In a proactive move to assist customers further with easy and convenient banking, First National Bank (FNB) has announced in its annual pricing review that as of 1 November all monthly subscription fees for its Internet banking (enabled by eBucks.com), telephone and cellphone banking customers will be dropped.

According to Wendy Lucas-Bull , CEO of FNB Retail Bank, this decision is designed to motivate existing and potential FNB customers to experience and adopt more of the bank's range of delivery channels.

"We are setting a South African banking precedent by offering personal banking customers FNB's telephone, cellphone and Internet banking channels at no added subscription cost. With the convenience of secure, convenient and easily accessible banking, all our customers can save real time and money while taking electronic control of their finances."

With FNB's electronic banking channels customers can access any of their accounts, view account balances, make third-party payments and transfer funds 24 hours a day without needing to visit their bank branch.

As part of FNB's annual pricing review, a banded fee structure has now been introduced. Where previously subscription fees for FNB's telephone, cellphone or Internet banking (eBucks.com and FirstOnline) channels were R22.80 per month with additional transaction fees, from 1 November, there will now only be the cost of a transaction. The transaction fee for a payment up to R500 will be R3, R6 for payments between R500 and R1?000 and a charge of R9 for payments over R1?000, all inclusive of VAT. The charge for transfers between FNB accounts will increase to R3.

These pricing changes do not affect BANKit customers as their pricing remains unchanged. Angus Brown , Head of FNB Internet Banking, says that with the removal of Internet, telephone and cellphone banking subscription fees the average customer could experience a cost reduction of between 30% and 60% to their monthly electronic banking costs, depending on the frequency and value of their account transfers and payments.

Using an example, Brown said: "If we take a customer who makes two transfers per month, one to their FNB credit card and one to their FNB savings account and this same customer also made three payments per month of varying values - FNB's new prices in November will reduce this customer's total electronic banking costs by 30%.?He added: "With our range of convenient electronic banking channels and 'pay as you use' banking services model, banking with FNB will be easier, more convenient and cost-effective."

Lucas-Bull states: "We believe that our customers want to be able to interact with us through a choice of banking channels thereby ensuring the freedom to stay in touch with their finances whenever, wherever, however. If you don't have time to leave the office, or there isn't a branch nearby, if you're on the road or on holiday, we have convenient and subscription-free banking channels for you

About eBucks:

eBucks, the rewards programme offered by First National Bank (FNB) and RMB Private Bank, is acknowledged as one of South Africa's leading rewards programmes with highly active members spending in excess of 80% of the eBucks earned in any given month.