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FNB fourth bank to offer payment holiday amid Covid-19 outbreak

From April to June, for customers who show sound banking behaviour.
FNB CEO Jacques Celliers. Image: Moneyweb

FNB is the fourth bank to announce its relief interventions for individuals and businesses that are financially impacted by Covid-19.

On Monday morning CEO Jacques Celliers announced that FNB will join Standard Bank, Nedbank and Absa from April 1 to June 30 in assisting customers who demonstrate sound banking behaviour, such as having honoured their repayments to the bank on a consistent basis prior to the epidemic.

LISTEN: Celliers discusses measures to help customers:

 

The bank says its intervention amid Covid-19 for the next three months include:

  • No instalments/repayments will be due for a specific period;
  • A preferential interest rate will apply to the Covid-19 relief interventions given;
  • No fees will be charged for any relief granted;
  • Assistance with processing credit insurance claims, where possible;
  • Individualised bridge facilities for those who need it.

The bank notes that interest and fees will continue to accumulate on outstanding balances.

Customers who have queries may contact the bank via its digital and assisted banking channels to enquire about these services.

“Customers will also be able to get more information on our current Covid-19 relief measures through a dedicated icon on the landing page of our banking app,” Celliers says.

Celliers says together with the Banking Association of South Africa (Basa) and the banking industry, FNB is assessing potential financial solutions for those customers who do not qualify under the current criteria.

“We encourage all customers who can honour their financial obligations to continue servicing their repayments,” Celliers says.

Celliers says FNB is also prioritising early invoice settlements for suppliers across the FirstRand Group and over R1 billion has been processed in the last few days.

“We are committed to continuing expediting payments to local suppliers to help improve their financial stability.

“FNB has also made a significant contribution to FirstRand’s SPIRE initiative announced today, contributing, alongside the FirstRand Foundations and RMB, to the group’s total anchor funding of R100 million,” Celliers says.

He says that through SPIRE FNB is also providing critical operational capacity including its payments and governance platforms, to help the healthcare system scale its response to Covid-19, with a particular focus on testing equipment, protective clothing and ventilators for hospitals.

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“The bank notes that interest and fees will continue to accumulate on outstanding balances.”

Nice one FNB. Doing the Lord’s work here, as per usual.

Lords work in the Devils Playground.

They abit slow and hesitated why Standard Bank took the lead.
They waited for the powerless banking council… funny.

Lords work in the Devils Playground.

They abit slow and hesitated while Standard Bank took the lead.
They waited for the powerless banking council… funny.

when will people realise the banks are not there to help you. they are there to extract as much as possible from a many people as possible. When they talk about help it only means one thing …. More interest to them.

agree, people are just stupid.
Rent extraction is always first priority.
Pity FNB does not talk about reducing their high fees. Been told they are the most expensive in the market.

am I still going to be charged my monthly fees from FNB

Last year November I took R6500 temporary loan (payday) loan from FNB I was short I really needed the cash. Problem is FNB seem not to have updated ITC correctly since then. Whenever I loggin clearscore app to check my credit score this account is open with R7200 balance. Its like I have R7200 installment which I don’t.

I tried to call them but they could not help me. I even requested paid up letter which I have in my possession but ITC is not updated. Moneyweb community who should I approach now, NCR or a lawyer?

Bank executives want their profit share regardless that SA already has world high banking fees and so so service; let alone rampant fraud perpetrated by bank insiders; all denied as a matter of routine. Morals, humanitarian considerations and just plain empathy don’t enter into it.

If they really cared (along with government) they would establish a zero cost system for SASSA grants to be paid into a debit account and debit cards used for all purchases, eliminating the huge risk and human toll behind having to travel to collect grants and then get cash. Leeches.

End of comments.

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