paulry

For several years now I've had a great bank account with First National Bank that had free transactions and no monthly service fee provided I kept a minimum balance in it. But that service is no more and they are now charging hefty service fees. Does anyone know of any free or near-free internet manageable accounts in South Africa that I can use for direct debit payments, etc?

Heartfm

Thanks for pointing this out paulry, I also have a FNB account but don't live there any longer. Its useful for sending money to family and makes holidays in SA easier with hiring cars and drawing cash etc

I've just checked my May/June statement and 'fee saver' conditions are printed there but on the June/July statement they have been omitted.

I don't remember receiving any notification advising 'fee saver' was being discontinued neither does my family members still living in SA.

I've sent an email off to FNB asking for clarification and if true that fee saver is no longer available I too will be looking for somewhere else I can park R9000.00 for free banking in return.

paulry

The revised fee regime is on FNB's Internet Banking front page. My searches so far suggest that FNB is the least bad of the bunch fees-wise for a basic transaction account.

ededed

Exactly. They're all bastards. I believe Capitec are pretty reasonable. Worth checking them out. I'm still with FNB but once the last penny is out of SA I'll switch just to keep a presence there for a year, then wind everything up.

Heartfm

FNB replied to my email with:

"Thank you for your email.

Please be advised that FNB no longer has the fee saver pricing option, for further assistance please contact FNB Enquiries on 087 575 9404."

Suppose I was being optimistic expecting anything more even asking them to tell me how they had communicated the change to me because I hadn't had any notification etc.

Anyway upon checking my account online I can see the service charge normally takes place on the 15th of the month and directly next to the charge is "#SERVICE FEE WAIVE" which credits my account with same amount rendering the net effect of free banking.

The latest entry was on 15th August so it seems for the time being I have retained free banking even though the FNB prices indicated the changes came into effect from July.

I am just wondering if the 'fee saver option' is no longer available for new joiners.. ? and if you already have it then it remains in place.

Have you checked your account recently paulry.. ?

paulry

I have and they appear to have done the opposite to what they've done with you - they've charged me the fees on both sides of the billing cycle (which changed their rates etc, mid way on 1st July). I'll get that reversed for a start.

paulry

Bwankers, the lot of them!

Heartfm

I'm still enjoying free banking the same as before, when I enquired at my branch about the fee changes/charges I was told they will be leaving long standing customers on the same deal, so for now we gaaning on no problem.. LEKKER

paulry

Cool! Was that only because you prompted them? How long standing are you?

Heartfm

Been banking with FNB for almost 30 years now, curiosity got the better me because I could see my fee saver account was operating as before, no changes/charges, so I enquired and was told everything remains the same so happiness is.

paulry

I've had a bank account with FNB for about the same period but it went dormant for a time until about 8 years ago. Not at all happy about the charges but all the banks are doing it in SA. There appears to be no lower cost alternative.

Heartfm

Just noticed FNB Credit Card are charging me monthly R23 account fee and R5 service fee (they love to complicate things) on my credit card account.

I might have to give this one up and close the account because I only really use it for car hire whilst in SA.

Heartfm

Good article..

FNB, I think it`s time we talk about fees… - From the sidelines | Moneyweb

ededed

Good article, thanks. Terrifying, and has prompted me to switch. Cheers.

paulry

Here's a bank comparison link. Looks like Capitec has the best offering.