FNB announces new looting relief for customers – what you need to know

FNB has announced a range of relief measures for individual and business customers impacted by recent civil unrest in South Africa.

In a statement on Monday (26 July), the bank said individual qualifying customers will be offered relief based on the products they hold with the bank.

This will apply to customers who are in good standing on their accounts held with FNB as of 30 June 2021. The measures will include:

  • Expediting claims for self-employed and salaried customers who have FNB credit life policies that cover them for retrenchment and inability to earn an income.
  • FNB Life customers with cashflow constraints will be allowed to pause their policies with FNB Life until the end of October 2021 and recommence with the policy thereafter without any penalties or waiting periods.
  • Instalment payment break/cashflow relief, during which part or no instalment/repayment is due for at least 3 months, coupled with term extensions (where applicable) to help customers manage their monthly repayments after the 3-month cashflow relief period.
  • Equity release to unlock cash flow for customers with equity in home loans.
  • Waiving of Saswitch fees for August and September 2021, with customers incurring the same fee when drawing cash at another bank’s ATM as they would at their own bank.
  • Waiving of unpaid debit order fees on EFT, NAEDO and DebiCheck transactions for all customers qualifying for the 3-month payment break/cashflow relief, during the relief period.
  • Waiving of early withdrawals fees until the end of September 2021 for notice and/or fixed savings accounts.

Banking customers

FNB said that business/commercial clients will also be offered relief which includes, but is not limited to:

  • Offering payment breaks on capital and interest for qualifying clients who have lending products.
  • FNB Insurance Brokers will be working proactively with Sasria to expedite clients’ claims.
  • All FNB Speedpoint devices/hardware lost/stolen/damaged will be replaced at no charge for impacted clients.
  • Waiving of Saswitch fees for August and September 2021.

“As part of these efforts, our immediate interventions are focused on restoring access to essential financial services,” FNB said. “As a result, we have now restored most of our ATMs that were damaged and our plans to deploy the most optimal solutions for impacted full-service branches are at an advanced stage.”

The bank said it has conducted a thorough analysis to provide relief to help as many customers as possible.

“Currently, our analysis shows that there are individual customers who may have been directly or indirectly impacted by the unrest from an income perspective as well as access to essential infrastructure and food security.

“Similarly, business customers in KwaZulu-Natal and Gauteng may be directly or indirectly impacted from a cash flow, revenue, infrastructure, asset and inventory loss perspective, with urgent interventions needed to help them restock and rebuild.”


Read: How South Africa’s 5 biggest banks continue to dominate

Must Read

Partner Content

Show comments

Trending Now

Follow Us

FNB announces new looting relief for customers – what you need to know