FNB had been ordered to compensate clients who had been using its PayPal service for at least 2 years or made transactions of over R 50 000.
Clients logged complains about having to pay FNB commission just to receive their hard-earned money, the matter eventually escalated into a lawsuit and FNB will be digging deep into their greedy pockets to pay back a lot of cheated clients.
You should note that the only way to get money you received via PayPal into South African banks is via FNB regardless of which bank you are using.
FNB being the only bank that offers this service they decided to rob clients in two ways. When you’re withdrawing they use a false USD/ZAR quote so the clients end up getting less. If that’s not painful enough the client also had to pay FNB what they call commission which equals 1.5 % of the amount being withdrawn.
Below is an example of a $ 1000 withdrawal and commission.
The USD/ZAR fasle quote was 13.206.70 at this particular moment. This quote was made on weekend meaning they should be using the Friday night closing price which was 13.410.20, That’s like 20 cent off and according to some clients it can be over by R 1 or more sometimes.
The court ordered them to use real-time quotes and stop taking commission. They are supposed to start compensating robbed clients as soon as possible.