No Banner to display

FNB clients can now withdraw cash from tills at Pick n Pay and Shoprite
Posted by on Jul 20th, 2012

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.

Joe Bloggs says:
July 07, 2012 at 12:58 pm

It’s about time that FNB joined the party in terms of cash back at point of sale.

The problem is that South Africans don’t seem too like this option – the take up has been very poor since this was first introduced to SA some 7 years ago.

I’m also not sure how real this cost reduction is; it might if it becomes more popular, take people out of the branches, but the banks only really save costs in the branches by reducing staff or closing branches — that’s the way fixed costs work.

Leave a comment