First National Bank (FNB) has announced in its annual pricing review that all monthly subscription fees for its Internet banking (enabled by eBucks.com), telephone and cellphone banking customers will be dropped from 1 November.
Wendy Lucas-Bull, CEO of FNB Retail Bank, says the move is designed to motivate existing and potential FNB customers to experience and adopt more of the bank`s range of delivery channels.
"We are setting a South African banking precedent by offering personal banking customers FNB`s telephone, cellphone and Internet banking channels at no added subscription cost."
Angus Brown, head of FNB Internet Banking, says with the removal of the subscription fees, the average customer can experience a cost reduction of between 30% and 60% on monthly electronic banking costs, depending on the frequency and value of their account transfers and payments.
As part of FNB`s annual pricing review, a banded fee structure has been introduced. Previously, subscription fees for FNB`s telephone, cellphone or Internet banking (eBucks.com and FirstOnline) channels were R22.80 per month with additional transaction fees.
From 1 November, customers will pay only transaction fees at a rate of R3 for payments up to R500, R6 for payments between R500 and R1 000, and R9 for payments over R1 000, all inclusive of VAT. The charge for transfers between FNB accounts will increase to R3.
These pricing changes do not affect BANKit customers.
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