By Staff Reporter
WINDHOEK
FNB Namibia has announced an annual pricing review , effective from July 1, 2007.
“All efforts were made to keep our fees unchanged, and where fees have been revised such increases are limited to below inflation,” said Manager for Product and Pricing, Beverley Saenen.
She also said it was FNB’s strategy to minimize increases in electronic-type transaction fees as the bank was able to pass efficiency savings of using these channels onto its customers.
FNB further said in a statement that since its Book-Based Savings Accounts were primarily used by pensioners, they have reduced that fee, thereby reducing the burden on these customers. An increasing number of book-based customers were converting to the more affordable option of Card-Based Accounts, she added.
Saenen said the over-the-counter (OTC) cash withdrawal fee has been reduced by 20% 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.
She also had news for credit card-holders. The annual fees for credit cards will be reduced by 56%.
“All credit card types have been standardized 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 continued to say that the Electronic Service Offering allows customers a whole range of value additions ranging from receiving e-mail statements, inContact SMS messaging service and to make card account payments via electronic options such as debit order, online (internet banking), inter-account or ATM transfers.
More than 20 fees have remained unchanged
– ATM, Mini ATM and other Bank’s ATM withdrawal fees;
– ATM balance enquiries and balance enquiries using Non-FNB ATMs;
– Internal Debit Order Fees;
– Linked Account Transfers using FNB ATMs, FNB branches or Online Banking;
– Mini statements at an FNB ATM;
– Over the Counter cash withdrawal fee;
– Branch balance enquiries and interim statements;
– Stop payments (Branch and Online Banking);
– Lost card replacement fee;
– Prepaid Purchases;
– Visa Electron debit card POS purchases;
– Special clearance fee;
– Stop orders/scheduled payments (amendment and setup/establishment);
– Deposit books (Small/Large);
– ATM and POS declined fees;
– Multiple statement fees.
The cap on the Electronic Pricing Option (EPO) remains unchanged at N$90 per month for unlimited ATM and Mini ATM cash withdrawals, online banking, debit orders and stop orders/scheduled payments and debit card purchases.
“A monthly account fee of N$8 has been introduced. Customers are still able to enjoy InContact and Online Banking without any subscription fee, e-mailed statements, debit order switching (should customers wish to move their accounts to FNB) remains free,” she stated.
“In addition to the above-mentioned benefits, customers will receive Funeral Cover to the value of N$2 500 and other additional Life Style value additions such as discounts on Health, Travel, Leisure, Connect and Concierge services” Saenen said.
The Assist Portfolio would be available at a special rate of N$130 per annum (50% discount) that includes Roadside Assist, Auto Assist, Emergency Medical Services, Medi-Tag and Funeral and Home Assist.
“Customers will, therefore, never pay more than N$98 per month when choosing this option and will still be able to do as much electronic banking as they wish, using FNB’s electronic channels,” she mentioned.
On the aspect of cheque accounts, customers 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. 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.
FNB will maintain its pricing on its youth products of FutureSave (birth-12 years), FutureForward (13-18 years) and LifeStart (18-24 years), the statement says.