Bank Charges

[wynn]

Here is a copy of an email I recieved from FNB

"Instant Accounting from FNB is an easy-to-use, integrated, online accounting solution that uses your FNB electronic bank statement to automatically do your bookkeeping. With Instant Accounting you can, with minimal input, do your books accurately and in record time. Instant Accounting generates various financial statements and reports, including income statements, balance sheets, cash-flow statements and more! Because the system is semi-automated, Instant Accounting reduces manual data capturing and processing which enables you to produce updated financials in a very short period of time."

So what do you think?

[IanF]

Wynn
Brilliant move by FNB. Just it makes it harder to leave FNB if you want to, you can get programmes which have the same functionality. Also where the data is stored and who can access it would worry me. So it is not for me.

[Dave A]

The last person I'd want having easy and detailed access to my live financial management accounts is my bank, particularly when it's raining.

[AndyD]

Yeah, good point, it does make you wonder about how much info they allow themselves to harvest and what use they can put it to under the terms and conditions small print.

[Justloadit]

Yeah, good point, it does make you wonder about how much info they allow themselves to harvest and what use they can put it to under the terms and conditions small print.

You can not prove anything, if the manager looks immediately at your books and decides you are not worthy of a loan, what recourse do you have?

Currently to maintain an overdraft, you have to supply your financial s, mine are always about 18 months behind time.

[Neville Bailey]

... you can get programmes which have the same functionality...

Pastel has an add-on module called Bank Manager, which imports bank statements (which you would have downloaded from your banking website) into your cashbook.

You can then "train" the module to automatically allocate recurring payments and receipts to the appropriate ledger accounts in Pastel, thereby reducing your data capture workload and eliminate the risk of human error.

[wynn]

I agree with IanF.

Sage advice is that one should keep a second account at another institution alive just in case their is a problem with bankA.

If bankA becomes a problem, for whatever reason, move your business to bankB and open a new account at bankC.

Having two accounts at one bank offers no security, they just suck whatever funds they need form any account you have with them unless of course you have a payment they can bounce.