Top tips: How to reduce bank charges via digital channels


Consumers can make some considerable savings and stretch their budgets by taking advantage of digital and electronic banking channels to reduce banking charges.

FNB Consumer Core Banking CEO, Ryan Prozesky, says small and gradual changes in banking behavior can help cut back on banking costs in the long-term.  Prozesky shares tips on how customers can reduce banking charges through digital and electronic channels.

Know what your bank offers 

Always take time to familiarise yourself with the services that your bank offers on various digital channels. This information is easily accessible through bank websites and various marketing material, such as newsletters.

For example, FNB’s website has a number of step-by-step demos on a wide range of transactions, from personal to business accounts that can be performed via Online Banking, FNB Banking App, Cellphone Banking and ATMs.

Use self-service channels whenever possible

Before going into a bank branch or approaching a consultant, first check if the activity cannot be performed on digital or electronic channels.  Most transactions performed on these channels are often free of charge or attract lower costs.

Swiping your card 

Instead of withdrawing cash to purchase necessities rather swipe your card as it is safer than carrying cash. 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. This year FNB has introduced rewards on all debit card spend.

“FNB transactional accounts offer a free eBucks reward linkage, enabling you to get something extra back at no additional cost. If you really do need cash, why not add it to your grocery list and withdraw from selected retailer till points. This transaction is usually cheaper than withdrawing from an ATM. FNB offers Cash@till via Shoprite, Checkers, U-Save, Pick ‘n Pay, Boxer, PEP and selected Spar stores,” says Prozesky.

Check your statements regularly 

Go through your statements on a monthly basis to check if there are additional charges on your account. This can help you identify if you have a banking behavior that is costing you more through additional bank charges. For example, some customers still prefer going into a branch to get bank statements which is costly compared to collecting them through ATMs with Automated Deposit Terminals (ADT), email or online banking.

Pay attention to communication on annual pricing changes

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.

Lastly, says Prozesky, 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 everytime 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.

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