If you can’t quite put your finger on bank charges when checking your statement every month, it is possible that you either don’t have the best banking account that suits your transacting needs or may have adopted behaviour that is costing you a bit more.
Ryan Prozesky, CEO of FNB Value Banking Solutions, said choosing an ideal banking account for your needs, keeping abreast of fees and knowing what value you are getting from your bank should help you avoid unnecessary bank charges.
He shared 10 tips on how to save on banking charges:
Choosing the right account – Never choose a bank account merely on its monthly administration costs, rather base the decision on your transacting needs to avoid incurring additional charges.
“For example, on a pay as you use structured account you may be charged extra every time you make a transaction, while on a bundle offering you are able to perform multiple or unlimited transactions without incurring additional charges.
“A pay as you use structure would be best suited for a customer with a low number of monthly transactions, while bundle offerings are best suited for those with a higher number of monthly transactions. Make sure that you chose a bundle with the most appropriate number of transactions included in the bundle, based on your monthly transactional needs,” said Prozesky.
Avoid using another bank’s ATM – Withdrawing money at an ATM belonging to another bank come with associated additional costs.
Bank on digital channels – Whenever possible try and use digital and electronic channels for transactions as these are usually free or attract lower costs compared to using a bank branch. It also saves on traveling costs.
Swiping your card – Check whether your bank offers unlimited card swipes at no additional charge regardless of the amount. In addition, most banks’ loyalty programs give customers rewards back for swiping their card.
Avoid penalty charges – Make sure there is sufficient money in your account to cover all purchases and transactions you make.
Overdraft facility fees – An overdraft facility helps meet those unexpected cashflow shortfalls and will help you avoid penalty fees due to insufficient funds.
Bank Statements – If you have an email address, request your bank to rather email your statement to you instead of posting them. Not only will they arrive much sooner, but you will avoid any charges for postal statements that some banks may levy.
Take care of bank cards – be extra cautious with your bank cards as some banks will usually charge you a fee for replacing them.
Monthly caps – Exceeding monthly caps for certain transactions may attract additional fees. For example, on certain account bundles, your bank may offer you a number or value of ATM withdrawals for free, with additional charges as soon as you exceed the limit.
“Don’t ignore communication from your bank. “Banks often review their account fees annually offering you a breakdown of changes and adjustments. It’s important to thoroughly go through and understand these fee changes and how they impact the way you transact on a monthly basis,” said Prozesky.
What is next? There is a “Money Management” discussion happening in the “Groups” section of our community portal. Navigate there now to continue this conversation with us and let us know how you think, FNB can help you to achieve your financial goals in life.
I just love and enjoy banking on Digital channels…
I once fell a victim to card scammers but luckily enough I had Fnb app, I logged as soon as possible and transfer all the money into savings.
FNB is by far the best bank ever number one in innovation. thank you for the tips I will also pass on the knowledge.
The tips are eye opening I wasn’t aware of some of the things, I’ve learned a lot.Thank you FNB
Now that I finally have employment I think I should consider looking at other bank account options as well, although the one I have has served me very well. I want to choose the right account.
Also, I am never printing another bank statement. Thank you FNB!
Quite comprehensive dialogue on bank charges saving
I must say the FNB app is easy to use. Can I still use the app even if I do not have data?
I’m on MTN and I’m able to use the app without data. I should think it’s the same for other networks as well.
Yes its the same. I am on Vodacom and I also bank even without data.
Hi there!
Thank you for sharing some knowledge with your fellow community members.
We absolutely love seeing the spirit of community being displayed amongst us.
FNB App is really is the best…I really enjoy using it and it is helpful I once had a debit I didn’t know I log in my app and reverse it straight away without going to the branch it really help me to be in control of my finances 24/7.
Thank you for sharing your tip with us!
We are always happy to hear new money saving tips.
I use the app for nearly everything. Cant think without it.
Yes you can, you can send ewalet without etym or data
Most of my banking is done online for ease and convenience.
Yes it is a lot more user friendly. Only downside is that a lot of people still can’t afford smartphones or access the internet and as a result need to go to branches. One thing I hate to do is go the branches 🙁
Me too. I only go to a branch to either apply for financing or when I need clarification on one of the digital banking services. ALL my other banking is done online.
Hi Jimmy
Thank you for sharing your view with us.
Online banking platforms seem to be the most preferred method of banking now.
Thank you for the information provided, a lot on here I was not aware of and appreciate the insight.
It’s our pleasure!
Thank you for the additional information. Much appreciated.
I am retired and am a FNB customer since 1963 now 56 years in those days Barclays.
I think bank managers should analyze clients profiles, and make recommendations to what would be most suitable and beneficial to the client, then inform their clients… They should not wait for the client to call but rather be proactive
Unfortunately I get so many calls from people who want to sell me something that I don’t even answer calls if I do not know whom its from. I prefer e-mails or sms with link to a page so I can read it in my own free time and decide from there.
Hi Colin
Thank you for sharing your thoughts with us.
What kind of recommendations do you think would be most beneficial for you and your financial standing?
The managers should always inform their clients with the changes and what is best for the client in terms of products they offer
I feel, given my history of banking I should be well aware of these tips, yet, reading through this article, I can see in the various way I have been mistaken and have paid severely for my bad judgement. Thank you for these tips and kindly keep them coming in future FNB.
Hi Heindan
Thank you for sharing your opinion with us and for reading the article.
We are glad that there are some tips that you will use in your day-to-day to help better your finances.
I love using the FNB app and online. Its the best thing that has happened to me
Hi Moipone
Thank you for sharing your thoughts with us.
May you please share with us how has the app helped you and what you like the most about it?
i just love my digital platform, and i do not have to travel anywhere as long as i have my phone with me
Hi Sandi
Thank you for sharing your view with us.
We are glad the digital platform has made a significant impact in saving you trips to the bank.
Is there any other way that the digital platform has helped you?
I must say that I am on the right track since most of the tips on this column, I live by them. #whoooowoooo
Geez… Who would have thought… 10 tips to safe 1000 bucks!!! UP YOU FNB:)
Hi Marque Moses
We are glad to have put a smile on your face!
We are in the business of helping you.
I have opened a savings pocket account. Quite clever since I leave money in the account, get interest and the interest I use to pay my banking fees. With the added e-bucks I earn, the bank is actually paying me to bank and I save and earn interest at the same time. Also with the bank your change option I save even more and are forced to more frequently look at my budget to make sure I stay within my budget. FNB actually helped me to manage my finance better this way with their various products. What I would have liked is for FNB to give me statistical breakdown of my expenditure but I guess I am asking a lot…. 🙂
Hi Quintin
Thank you for sharing your thoughts on the savings pocket account, we are glad you are happy with its function.
Is there a difference between the Savings Pocket account and the Bank Your Change option?
Love the savings pocket what a great thing to have and also benefiting on the interest. Great one guys keep it up. keep them coming.
Hi there!
Thank you for sharing your love of the savings pocket account with us.
We love hearing about how our products make a difference in people’s lives and finances.
Most of the savings tips here I am very conversant with them and living up to them. The only thing that I realized last month after analyzing my statement was that I was being charged extra to buy airtime on the *130*321# (cellphone banking). Now I buy airtime only directly from the app which is free! #BetterBanking
Hi Sheila
Thank you for sharing your tip with us!
We are always happy to hear new money saving tips.
Good tips on how to save
Mostly online transactions and interactions with FNB.
i love the app most of the times l can even live my bank card at home because l can do everything with my app like withdrawing with card less which is most safe these days as there are scammers who are waiting to take people,s cards at the ATM,S. also use this app in combination with zapper no need to carry bank card always.
I mostly use the app on my smartphone for my banking needs, and it is amazing that no matter where I am, I can access my banking facility to see what is going on. I have been wanting to cancel my fuel card linked to my credit card, as I never use it to add fuel to my car. Especially since my fuel expenditure seldom exceeds R300 a month and to pay R28 a month for a card that is not used seems silly. Not sure if there are any benefits using the linked fuel card? Great tips. I will make sure that I look at the changes when they are communicated – never really did in the past…
FNB is by far the best bank for me. Thank you for sharing the 10 tips I will definitely pass on the knowledge.
Online banking is great – avoids long queues in the banking hall. I just don’t have time to waste sitting waiting.
Convenient and quick.
Would like more information on say getting coupled up to cell phone via FNB but it seems that I need to go the bank and sit in the queue so I don’t change
Regards
By the way FNB then Barclays was my first bank and kept coming back. Been a client for over 20 coninuous years now
Thank you for the informative article. I have started using the App more often. The digital way has made things so much easier for me.
i appreciate online banking when it comes to month end paying my accounts from home on the Fnb application.
mornings,molo,goodmornings people,i joined fnb about 10years ago and haven’t look back,i love the way they grow with the digital era,cellphone banking I just love it,i hate long qeus,keep it up guys
When it comes to foreign exchange or forex issues FNB is the best. I do a lot of surveys and most of them pay into my paypal account. Being able to withdraw from my paypal account into my easy account is a great offer. Some banks need you to either have a credit card or cheque account. I really appreciate this FNB offer.
FNB is just the best bank ever, i can literally do anything on my FNB app, i don’t have to stand on long queues just to send money to someone, i can do it on my app, i can pay or buy thing online, gosh FNB is life.
Been with bank over 20 years nearing 25 always been happy with sevice
Quick notifications are always handy, your account can never be hacked without your knowledge… You login, you transact, you pay, you transfer, you buy etc. Your App or online service will always make sure that you allow every move on your bank. That’s very convenient, especially that you don’t need any special training to control your money. As long as you remember your username and passwords. Thanks very much FNB! 😉
Hi the problem with the bank fees, is that sometime we don’t even know they exist on some services. eg: i didn’t know that i was charge for a sms received
Thanks for the tips. I used to be a victim of using another bank’s ATM but I have learned the hard way by paying hefty withdrawal fees. Is it true that the statement printed from the branch cost R100 or it was just a way for the floor manager to discourage me to get it from consultants?
Fnb is the best bank I’ve ever banked with by far,And it’s affordable. The only thing I would suggest is that fnb should try and accommodate those that are unemployed or getting less salary dew to investment.
I appreciate the money saving tips you posted above and will be seriously considered some which I was not aware of. I am even more thankful to the White River branch consultants who encouraged me about three years ago to use digital banking channels such as online banking and cellphone banking. Apart from avoiding unnecessary bank charges,the convenience is unique.During month-ends when banks are overcrowded… I do not sweat,but simply relax and transact at my convenience. Thank you for your service and innovation FNB I am moving with the times…other banks are just following!
I always use fnb app for money transfers, paying bills and shopping,thanks for tips on how to avoid crazy bank charges
I really loved the conveniency of The FNB App, but lately my quickest transacting time has to be via The #USSSD *120*322# menu since 2017. Be it airtime, Paying people via ewallet or people i frequently pay, it’s truly still Quicker than the app…oh even Temporary Loan..
Keep adding features on that Menu. No internet required and Free
Does printing a statement at an Fnb ATM come with charges?
I’ve been banking with FNB for the last 10+ years and must admit that there fee structure is not too bad… I also enjoy the fact that i can transfer funds within my own linked FNB accounts with no additional charges attached to it
Online banking and the app are two amaaaaaazing platforms! However,it will be great to have the same features on both.
It’s always my pleasure to use the fnb banking app it’s so liberating l can’t remember the last time l went to my local branch as l have it all at the palm of my hand.
thanx for the tips
This is an old article, but definitely a good reminder to choose your bank account carefully and refresh your banking habits to be cost effective. Solid good tips.
I just love and enjoy banking on Digital channels and I like using the FNB app a lot