First National Bank recently launched a feature allowing customers to draw cash from its ATMs without a bank card.
To do so, customersmust download the latest version of the FNB Banking app from the Apple, Android, Windows, orBlackberry app store.
Once in the app, they select the “Cardless Cash Withdrawal” option, select which account theywish to draw money from, and specify the withdrawal amount.
FNB then sends a one-time PIN that must be used within 30 minutes to make the withdrawal at one of its ATMs.
A similar feature has been available to cellphone banking customers for some time, with FNB saying that R2 billion has been dispensed through its cardless cash withdrawal system for cellphone banking to date.
FNB said avalue added service feeis charged for this service,depending on the type of account you have.
Hereis how much its cardless cash withdrawal service will cost.
Account | Fee |
---|---|
Easy Account | R8.50 |
Smart Account and Islamic Smart Account | R4.25 + (R6.70 per R500.00) |
Personal Cheque Account and Islamic Personal Cheque Account | R4.25 + (R6.70 per R500.00) |
Encore Cheque Account | R4.25 + (R6.70 per R500.00) |
Youth Fluid Account and Islamic Youth Account | R4.25 + (R6.70 per R500.00) |
Student (Lifestart) Account | R4.25 + (R6.70 per R500.00) |
Savings Account | R4.25 + (R6.70 per R500.00) |
Mzansi Account | R4.25 + (R6.70 per R500.00) |
Credit Card | R4.25 + FNB ATM Fee |
Cardless cash withdrawals are more expensive than normal cash withdrawals, as FNB often offers a number of free withdrawals on its own ATMs, as well as lower fees when using a bank card.
But theability to draw cash without your card ismeant to ensure that you can gain access to cash whenever needed, said FNB, and is a “complementary service” – not necessarily a replacement for the bank card.
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