GM
Gilbert M

1 reviews | Active since May 2009

15 Mar 2019, 13:28

FNB Easy Account is the MOST expensive account of them all for only R5,75 per month.

Your Easy account pay as you use is the MOST EXPENSIVE account you offer for R5.75 per month and makes the Private Clients account a bargain!. Allow me to explain: I made 3 transactions yesterday which are a once in a while occurrence and needless to say, my eyes watered when i saw how much i was charged to deposit and withdraw a substantial amount of money. Let me break down my findings to you (based on your pricing and compared to the closest monthly fee for an account vs how much i was charged in transaction fees) The Easy acc pay as you use is R5,75 pm and im charged R1,60 per R100 withdrawn, and R60 + R2.10 per R100.00 deposited at a branch. Which is what i did. A deposit of R7600 was made, which i needed in cash and tried to make a withdrawal for the same amount and only managed to get R7400 from your ATM machines. I thought this is an error so i waited to get home to consult with the online banking suite. To my dismay...i was charged as follows R72,20 for the deposit, R76,00 for R4k withdrawal and lastly R64,60 for R3400,00 withdrawal. I searched your website on pricing and would like to bring the following to your attention: The Fusion Premier Account which offers way more benefits than the latter mentioned account, has a monthly fee of R209 pm, and withdrawals are free up to R9k and there after, pay as you use fees apply. Deposists are free up to R9k there after R0,95 per R100. Now this acc has a waiver of the monthly fee provided that you maintain a minimum of R50k, but if you dont, you are obligated to the monthly fee. At this point i thought "Wait a minute! I paid over 100% monthly fee amount for the Fusion Premier Acc in 3 transactions?! 3!?. So i did my calculations, if i made a deposit of R5000 per week at a branch for a particular month as a once in a year occurance accumulating to R20k it would work out like this: Easy *** per deposit (this is without adding the R60 you note in the charges leaflet, but i assume would be a once-off fee per deposit at a branch which would mean R165 per deposit all inclusive for R5k) so that would mean R420.00 for all 4 deposits. Fusion Premier *** per month is free there after R0.95 per R100.00 thus i would be charged for the R11k deposit since R9k is free, this means i would be charged R104.5 for all 4 transactions. Do you see the problem here? I looked through what i get for the Easy acc and i must say, i cannot understand how that account came into existance seeing that most of the free stuff attached to it are free on all the other accounts you offer but charges %400 or more on withdrawals and deposist (dont get me started on the withdrawals because they are just as exorbitant). The only use i found was online transactions which again, is the same for all other accounts. So please tell me why do you offer the EASY ACCOUNT PAY AS YOU USE account? At what point does it become usefull compared to the much premium accounts? You need to start being transparent with clients and stop advertising the account as "The account for you if you hardly use it" and call a spade a spade and not digging equipment because this account is pathetic. In the same breath, i will not stand for this **************** and demand my money back in full then i shall cancel the account and no longer do business with you. Feel free not to refund me the charges...the banking ombudsman will.

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Replies (2)
FNB (First National Bank)
FNB (First National Bank)'s reply15 Mar 2019, 13:52
Official
Good Day Gilbert
  
Thank you for bringing this to our attention. 
We acknowledge your complaint. 
It has been routed to the relevant department and feedback will be provided shortly. 
I do apologize for any inconvenience caused.
 
Ref: ***NF 

Regards, 
Hello Peter Team 
Tel number: *** 

GM
Gilbert M's update20 Mar 2019, 01:04
Reviewer Update
This is addressed to Winnie, the last consultant to email me. Please, make sure you refer to your organization's products and services leaflets and proof read your responses before dispatching them to clients. I've sent you an email responding to your pathetic attempt to remedy the situation. Again...i want my money back. All R216.00