Streaming issues? Report here
John Maytham 2019 1500 BW John Maytham 2019 1500 BW
Afternoon Drive with John Maytham
15:00 - 18:00
volume_up
volume_mute

Up Next: The Money Show with Bruce Whitfield
See full line-up
Afternoon Drive with John Maytham
15:00 - 18:00
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.


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

consumer-goods-groceries-shopping-slip-receipt-price-food-inflation-123rf

'Wholesale food prices are coming down. Retailers still charge lockdown prices'

23 September 2020 3:29 PM

"Retailers were quick to hike prices but slow to lower them,” says the Competition Commission. "There’s a history of this."

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

Syringe vaccine needle

'A few rich countries have hogged most supplies of future Covid-19 vaccines'

17 September 2020 3:27 PM

Wealthy nations representing 13% of the world’s population already bought 2.7 billion yet-to-be-made vaccines, says Oxfam.

Share this:
Read More arrow_forward

Cape Town CBD city centre downtown 123rf 123rfbusiness 123rflifestyle

Cape Town CBD skyscrapers: 'We’ll see more of them converted into flats'

15 September 2020 3:13 PM

Cape Town's swanky city centre may soon have far more people living in it, says David Seinker, CEO at The Business Exchange.

Share this:
Read More arrow_forward

200717-facemasks-usjpg

'We're not out of the woods yet' says expert, as Level 1 looks likely for SA

15 September 2020 12:33 PM

Dr Jody Boffa says while the decline in Covid-19 cases is positive, it's important to remember that the rules still apply.

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

Restaurant reopen reopening 123rf 123rfbusiness 123rflifestyle

First Thursdays: 'It's back! Come to town - the weather is clearing'

3 September 2020 3:24 PM

"People are tired of staying at home! They want to come out and have fun," says the clearly excited Tasso Evangelinos (CCID).

Share this:
Read More arrow_forward

Covid-19 corruption 123rf 123rfbusiness 123rfpolitics

'There’s no way R500 billion – it’s half a trillion - can just disappear!'

2 September 2020 9:08 AM

"We’re all just in a dwaal with these big numbers," says Gaye Davis, Parliamentary Correspondent at EWN.

Share this:
Read More arrow_forward

Ampoule with a vaccine from the new coronavirus COVID-19 123rf

Volunteers needed for Covid-19 vaccine trials

1 September 2020 3:17 PM

"Before enrolling, volunteers have to fully understand the process," says Dr Linda-Gail Bekker of the Desmond Tutu HIV Foundation.

Share this:
Read More arrow_forward