First National Bank customers in South Africa are waking up to confront the unbelievable reality of knowing that their bank cut fees on servces to help them breath a little from the suffocation of rising cost of life.
Besides its higher internet and cellphone services fees, South Africa has also one of the highest banking charges in the world.
But early this week, the Johannesburg-based bank announced a series of fee adjustments, which it said includes cash withdrawals, digital banking and cellphone banking.
ATM cash withdrawal fees are only R4 (US$0.25) at FNB ATMs (irrespective of the amount withdrawn) and the same for cash or cheque deposits at an FNB ATM, the bank said in a statement.
Subscription to FNB cellphone banking and FNB’s messaging service, inContact, will also be free for Easy Account customers from 1 July 2013, the bank said, adding that it was also bringing customers full access to digital banking with no subscription fee.
FNB, which is a division of First Rand Bank Limited, said its Easy Account service is the country’s best value for money entry-level account with a low monthly fee of R4.20.
FNB Easy Account customers do not pay bank fees when they pay for goods using their card to withdraw cash at till points, for FNB debit orders, and linked transfers on their account, a spokesperson said on Monday.
Seth Maanda, FNB head of sales and marketing for Smart Transactional Banking, said: “At a time when South Africans are battling to make ends meet with the rising costs of food, transport, electricity and other basic goods, we are offering some of the cheapest and easiest ways to bank.
Maanda added: “We know our customers will welcome this break from rising prices in these tough economic conditions. I’m pleased to confirm that we have reduced the monthly fees on our Easy Account by 67%.
“We are also focussed on helping our customers gain access to cheaper, safer and more convenient banking services through the use of our electronic channels.”
Commenting on the cash witdrawals, he said: “We understand that sometimes you just need a little cash. That is why we continue to provide free withdrawals at Shoprite, Checkers, Boxer and Pick ‘n Pay tills for Easy Account customers when they pay for their shopping with their FNB card.
“These may seem like small changes, but over a month or even a year, small changes make a big difference for our customers. By paying less, and getting more, Easy Account customers can rest assured that they are getting the best banking deal in South Africa.”