cash-back at point-of-sale, compared to a ATM cash withdrawal fee of R6 per R500 to a maximum of R24.

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FNB cuts point-of-sale withdrawal costs