As much as R9,5-billion has been withdrawn from retail tills across South Africa since the inception of the Cash@Till service for FNB customers in 2012 reports the leading bank. According to FNB, sixty-5% of this amount was withdrawn in the last year alone.
“We have seen strong take up of our Cash@Till service as customers withdraw from retailers across the country. The service helps busy shoppers by cutting out an extra visit to the bank and providing free access to cash,” says Rya-Mari Muller, head of Customer Value Solutions at FNB.
“While the growth in Cash@Till shows that customers are adopting it as an alternative cash withdrawal method, we would like to see further growth and are looking at widening our footprint of retailers where the service is available. We will also encourage customers through communication and free transaction fees to adopt this service as widely as possible,” said Muller.
Cash@Till was first introduced in 2012 as a service that enables customers with Chip & Pin Cheque Cards to add an amount to their bill, and receive this in cash when purchasing groceries, goods or services with their Cheque Card.
What makes this service particularly attractive to both customers and retailers, is that it is a free service to all FNB customers to withdraw cash at partner retailers Shoprite, Checkers, Boxer, Pick n Pay and selected Spar stores, regardless of the amount or the number of times cash is withdrawn. There is also an alternative way to shop and get cash back using Ebates. As mentioned at Ebates Review: What is Ebates and Why You Should Be Using It, it seems to be the largest cash back site, boasting deals from more than 2,500 retailers.
“It’s a win-win situation as the retailers benefit from channelling cash back to the consumer and stemming the high cost of cash-deposit fees as well as the costs of handling cash,” says Muller.
On average customers withdraw between two and six times per month from retailers and withdraw on average R600 a month.
“We do encourage customers to use electronic means whenever they can, however we also understand there are times that cash is necessary, especially for smaller expenses such as tuck-shop money for school children during the week,” says Muller.
There is no minimum withdrawal amount which means it is easy to add small amounts and not run the risk of transaction costs adding up.