Johannesburg – Given the slow pace of economic growth and a challenging operating environment due to the Covid-19 pandemic, FNB is keeping monthly account fees unchanged for business customers across the board for the third year running.
Several electronic transactions have been made free or reduced given the increased move to digital banking channels and efficiencies the Bank derives from its platform journey.
As a result, all payment notifications via SMS and email will be free from 1 July 2021, to enable businesses to manage their suppliers and service providers better. In addition, electronic payments and collection fees have been reduced to a maximum of R8 from R9.80, while external debit orders will cost R12 from R19.
Debit orders raised by FNB, Direct Axis or Wesbank will be free. Fees for immediate payments (real-time clearing) have also been reduced to R10 for payments less than R3000.
The Bank further aims to make the process of accepting payments seamless and more electronic for SMEs through a number of solutions including Selpal, QR code and reduced rental fees on merchant devices.
Gordon Little, FNB Commercial CEO says in alignment with our strategy to start, run and grow South African businesses, our priority is to help our customers manage the cost of doing business. We will continue strengthening our value proposition to provide trusted, relevant, and frictionless banking solutions to assist businesses and support the South African economy.
“When reviewing pricing and our value propositions, we considered the current operating environment coupled with the unique circumstances businesses are likely to face in the short to medium term,” adds Little.
First Business Zero remains the most competitive business banking account in the country for the start-up and digitally savvy sole proprietor, with no monthly account fee, free electronic transfers, free payment notifications and Cash@Till withdrawals, unlimited free POS card swipes, inter-operable QR code for accepting payments and a linked saving pocket to ring-fence savings and earn interest.
Unpaid and honouring fees also remain unchanged this year, while both unpaid and honouring remain free on First Business Zero. In the SME space large fee reductions have been made in the last two years.
Our Single Fee Pricing bundle continues to offer more value for our customers as it offers unlimited free card purchases, unlimited free cash@till withdrawals and a basket of free deposits, withdrawals and account payments.
As businesses return to normal while trying to recover lost income, the bank continues helping and developing them through a combination of efforts, including eBucks Rewards for Business, saving on fees and access to FNB Business’ suite or free value-added services.
inContact, Business Rewards, Instant Solutions, CIPC registrations and Account Confirmation Letters (via the FNB App and Online Banking), Virtual Cards and the recently launched API for Sage accounting services, will continue to be offered for free.
“Furthermore, our customers will continue to get access to essential business tools via our banking platform, including Fundaba, an FNB App based interactive business education platform and the Business Hub (available on the FNB App and FNB website), which helps businesses adapt to the ever changing environments in which they operate by providing Education, Strategic Leadership, Thought Leadership and Mentorship,” he concludes.
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