FNB - R200 note exchange policy

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R200 note exchange policy

Following directives from the SARB, First National Bank (FNB) will accept legitimate old-series R200 notes until May 31, 2010 and will give value upon presentation.
FNB will exchange legitimate old series R200 notes in its branches at no cost.
FNB does not impose limitations on the value of notes being presented for exchange or deposit. However, unusual and large cash transactions may be subject to reporting requirements under FICA legislation.
After 31 May 2010, old series R200 notes may only be exchanged at SARB branches. There are seven SARB branches located in large urban centres. The office addresses are available on the SARB website http://www.reservebank.co.za/ (click on 'Location and Contact numbers')
No Charge Deposits
FNB customers can minimize the cost of making a cash deposit by using a conventional FNB ATM and depositing the notes in an envelope. There is no charge to Personal Banking customers for this service. The balance will reflect the following day, or after the contents have been verified.
FNB customers may also deposit notes in an FNB ADT machine. The cost is 0.65/R100. The ADT is able to detect counterfeit notes. The machine counts the notes and then asks the customer to confirm that they agree with the amount deposited. The balance will be available immediately in the customer's account.
FNB does accept legitimate old-series R200 notes as deposits into accounts. A normal deposit fee will be applicable to these transactions (1.15% of value for Personal Banking customers).
Customer Communications
FNB has distributed posters and note identification tips to identify the new and old series notes to all branches and is circulating the addresses of SARB branches in preparation for enquiries post 31 May 2010.
Counterfeit Notes
FNB and SBV reset (in early May) the configurations on their note-checking machines to remove old-series R200 notes from circulation. All counterfeit R200 notes were based on the old-series design. In addition, only a very small percentage of FNB's 4 500 bank note issuing ATMs and ADTs issued R200 notes.
Customers who are in a possession of a counterfeit R200 note may present this, together with their FNB ATM slip, to the FNB branch nearest to the ATM where each instance will be investigated on a case-by-case basis.