Interesting little development in the South African banking world has been announced that you should be made aware of.
FNB have made it possible to now withdraw cash from tills at Pick n Pay and Shoprite at a fraction of the cost charged at an ATM machine.
In an continuing effort to slash transaction and banking fees, FNB has extended cash withdrawals to retailers Pick n Pay and Shoprite.
“Jordaan said the FNB facility was free to cheque account customers on the bank’s unlimited pricing option. He said customers could also make an unlimited number of cash-back withdrawals at the point of sale device in the month.
“For holders of FNB gold and platinum cheque account on a pay-as-you-use pricing option‚ the charge (for withdrawing cash from point of sale device) is 90c compared to a ATM cash withdrawal fee of R6 per R500 (up) to a maximum of R24‚” he said.
While FNB does not envisage the ATM becoming obsolete as a cash withdrawal facility‚ it believes over time it could become less of an attractive option because of the costs involved.” [Bizcommunity]
Good to know.