First national bank (Fnb business account fees); If you’re a business owner or an entrepreneur looking for a banking solution that aligns with your financial goals, First National Bank (FNB) might have just what you need. In this guide, we will explore the FNB Business Account fees for 2023.
Specifically, we’ll focus on the First Business Zero account, which offers a zero monthly account fee and free unlimited card swipes.
A Fee Structure Overview
The First Business Zero account is designed with small and medium-sized enterprises (SMEs) in mind. It offers a range of benefits without the burden of high fees. Let’s break down the fee structure for this account.
Monthly Account Fee: Zero
Yes, you read that correctly. With the First Business Zero account, there’s no monthly account fee. This means you won’t have to worry about a deduction from your business funds every month just to keep your account active. It’s a cost-effective option for businesses looking to minimize their banking expenses.
Unlimited Card Swipes: Free
Card payments have become a standard part of business transactions. Whether you’re purchasing supplies, paying vendors, or covering other expenses, having a business debit card is essential. With the First Business Zero account, you can enjoy unlimited card swipes at no extra cost. This feature can lead to significant savings, especially for businesses that frequently use card payments.
Additional Fee Information
While the First Business Zero account offers a fee-free structure for the essentials, it’s essential to be aware of potential charges that may apply to certain services or transactions. Here are some additional fee details to keep in mind:
- Debit Orders: R3.75
- If your business uses debit orders for various payments, there’s a fee of R3.75 per transaction.
- Digital Payments: R2.50
- Digital payments, which are becoming increasingly common in today’s business landscape, come with a minimal fee of R2.50.
- Real-Time Payments (Discovery Instant Pay and PayShap):
- For payments of R100 or less, the fee is R1.
- For payments between R100 and R1,500, the fee is R5.
- For payments exceeding R1,500, the fee is 0.4% of the transaction amount, capped at R30.
- Health Pay Payments: Free
- Health-related payments can be made free of charge through the First Business Zero account.
- Contact Payments: R2.50
- A fee of R2.50 applies to contact payments.
- Prepaid Products and Services Purchases: Free
- If your business frequently purchases prepaid products and services, you’ll be pleased to know that there’s no fee for these transactions.
- Point-of-Sale Purchases (Local and International): Free
- Whether you’re making local or international point-of-sale purchases, you won’t incur any additional charges.
- Inter-Account Transfers: Free
- Transferring funds between your accounts is free of charge.
- International Purchase Fee: 2% of Purchase Amount (Capped at R500)
- For international purchases, there is a fee of 2% of the purchase amount, with a cap at R500 per transaction.
- Payment Notifications: Free
- Stay informed about your business’s financial activities with free payment notifications.
- Own Account Notifications: Free
- Monitoring your account is made easy with free notifications about activity on your own account.
- Returned Debit Orders:
- The first four returned debit orders in a 12-month period will cost you R10 each. Subsequent returned debit orders within the same period incur a fee of R100 each.
- Declined Transactions: Free
- There are no charges for declined transactions.
The FNB First Business Zero account is a valuable option for businesses that want to manage their finances efficiently without being burdened by excessive fees. With no monthly account fee and free unlimited card swipes, it’s an attractive choice for SMEs looking to optimize their banking experience.
However, while many essential services are fee-free, it’s essential to be aware of potential charges for specific transactions, such as debit orders and international purchases. By understanding the fee structure, you can make the most of your FNB Business Account and ensure that it aligns with your business’s financial needs.
Remember that banking needs can vary from business to business, so it’s a good idea to assess your specific requirements and explore how the First Business Zero account can benefit your company. In the world of business, every cost-saving opportunity counts, and FNB’s fee structure for 2023 aims to provide just that.