First National Bank has changed its banking fees for 2016 – the last of the big banks to do so for this year – which will take effect from 1 July 2016.
The bank has kept its monthly account fees in line with 2015’s prices for its Gold Cheque and Premier Banking (previously Platinum) and Easy accounts. Here are the account brochures with the detailed fee changes.
FNB has again changed the way it calculated fees on cash withdrawals across of all of its accounts. The change will only lead to an increase in price for those withdrawing more than R700 at ATMs – for amounts less than that, the fee has dropped.
In 2015, the fee was R3.95 plus R1.30 per R100 (R700 withdrawal would be R13.05) – the 2016/17 fee is a simpler R1.85 per R100 (R700 withdrawal would be R12.95). The following table breaks down how fees have changed for cash withdrawals up to R1,000.
FNB cash withdrawals – 2015 vs 2016
| Amount | July 2015 | July 2016 | Change |
|---|
| R100 | R5.25 | R1.85 | -65.0% |
| R200 | R6.55 | R3.70 | -43.5% |
| R300 | R7.85 | R5.55 | -29.3% |
| R400 | R9.15 | R7.40 | -19.1% |
| R500 | R10.45 | R9.25 | -11.5% |
| R600 | R11.75 | R11.10 | -5.5% |
| R700 | R13.05 | R12.95 | -0.8% |
| R800 | R14.35 | R14.80 | +3.1% |
| R900 | R15.65 | R16.65 | +6.4% |
| R1000 | R16.95 | R18.50 | +9.1% |
FNB has always pushed the ideal of cashless banking, and previously told BusinessTech that its customers withdrew between R100 and R500 at ATMs, making the change positive overall.
Withdrawing cash at Checkers, Shoprite, Pick n Pay, Boxer stores and selected Spar tills are still free of fees, the bank said.
Internal and external debit orders on the Gold Cheque package are now listed as being free – however a pay-as-you-transact fee is still listed in the Premier Banking package, for R3.70 and R16.95, respectively.
Here is a comparison of select transaction fees across all South Africa’s banks. These prices will remain in effect until Standard Bank, Absa and Nedbank change their fees in December 2016. Capitec’s fees will change in March 2017.
All prices are based on pay-as-you-transact fees, where available. For the 2016/17 comparison, we have reduced the transaction amount to R500 – for a R1,000 transaction scenario.
| FNB Gold Cheque Account | 2015/16 Fees | R500 transaction in 2015 | 2016/17 Fees | R500 transaction in 2016 | % Change from 2015 to 2016 |
|---|
| Withdrawal (Native) | R3.95 + R1.30/R100 | R10.45 | R1.85/R100 | R9.25 | -11.5% |
| Withdrawal (Other) | R6.50 + R3.95 + R1.30/R100 | R16.95 | R7.00 + R1.85/R100 | R16.25 | -4.1% |
| Withdrawal (POS) | Free | – | Free | – | – |
| Deposit (ATM) | R0.70/R100 (minimum R5.50) | R5.50 | R0.80 per R100 | R4.00 | -27.3% |
| Debit order (internal) | R3.70 | | Free | | -100% |
| Debit order (external) | R16.00 | | Free | | -100% |
| Account fee | R100.00 | | R100.00 | | – |
| Absa Gold Cheque Account | 2015 Fees | R500 transaction in 2015 | 2016 Fees | R500 transaction in 2016 | % Change from 2015 to 2016 |
|---|
| Withdrawal (Native) | R3.95 + R1.30/R100 | R10.45 | R3.95 + R1.30/R100 | R10.45 | – |
| Withdrawal (Other) | R9.95 + R1.30/R100 | R16.45 | R9.95 + R1.30/R100 | R16.45 | – |
| Withdrawal (POS) | | | R3.95 | R3.95 | – |
| Deposit (ATM) | R3.00 + R1.30/R100 | R9.50 | R3.00 + R1.30/R100 | R9.50 | – |
| Debit order (internal) | Free | | Free | | – |
| Debit order (external) | R15.50 | | R16.00 | | 3.2% |
| Account fee (PAYT) | R33.00 | | R40.00 | | 21.2% |
| Standard Bank Elite Account | 2015 Fees | R500 transaction in 2015 | 2016 Fees | R500 transaction in 2016 | % Change from 2015 to 2016 |
|---|
| Withdrawal (Native) | R4.00 + 1.15% of value | R9.75 | R4.00 + 1.20% of value | R10.00 | 2.6% |
| Withdrawal (Other) | R6.70 + R4.00 + 1.15% of value | R12.45 | R6.70 + R4.00 + 1.20% | R12.70 | 2.0% |
| Withdrawal (POS) | | | R5.00 | R5.00 | – |
| Deposit (ATM) | R4.00 + 1.25% of value | R10.25 | R4.00 + 1.30% of value | R10.50 | 2.4% |
| Debit order (internal) | R4.00 | | R4.20 | | 5.0% |
| Debit order (external) | R12.50 | | R13.10 | | 4.8% |
| Account fee (PAYT) | R53.00 | | R55.00 | | 3.8% |
| Nedbank Savvy Account | 2015 Fees | R500 transaction in 2015 | 2016 Fees | R500 transaction in 2016 | % Change from 2015 to 2016 |
|---|
| Withdrawal (Native) | R3.50 + R1.28/R100 | R9.90 | R4.00 + R1.32/R100 | R10.60 | 7.1% |
| Withdrawal (Other) | R10.00 + R1.28/R100 | R16.40 | R11.00 + R1.32/R100 | R17.60 | 7.3% |
| Withdrawal (POS) | | | R4.00 | R4.00 | – |
| Deposit (ATM) | R6.00 + R1.28/R100 | R12.40 | R5.00 + R0.66/R100 | R8.30 | -33.0% |
| Debit order (internal) | R6.00 | | R6.00 | | – |
| Debit order (external) | R14.00 | | R15.00 | | 7.1% |
| Account fee (PAYT) | R30.00 | | R30.00 | | – |
| Capitec Global One | 2015/16 Fees | R500 transaction in 2015 | 2016/17 Fees | R500 transaction in 2016 | % Change from 2015 to 2016 |
|---|
| Withdrawal (Native) | R5.00 | R5.00 | R5.50 | R5.50 | 10.0% |
| Withdrawal (Other) | R8.00 | R8.00 | R8.50 | R8.50 | 6.3% |
| Withdrawal (POS) | R1.25 | R1.25 | R1.30 | R1.30 | 4.0% |
| Deposit (ATM) | 70c /R100 | R3.50 | R80c /R100 | R4.00 | 14.3% |
| Account fee (PAYT) | R5.00 | | R5.25 | | 5.0% |
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