FNB immediate payment cost: All FNB account fees in 2023

Retail banking group First National Bank rolled out details about its updated fee schedule for 2023. The new charges took effect on 1st July 2022. According to reports from the financial instituion, the changes in the FNB immediate payment cost have been instigated by the bank's structural changes. So, if you are part of the family, you must go through these details.

The changes in the FNB immediate payment costs are part of the bank's strategy to use pricing structure to cultivate different transaction behaviours. However, the financial institution would not change its fees without keeping its customers in the loop. Therefore, if you own an account with the First National Bank or are looking to open one, consider checking out this article!

FNB immediate payment cost

How much are the charges of FNB? Across most First National Bank accounts, the standard transactions had 'free' limits in place before the adoption of the new standard fees. The new rates favour some FNB account holders. For instance, customers on First National Bank's entry-level account attract a cheaper rate. Transacting R1,000 attracts a R7 transaction fee before the standard R2.30 per R100 fee takes effect.

How much does FNB charge per transaction? The First National Bank reviewed its transaction charges, which took effect on July 2022. Transacting more than R3,000 accrues a higher transaction fee.

FNB Aspire account fees

Debit orders raised by the First National Bank, Direct Axis or Wesbank will be free. Fees for immediate payments (real-time clearing) have also been reduced to R10.00 for payments less than R3,000, FNB stated.

For instance, tabulated below is a summary of the First National Bank transaction charges for the Aspire account:

FNB Aspire (unlimited)2020/21 (Gold Fusion)R500 transaction2021/22 FeesR500 transaction% Change
Withdrawal (Native)R2.20 / R100R11.00R11.00R11.50+4.5%
Withdrawal (Other)R11.00 + R2.20 / R100R22.00R22.00R23.50+6.8%
Withdrawal (POS)R1.20 / R100R6.00FreeFree
Deposit (ATM)R1.20 / R100R6.00R6.00R6.50+8.3%
Debit ordersFreeFreeFreeFree
Account feeR99.00R105.00+6.0%

Those who transact more than the R3,000 limit will incur transaction fees higher than the standard fees.

Another significant change the First National Bank is making to its transaction charges is waiving what it considers other bank charges. For instance, the SaSwitch fee that an FNB customer gets charged for using another bank's ATM will not be charged on certain days of the month. Customers will enjoy the waiver on peak transactional days, especially the 1st, 3rd, 25th and the last day of the month.

Another change in the FNB transaction fees is that customers who withdraw through the cardless option on the First National Bank App will enjoy 50% of the First National Bank ATM cash withdrawal fee.

FNB monthly fee changes

Most First National Bank clients might not realize the changes in the transaction fees. Nonetheless, tabulated below is a comparison of the changes in the monthly fee changes for its accounts over the past two years:

Account type2021/222023Change
Easy ZeroFreeFree
Easy PAYUR4.95R4.95
Easy SmartR59.00R62.00+5.1%
FNB Fusion Aspire accountR99.00R99.00
Premier (Fusion)R219.00R230.00+5.0%
Private Clients (Fusion)R399.00R420.00+5.3%
Private Wealth (Fusion)R499.00R525.00+5.2%

FNB standard rates

Tabulated below are the First National Bank's standard rates outside of the account-specific limits and bundles for the First National Bank's key transactional accounts:

FNB Easy Account (PAYU)2021/22 FeesR500 transaction2023 FeesR500 transaction% Change
Withdrawal (Native)R1.20 / R100R6.0R7.00 / R1000*R7.00+16.7%
Withdrawal (Other)R15.00 / R1000R15.00R12.00 + R2.30 / R100**R23.50+56.7%
Withdrawal (POS)FreeFreeFreeFree
Deposit (ATM)R1.20 / R100R6.50R1.30 / R100R6.50+8.3%
Debit order (internal)R1.00Free-100.00%
Debit order (external)R3.50R3.50
Monthly account feeR4.95R4.95

How much does FNB charge for Pay and Clear? FNB's Pay and Clear service transaction fees are at a one-time, flat rate. Unlike other payment modes, which have progressive rates, the bank's immediate fees do not change with the amount paid.

How much does FNB charge for immediate payment? The First National Bank has reviewed its transactional rates. Transacting R1,000 attracts a R7 transaction fee before the standard R2.30 per R100 fee takes effect.

Does FNB have immediate payments? Yes! The First National Bank customers can send funds to customers from other participating South African banks using FNB, RMB Private Banking Apps, and Online Banking. Therefore, this feature allows immediate payments.

The First National Bank is committed to keeping its customers' interests first and improving its services' efficiency. While doing so, it has had to alter the FNB immediate payment cost. Nonetheless, keeping customers in the loop while doing so is part of the financial institution's effort to keep this information available.

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