Streaming issues? Report here
Clement Mnayathela 1500 x 1500 2020 Clement Mnayathela 1500 x 1500 2020
The Clement Manyathela Show
09:00 - 12:00
volume_up
volume_mute

Up Next: The Midday Report with Mandy Wiener
See full line-up
The Clement Manyathela Show
09:00 - 12:00
Home
arrow_forward
Business
fiber_manual_record
Lifestyle

FNB client? There’s misconception about how its ‘Covid-19 Cashflow Relief’ works

22 April 2020 7:52 PM
Tags:
Banking
The Money Show
FNB
Bruce Whitfield
Consumer
Personal finance
Wendy Knowler
consumer journalist
Coronavirus
COVID-19
Coronavirus in South Africa
covid-19 in south africa
relief fund
Covid-19 Cashflow Relief

FNB’s "Covid-19 Cashflow Relief" is often misunderstood, says consumer journalist Wendy Knowler.

FNB is lying!

The Money Show listener to Bruce Whitfield

FNB has a “Covid-19 Cashflow Relief” programme.

In the first phase of the bank’s intervention, it will help clients who were in good standing before the Covid-19 pandemic.

The intervention will last for three months.

What the FNB Covid-19 Relief entails

  • A “payment holiday” (i.e. no instalments are due) for clients (in good standing with a turnover not exceeding R20 million per year) with business loans.

  • Support with the processing of credit insurance claims.

  • Personalised bridge loans.

  • A waiver of rental fees for Speedpoint® devices and a merchant fee waiver for merchants in good standing operating in a troubled industry.

The bank will expand on phase one of its Covid-19 Cashflow Relief intervention in the coming weeks.

FNB’s “Covid-19 Cashflow Relief” is often misunderstood, says consumer journalist Wendy Knowler.

The Money Show’s Bruce Whitfield asked her to elaborate.

FNB is the only bank that is offering this particular solution… But it wasn’t well communicated… A cashflow loan doesn’t sound as appealing as a payment holiday to most people…

Wendy Knowler, consumer journalist

I’m seeing all kinds of fallout! Terrible stuff… Awful! Not good… I like to smack where necessary…

Wendy Knowler, consumer journalist

It’s not like you don’t have to pay the money back… Get them to do the sums for you… what is a payment holiday going to cost you versus giving you a loan at prime? … They owe it to you to spell it out for you properly…

Wendy Knowler, consumer journalist

I don’t like the word ‘holiday’… It’s the same as ‘buy-now-pay-later’… The smack awaits you down the line…

Wendy Knowler, consumer journalist

Listen to the interview in the audio below.


This article first appeared on CapeTalk : FNB client? There’s misconception about how its ‘Covid-19 Cashflow Relief’ works


22 April 2020 7:52 PM
Tags:
Banking
The Money Show
FNB
Bruce Whitfield
Consumer
Personal finance
Wendy Knowler
consumer journalist
Coronavirus
COVID-19
Coronavirus in South Africa
covid-19 in south africa
relief fund
Covid-19 Cashflow Relief

More from Covid-19 coronavirus explained

Woman saving money piggy bank mask 123rf 123rfbusiness 123rflifestyle

Money lessons Covid-19 taught – heed them for a brighter, wealthier future

25 September 2020 10:44 AM

Your financial future – even if you have to start over – could be brighter than it would’ve been without the pandemic.

Share this:
Read More arrow_forward

rands

Covid-19 resurgence in Europe smashes South African rand off its pedestal

21 September 2020 6:50 PM

The rand was just recently trading at a six-month high. Arabile Gumede interviews Bianca Botes (Peregrine Treasury Solutions).

Share this:
Read More arrow_forward

Cape Town International Airport-flight-passengers-travel-airline-tourism-123fjpg

Open South Africa’s borders, please! - once-prospering tourism industry

14 September 2020 7:00 PM

Bruce Whitfield interviews tourism consultant Gillian Saunders, a previous advisor to former Tourism Minister Derek Hanekom.

Share this:
Read More arrow_forward

covid-19 coronavirus economy 123rfbusiness 123rflifestyle 123rf recession

Does Govt have a plan to fix our lockdown-smashed, drowning-in-debt country?

14 September 2020 6:25 PM

The Money Show’s Bruce Whitfield interviews Duma Gqubule, founder at the Centre for Economic Development and Transformation.

Share this:
Read More arrow_forward

high school highschool student scholer learner 123rf female girl mask facemask

ADvTECH lost R88 million as students withdrew due to Covid-19

31 August 2020 7:42 PM

The Money Show’s Bruce Whitfield interviews Roy Douglas, CEO at ADvTECH.

Share this:
Read More arrow_forward

Lost City at Sun City 123rf 123rflifestyle 123rfbusiness

Sun Int reports losses of R885m. Debt balloons to R13.3bn (4x its market cap)

31 August 2020 6:43 PM

The Money Show’s Bruce Whitfield interviews Anthony Leeming, CEO at Sun International Group.

Share this:
Read More arrow_forward

Stellenbosch Church Street Dutch Reformed Mother Church 123rf

Stellenbosch makes a genius plan to kickstart its lockdown-smashed economy

31 August 2020 4:35 PM

The Money Show’s Bruce Whitfield interviews Mike Ratcliffe, Chairman of Visit Stellenbosch.

Share this:
Read More arrow_forward

Cyril Ramaphosa

Ramaphosa’s scorecard: The state (not the ANC) has done alright - JP Landman

24 August 2020 6:52 PM

"The state is on a new trajectory – it’s vital the ANC follows suit," says political analyst JP Landman.

Share this:
Read More arrow_forward

Dilapidated Room

How to protect what’s left of our ruined economy - and rebuild what's been lost

17 August 2020 7:26 PM

The Money Show’s Bruce Whitfield interviews Nazmeera Moola, Head of SA Investments at Ninety One.

Share this:
Read More arrow_forward

Heartshaped pizza 123rf 123rfbusiness 123rflifestyle

Heartbreaking legacy of the lockdown on SA’s near-dead restaurant industry

17 August 2020 6:59 PM

South Africa’s 15 000 sit-down restaurants employ 500 000 people. Bruce Whitfield interviews Grace Harding, CEO at Ocean Basket.

Share this:
Read More arrow_forward