Page 1 of 2 12 LastLast
Results 1 to 10 of 14

Thread: How do you deal with the corporate "bank stamp" request

  1. #1
    Gold Member
    Join Date
    Jun 2010
    Location
    Johannesburg
    Posts
    832
    Thanks
    180
    Thanked 176 Times in 145 Posts

    How do you deal with the corporate "bank stamp" request

    Recently I've noticed an uptick in the requests made by larger corporate customers for us to provide them with a bank stamped document to verify bank details. The process goes something like this:

    1) They place an order with us or open an account - amount is seldom more than a few thousand Rand, if that.
    2) They require us to fill in their supplier application form which is generally basic information on our company and pretty reasonable in my mind.
    3) Then we get to the part that requests our bank details for payment. Here there is place for the bank to stamp and verify that the detail we have filled in are correct.

    Now this last little bit requires some effort:
    1) Write a nice letter on a letterhead, asking for the bank teller to please verify and stamp.
    2) Send a driver (or go myself) to bank to stand in queues to get this stamp.
    3) I suppose there is a litter service charge from the bank for doing this little task.

    This may sound petty, but its starting to become annoying. Compounded by the fact that not everyone that opens an account, necessarily ends up buying in the end.

    Has anyone experienced this? Is this just part of doing business and I should just suck up the waste of time and effort and cost that it involves? Is there a way around this without telling the customer to take their possible business elsewhere?

  2. #2
    Moderator IanF's Avatar
    Join Date
    Dec 2007
    Location
    Jhb
    Posts
    2,615
    Thanks
    191
    Thanked 520 Times in 398 Posts
    Justloadit , no requests for a bank letter yet, but lots of form filling etc. I have a scan of a cancelled cheque which works so far.
    When we get this the first few orders are payment with order then cod. Just today a big corporate sent a driver with cash as R400 sample fee is petty cash.
    Only stress when you can change the outcome!

  3. #3
    Gold Member
    Join Date
    Jun 2010
    Location
    Johannesburg
    Posts
    832
    Thanks
    180
    Thanked 176 Times in 145 Posts
    For years the copy of the cheque and the bank details on our letterhead have been fine. But this new bank stamp thing is starting to irritate.

  4. #4
    Full Member
    Join Date
    Feb 2010
    Location
    Pretoria
    Posts
    47
    Thanks
    6
    Thanked 11 Times in 9 Posts
    I use a letter from my bank on their letterhead confirming my banking details.
    Scan the letter, and send to whoever needs it. Done.

  5. #5
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    20,978
    Thanks
    3,055
    Thanked 2,462 Times in 2,067 Posts
    Blog Entries
    12
    Quote Originally Posted by BusFact View Post
    For years the copy of the cheque and the bank details on our letterhead have been fine. But this new bank stamp thing is starting to irritate.
    I've got so used to it now, it doesn't phase me anymore.

    Fortunately my bank has got used to me wandering in with these weird requests too. I just go straight to the managers' section receptionist and she makes the magic happen. Never been billed for it either so far.

    Mind you, I haven't been billed for those bank detail confirmation letters either, and I believe there is supposed to be a fee. Maybe I've just been lucky.
    The trouble with opportunity is it normally comes dressed up as work.

  6. #6
    Gold Member
    Join Date
    Jun 2010
    Location
    Johannesburg
    Posts
    832
    Thanks
    180
    Thanked 176 Times in 145 Posts
    Dave, you have more patience than me.

    Reuphk, that was how I've always done it too, but now customers (and they tend to be larger bureaucratic corporates) want the blasted stamp on their form.

  7. #7
    Diamond Member Blurock's Avatar
    Join Date
    May 2010
    Location
    Durban
    Posts
    3,437
    Thanks
    660
    Thanked 765 Times in 630 Posts
    Blog Entries
    1
    Quote Originally Posted by BusFact View Post
    Recently I've noticed an uptick in the requests made by larger corporate customers for us to provide them with a bank stamped document to verify bank details. The process goes something like this:

    1) They place an order with us or open an account - amount is seldom more than a few thousand Rand, if that.
    2) They require us to fill in their supplier application form which is generally basic information on our company and pretty reasonable in my mind.
    3) Then we get to the part that requests our bank details for payment. Here there is place for the bank to stamp and verify that the detail we have filled in are correct.

    Now this last little bit requires some effort:
    1) Write a nice letter on a letterhead, asking for the bank teller to please verify and stamp.
    2) Send a driver (or go myself) to bank to stand in queues to get this stamp.
    3) I suppose there is a litter service charge from the bank for doing this little task.

    This may sound petty, but its starting to become annoying. Compounded by the fact that not everyone that opens an account, necessarily ends up buying in the end.

    Has anyone experienced this? Is this just part of doing business and I should just suck up the waste of time and effort and cost that it involves? Is there a way around this without telling the customer to take their possible business elsewhere?
    I suppose that this banking verification Bulls#!t comes from the audit fraternity. In the corporate world a bright spark comes up with an idea for which he gets an added bonus at the end of the year and everyone follows suit like a bunch of sheep. Nobody thinks of the practical implications, just as long as they can tick the boxes.

    I refuse to be bullied and I refuse to stand in a queue in the bank to please anyone. If you want verification of the account number that I provide you with, you are welcome to ask your bank to verify the account in your time at your expense.
    Excellence is not a skill; its an attitude...

  8. #8
    Gold Member
    Join Date
    Jun 2010
    Location
    Johannesburg
    Posts
    832
    Thanks
    180
    Thanked 176 Times in 145 Posts
    Thanks Blurock. I was looking for some sort of evidence that I wasn't the only one that thought this was a stupid request. You've pretty much just said what I was actually feeling. I don't see that this gives that much extra security, but I do see that it appears to be a waste of time.

    I just haven't gone as far as telling the customer to take a hike .... yet.

  9. #9
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    20,978
    Thanks
    3,055
    Thanked 2,462 Times in 2,067 Posts
    Blog Entries
    12
    They're all just scrambling to try to make fraud more difficult, folks.

    Quote Originally Posted by Blurock View Post
    Nobody thinks of the practical implications, just as long as they can tick the boxes.
    When it comes to the corporate lackey you're stressing out in your futile resistance campaign - exactly. Unless you're dealing with a level that can actually change things, or you hold all the cards, all you are doing is opening the door to your competition.

    (And if that happens to be me, may I take this opportunity to thank you )

    If it bugs you, delegate it. But get the box ticked.
    The trouble with opportunity is it normally comes dressed up as work.

  10. #10
    Diamond Member Blurock's Avatar
    Join Date
    May 2010
    Location
    Durban
    Posts
    3,437
    Thanks
    660
    Thanked 765 Times in 630 Posts
    Blog Entries
    1
    Quote Originally Posted by Dave A View Post
    They're all just scrambling to try to make fraud more difficult, folks.


    When it comes to the corporate lackey you're stressing out in your futile resistance campaign - exactly. Unless you're dealing with a level that can actually change things, or you hold all the cards, all you are doing is opening the door to your competition.

    (And if that happens to be me, may I take this opportunity to thank you )

    If it bugs you, delegate it. But get the box ticked.
    I am all for curbing fraud, but the way that some corporate companies are doing it is putting strain on small businesses.
    SMME's often do not have the resources to go and stand in a bank queue. Bank letters can be changed and numbers can be altered.

    The right procedure would be to ask your bank to verify the account details of the debtor. That will eliminate all attempts to fraudulently change the letter or bank account numbers. Some of the corporates are just too lazy to do this and puts the onus on the small business owner because he is hard-up for the business.
    Excellence is not a skill; its an attitude...

Page 1 of 2 12 LastLast

Similar Threads

  1. US bank wants my "clearing code" for wire transfer
    By leuce2 in forum Business Finance Forum
    Replies: 4
    Last Post: 08-May-10, 12:18 PM
  2. Zuma Controversy " Cast the First Stone...""
    By sgafc in forum South African Politics Forum
    Replies: 23
    Last Post: 17-Feb-10, 03:02 PM
  3. "Grandad Bandit" Serial Bank Robber - Can only happen in the States
    By BBBEE_CompSpec in forum General Chat Forum
    Replies: 0
    Last Post: 13-Nov-09, 12:48 AM
  4. Absa PSL deal "corrupt"
    By duncan drennan in forum South African Politics Forum
    Replies: 0
    Last Post: 02-Oct-07, 02:36 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •