First National Bank
FNB Abandons Micro Businesses

FNB have just raised their fees for pay as you use business accounts. You would think that maybe they had gone with an inflation related figure? Maybe a small mark up on top of that? Nope the monthly fee went up from R20.50 to R55.50. Just to clarify that is approximately a 170% increase!!! No explanation just a pdf with the new prices. Now I am sorry, I understand if you can't make money from the old prices, but you can't raise prices this much without an explanation!!!

What happens to those really small micro enterprises that make use of the bank account? Suddenly a much larger part of their annual income goes to banking. Surely, like the personal check account structure, you can charge a business based on its annual turnover. A smaller business will require less services from you and therefore should be on a different fee structure.

Company: First National Bank
Country: South Africa
City: Central Office

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