ASA rules on Capitec complaint by FNB

FNB says it provided the ASA with irrefutable evidence that its own EasyPlan Account was in most cases cheaper or priced at an equivalent transaction rate to the Capitec account.

FNB CEO, Michael Jordaan, said the ASA ruling was not only good for FNB but for all South African consumers.

"Customers need to know where they stand when it comes to the cost of banking," he said. "The truth should never be sacrificed in attempts to bring in customers. Our message is plain and simple: we have kept this product's pricing fee exactly the same for the past three years - ensuring direct benefits to those who need it most."

Jordaan stressed that the bank would continue to ensure transparency and integrity in its charges, as demonstrated last week with the publication of its new banking fee structures and advice on how customers could save on bank costs by choosing the right account for their lifestyle.