FNB reviews its charges

FNB Namibia will start an annual review of its bank charges on July 1.

This, the bank said in a statement, is in line with its objective to be transparent with its charges. Local banks have been accused of not being transparent or colluding to fix charges that are seen by the public to be too high.”All efforts were made to keep our fees unchanged and where fees have been revised, such increases are limited to below inflation,” said the bank’s Manager for Product Development and Pricing, Beverley Saenen.She said that it was important to mention that it was FNB’s pricing strategy to minimise increases in electronic transaction fees, as the bank was able to pass on the efficiency savings of using these channels to its customers.FNB further said in a statement that its book-based savings accounts are primarily used by pensioners and those fees will be dropped to reduce the burden on these customers.Saenen said the over-the-counter (OTC) cash withdrawal fee has been reduced by 20 per cent from N$18 to N$15.”This will go a long way in assisting a large number of book-based savings account customers.Furthermore, customers who maintain a credit balance of more than N$3 000 per month will still receive 10 free qualifying transactions per month,” she stated.Good news for credit-card holders is that the annual fees for credit cards will reduced by 56 per cent.”All credit card types have been standardised at N$99 for customers choosing the Electronic Service Offering (ESO) and N$155 for customers who do not choose the ESO,” Saenen stated.She said the Electronic Service Offering allows customers a whole range of value-added services ranging from receiving e-mail statements, inContact SMS messaging service and the ability to make card account payments via electronic options such as debit order, Internet banking, inter-account or ATM transfers.The cap on the Electronic Pricing Option (EPO) remains unchanged at N$90 per month for unlimited FNB ATM and Mini-ATM cash withdrawals, online banking, debit orders, stop orders, scheduled payments and debit-card purchases.Customers will also receive funeral cover to the value of N$2 500 and other lifestyle value additions such as discounts on health, travel and leisure spending.Customers with cheque accounts will receive up to 20 free qualifying transactions per month with the Fee Saver Option by retaining a minimum balance of N$6 000 in the account.FNB said a monthly account fee of N$12,50 has been introduced on individual cheque accounts, which will replace the minimum monthly service fee of N$38 per month.Local banks have been accused of not being transparent or colluding to fix charges that are seen by the public to be too high.”All efforts were made to keep our fees unchanged and where fees have been revised, such increases are limited to below inflation,” said the bank’s Manager for Product Development and Pricing, Beverley Saenen.She said that it was important to mention that it was FNB’s pricing strategy to minimise increases in electronic transaction fees, as the bank was able to pass on the efficiency savings of using these channels to its customers.FNB further said in a statement that its book-based savings accounts are primarily used by pensioners and those fees will be dropped to reduce the burden on these customers. Saenen said the over-the-counter (OTC) cash withdrawal fee has been reduced by 20 per cent from N$18 to N$15.”This will go a long way in assisting a large number of book-based savings account customers.Furthermore, customers who maintain a credit balance of more than N$3 000 per month will still receive 10 free qualifying transactions per month,” she stated.Good news for credit-card holders is that the annual fees for credit cards will reduced by 56 per cent.”All credit card types have been standardised at N$99 for customers choosing the Electronic Service Offering (ESO) and N$155 for customers who do not choose the ESO,” Saenen stated.She said the Electronic Service Offering allows customers a whole range of value-added services ranging from receiving e-mail statements, inContact SMS messaging service and the ability to make card account payments via electronic options such as debit order, Internet banking, inter-account or ATM transfers.The cap on the Electronic Pricing Option (EPO) remains unchanged at N$90 per month for unlimited FNB ATM and Mini-ATM cash withdrawals, online banking, debit orders, stop orders, scheduled payments and debit-card purchases.Customers will also receive funeral cover to the value of N$2 500 and other lifestyle value additions such as discounts on health, travel and leisure spending.Customers with cheque accounts will receive up to 20 free qualifying transactions per month with the Fee Saver Option by retaining a minimum balance of N$6 000 in the account. FNB said a monthly account fee of N$12,50 has been introduced on individual cheque accounts, which will replace the minimum monthly service fee of N$38 per month.