FNB announces relief measures for individual and business clients after looting
First National Bank has announced looting relief to help "as many customers as possible" in the wake of the unrest in KwaZulu-Natal and Gauteng.
There are a range of measures that apply to individual and business clients who were in good standing on their FNB accounts as at 30 June 2021.
An FNB statement says individual qualifying customers will be offered relief based on the products they hold with the Bank.
Bruce Whitfield talks to FNB CEO Jacques Celliers, who says they have an appreciation for the "incredible amount of magic" that people have made against all odds to keep their small businesses going.
(Scroll down for details of the relief measures)
Many people have actually done magic just to get to through 2019... and then on top of that 2020 happened and the pandemic hit them and top of that now this [looting] came at them...Jacques Celliers, CEO - FNB
He says between 30 and 40 FNB branches were completely destroyed or badly damaged, along with hundreds of ATMs and speed points.
In reality our losses are nothing compared to many of those people who lost everything on the ground. There are some really sad stories... but we have to find our rhythm again and rebuild...Jacques Celliers, CEO - FNB
You can see how the communities all want us back... As an industry we are committed to put as much back as we possibly can... Once you've got ATM and branch infrastructure it says so much about the stability of a little community...Jacques Celliers, CEO - FNB
Our job now is to look forward... We've got all our clients properly researched and categorised, people we can easily help, people we can't... There's a whole spectrum of differently impacted businesses...Jacques Celliers, CEO - FNB
Relief measures for individual qualifying customers include the following:
- Expediting claims for self-employed and salaried customers who have FNB credit life policies which cover them for retrenchment and inability to earn an income.
- FNB Life customers with cashflow constraints will be allowed to pause their policies with FNB Life until end October 2021 and recommence with the policy thereafter without any penalties or waiting periods applied.
- Instalment payment break/cashflow relief, during which part or no instalment/repayment is due for at least 3 months, coupled with term extensions (where applicable) to help customers manage their monthly repayments after the 3-month cashflow relief period.
- Equity release to unlock cash flow for customers with equity in home loans.
- Waiving of Saswitch fees for August and September 2021, with customers incurring the same fee when drawing cash at another bank’s ATM as they would at their own bank.
- Waiving of unpaid debit order fees on EFT, NAEDO and DebiCheck transactions for all customers qualifying for the 3-month payment break/cashflow relief, during the relief period.
- Waiving of early withdrawals fees until end September 2021 for notice and/or fixed savings accounts.
Relief for business/commercial clients includes the following:
- Offering payment breaks on capital and interest for qualifying clients who have lending products.
- FNB Insurance Brokers will be working proactively with Sasria to expedite clients’ claims.
- All FNB Speedpoint™ devices/hardware lost/stolen/damaged will be replaced at no charge for impacted clients.
- Waiving of Saswitch fees for August and September 2021.
Listen to the uplifting discussion with the FNB CEO below (skip to 3:09):
This article first appeared on CapeTalk : FNB announces relief measures for individual and business clients after looting