First National Bank (FNB) has released its new banking fees which are set to come into effect from 1 July 2015, introducing new pricing structures which have significantly raised the price on withdrawals.<\/p>\n
FNB is the last of South Africa\u2019s big banks to update its fee structures for the 2015\/16 period, as the other banks update with prices effective from January, and Capitec in March.<\/p>\n
The bank\u2019s main middle-range account (Gold) has maintained its R100.00 per month fee, while its top-tier Platinum account has increased in price in the Unlimited option, though it maintained the maximum bundled fee at R199 per month.<\/p>\n
The group\u2019s entry level Smart Account has also remained flat at R49.00, while the bank’s cheapest account, the Easy account remains at R4.95 a month.<\/p>\n
| Account<\/th>\n | 2014\/15<\/th>\n | 2015\/16<\/th>\n | Increase\/Decrease<\/th>\n<\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Easy<\/a><\/td>\n | R4.95<\/td>\n | R4.95<\/td>\n | –<\/td>\n<\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Smart Unlimited<\/a><\/td>\n | R49.00<\/td>\n | R49.00<\/td>\n | –<\/td>\n<\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold Unlimited<\/a><\/td>\n | R100.00<\/td>\n | R100.00<\/td>\n | –<\/td>\n<\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Platinum Unlimited<\/a><\/td>\n | R145.00<\/td>\n | R160.00<\/td>\n | 10.3%<\/span><\/td>\n<\/tr>\n| Platinum\u00a0Bundled<\/a><\/td>\n | R199.00<\/td>\n | R199.00<\/td>\n | –<\/td>\n<\/tr>\n | Petrol Card<\/td>\n | R14.50<\/td>\n | R15.50<\/td>\n | 6.9%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n | 2015\/16 ATM withdrawal fees<\/h3>\nFNB has significantly changed its withdrawal fee structure for the new banking year, from R6.70 per R500 in\u00a02014\/15, to a base fee of\u00a0R3.95 + R1.30 per R100.<\/p>\n This change means that a R1,000 withdrawal from an FNB ATM would cost you R16.95\u00a0– on par with Absa’s current rate –\u00a0up<\/strong> 26.5%<\/strong> from R13.40 using the old pricing structure.<\/p>\n FNB has not indicated any cap on this fee.<\/p>\n Withdrawals at other ATMs will also adopt this new structure, adding R6.50 to the FNB ATM fee, meaning a R1,000 withdrawal would total R23.45 – the highest rate out of all the SA banks.<\/p>\n FNB has long been leading the charge for South Africans to move to digital banking for a number of years, effectively discouraging the use of cash for transactions.<\/p>\n In a statement to BusinessTech, FNB head of consumer pricing, Jo-Ann Du Plessis\u00a0said that the\u00a0revised pricing would allow\u00a0customers on the bank’s\u00a0pay as you use options to experience reductions of up to R1.70 per transaction.<\/p>\n This is highly dependent on the withdrawal amount, however.<\/p>\n “We encourage customers to avoid using other bank\u2019s ATM\u2019s for withdrawals and even better, to withdraw cash at till-points in retail stores where these transactions are free of fees,” Du Plessis said.<\/p>\n A positive note with this change is that withdrawals (beyond the free monthly amount will now cost a minimum of R5.25 at FNB ATMs, down from the R6.70 before, and a minimum of R11.75 at other ATMs, down from R13.20 before.<\/p>\n These fees are applicable to FNB’s Smart, Gold Cheque and Platinum Cheque accounts.<\/p>\n Withdrawal fees for the markets where cash transactions remain the most vital, and sometimes only way to transact\u00a0have also changed.<\/p>\n Notably, FNB Easy Account withdrawals at FNB ATMs are no longer capped at R9.10 – and are now charged at R4.55 per R500, from R4.55 per R1,000, before.<\/p>\n In 2014\/15, FNB Easy clients were\u00a0charged R4.55 to withdraw\u00a0R1,000; under the new structure, the same withdrawal cost will double to\u00a0R9.10<\/strong>.<\/p>\n Du Plessis noted that the majority of FNB\u2019s Easy account customers withdraw less than R500, with the most popular withdrawal amount being R100.<\/p>\n “These customers will experience no increase in the withdrawal fee at an FNB ATM,” she said.<\/p>\n However, all of South Africa’s banks offer entry-level accounts that carry a flat fee for withdrawals, with the second costliest bank, Standard Bank, offering its flat rate of R6.50 up to R1,000.<\/p>\n FNB withdrawals at other bank ATMs previously had a flat fee of R9.10 – the new structure adds R6.50 to the FNB ATM fee, meaning a R1,000 withdrawal will balloon to R15.60.<\/p>\n Withdrawals at\u00a0FNB Slimline ATMs are charged at a flat R4.55, while cash@till withdrawals are still free, however.<\/p>\n This new fee structure now places FNB at the bottom of the affordability pile, when comparing entry-level banking accounts in South Africa\u00a0–\u00a0at least for amounts over R500.<\/p>\n * First R1,000 only, R4.00 + 1,10% of value after | ** First R1,000 only, R4,00 + R6,70 + 1.15% of value after<\/small><\/p>\n South African banking fees 2015<\/a><\/strong><\/p>\n |