FNB high card transaction charges queried

ONE of FNB Namibia’s customers has commended the bank for achieving over N$500 million in profit recently but bemoaned its high card transactions charges.

“I have one concern though, and perhaps FNB senior management can provide clarity. Why is it that I get charged N$200 per transaction made through the debit card?” said the ‘unsatisfied, disgruntled FNB client’ in an email sent to The Namibian Consumer.

The customer said he made a purchase for N$316,35 through his debit card on 18 February.

“The transaction was approved and I left with the goods I purchased. This transaction did not appear on my account statement but is rather accumulated, with other similar transactions under outstanding debit card authorisation. My account balance however is less than the amount of N$316,35. This I understand and do not think anything is wrong about that,” he wrote.

He said a few days later the transaction appeared on his statement and suddenly he was charged a N$200 honouring fee because there were no funds available and FNB ‘honoured’ the transaction.

“Mind-boggling, isn’t it,” the customer wrote.

He wondered how he could be charged a N$200 honouring fee for a transaction that was approved a few days earlier.

“If there were no funds available in my account at the time of the purchase, should the transaction not have failed? I paid using my FNB debit card and the funds were deducted from my available balance. Now suddenly I get charged when it appears on my statement,” he said.

He argued that if he had made eight debit card payments amounting to N$1 000 he would have been charged N$1 600.

FNB Namibia chief marketing officer Tracy Eagles apologised to the customer but said he must contact the bank directly.

“FNB is grateful for all customer feedback, and we certainly apologise for any confusion this matter may be causing. In this instance it would be in the best interest of the customer to allow us to contact him directly to ensure confidentiality regarding costs relevant to banking behaviour, insufficient funds notices, and the effect of timing on transactions.

“Similarly, the client can contact his nearest branch with the statement in question and request a consultant to clarify all queries confidentially.”