Categories: Banking News Reviews

FNB Enterprise Business Account Review 2021

The black card of business cheque accounts, the FNB Enterprise Business Account is a flagship business account for well-established businesses. The account comes with the best benefits when compared to any business cheque account at FNB

It is easy to apply for the Enterprise Business Account as the application process is simple and easy. The application can be done online or at an FNB branch. The account is activated immediately upon getting approved. 

The Enterprise Business Account comes with benefits that match the status of an established business. Regardless of the industry that your business trades in, FNB can tailor suit your Enterprise Business Account to meet your business’s banking needs. 

As the ’black card of business cards,’ the Enterprise Business Account offers private banking services. The account comes with access to SLOW domestic and international lounges. Furthermore, the account comes with private banking assistance where you can get assistance for your business banking needs from a group of qualified bankers. 

When you spend using your

Enterprise Business Account, your business gets rewarded through the FNB’s eBucks rewards. Account-holders get up to 40% cashback in eBucks points when they use their card to purchase online or in-store.

FNB Enterprise Business Account Summary

FNB Enterprise Business Account is a flagship business account that offers the best benefits for a business account at FNB. The Enterprise Business Account is for businesses with an annual turnover of R60,000,000.00 or more per annum. 

The account charges an international transaction rate of 2.75% per transaction. Clients can apply for a Business Call Account that can earn interest of1.75% to 2.25% for savings that are more than R100,000.00. 

FNB Enterprise Business Account Benefits

  1. The account comes with free business solutions to enable your business to transact better. Business solutions offers include:
    • eWallet pro – helps with paying clients and employees electronically and instantly even if they don’t have a bank account.
    • Forex business – help businesses with transacting beyond the South African borders. Businesses can pay international, get their foreign travels organized, and more.
    • PayPal service– businesses can now pay and get paid immediately online through their PayPal account.
    • Merchant services – businesses can now have their customers pay using their cards when transacting.
  2. Clients can now open a virtual card online. The virtual card is more secure as its CVV number changes every hour.
  3. Account-holders can earn eBucks of up to 40% on qualifying purchases.
  4. Clients can switch recipients and debit orders with ease using the FNB Mobile App.
  5. The account comes with a free instant accounting service that enables businesses to record transactions as they happen.
  6. Comes with free AA roadside assistance for roadside emergencies if the account is linked to a petrol card.
  7. Free access to all FNB digital platforms to track business transactions electronically.
  8. Clients get free email and SMS notifications for every transaction performed.
  9. Businesses can apply for an overdraft facility which is subject to approval. Comes with no minimum monthly payments.
  10. Can open a Business Call Account which helps businesses to save for rainy days. This account earns interest of 1.75% to 2.25%.
  11. Can make restrictions on FNB enterprise business cheque cards at any time using the FNB Mobile App.

FNB Enterprise Business Account Fees 2021

Fee DescriptionFee
Electronic Debit transactions Free for the 1st 30 transactions and R19.00 per transaction thereafter
FNB ATM Cash Withdrawals feeFree for the 1st 5 transactions and R2.00 per transaction thereafter
Cash deposits at an FNB ATM Free for up to R50,000.00 and R4.50 + R0.80 per R1,000.00 or part thereof
Pay and Clear now transaction feeFree for the 1st transaction and R35.00 per transaction thereafter
Electronic Transfers Free
Transfers at an FNB branchR15.00
Consultant assisted Transfers R80.00
International currency commission and conversion fee2.75% of the transaction value
Other  bank’s ATMs prepaid purchasesR15.00
FNB Connect prepaid purchases Free
External debit order feeR19.00
Third-party payments at an FNB branch R80.00
Stop payment using digital channelsFree
Stop payment at an FNB branch R80.00
Debit order dispute using digital channels R5.00
Debit order dispute at an FNB branch or telephone banking R40.00
eWallet payments per transaction R2.00 + R8.00 per R1,000.00 or part thereof
Reversal of incorrect eWallet transaction R55.00
Electronic Debit transactions Free for the 1st 30 transactions and R19.00 per transaction thereafter
FNB ATM Cash Withdrawals feeFree for the 1st 5 transactions and R2.00 per transaction thereafter
FNB Enterprise Business Account Out of Bundle Fees 2021

Competitive Advantages of the FNB Enterprise Business Account

  • Can apply for the account online and it is even easier for existing FNB business account holders to open the account.
  • Comes with business solutions that a business can take advantage of for better transacting.
  • There are a number of payment plans that one can choose from.
  • Comes with free access to the FNB digital platforms.
  • Clients get automatic entry to the FNB eBucks rewards program.
  • Comes with private client consulting services that are for free.
  • The account gives companies free access to the FNB instant accounting software.
  • Comes with SLOW lounges access.
  • The account can be tailored to suit your industry needs.

Competitive Disadvantages of the FNB Enterprise Business Account

  • Only a selected few companies can qualify for this account.

How to apply for the Account

  1. Must be a registered company in South Africa.
  2. The company representative needs to have a mandate to open a bank account accompanied by minutes of the meeting. If the directors of the business are present at the bank, there won’t be any need for a mandate and minutes.
  3. Have all the directors’ proof of identification.
  4. Have the company registration documents.

Conclusion

FNB makes it clear that the account is only for businesses that earn an annual turnover of R60 million or more, therefore, this account is only for established businesses. The account also offers the best benefits more than any of the FNB business accounts due to the high transactions that are made by the businesses that qualify for the account. 

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Lethabo Ntsoane

Lethabo Ntsoane is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in reviews and financial tips.

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