[Question] Saving on Cash Deposits ???

[Rob]

I am bussiness owner if I bank Cash (If you have spare cash ) the banks charge "handeling fees".

1) I know some banks allow you to pay cash into your bond account no "handeling fees" is this so ?

2) If I pay it into my Credit Card do they Charge fees aswell?

Then I can transfer this back to my buss. account.

Hope some one can help me on this.

Thank you

[SilverNodashi]

We bank with Standard bank, and don't pay for deposits. But, in this scenario the best way to save bank fees is to keep that cash in a safe, and use it as petty cash. I do that a lot (just cause I don't want to drive to the bank every time) and it works well, especially if I need to purchase stock COD

[Dave A]

We bank with Standard bank, and don't pay for deposits.

Are you sure you do not have to pay for cash deposits? I know we do, at least into our business (current) accounts.

It's been a while since I last looked into this, but at the time some savings accounts and credit cards allowed a limited number of cash deposits in a month without charging a cash deposit fee. When I say limited, that limit was one a month

[SilverNodashi]

I had this same conversation with my accountant last week, but now that I think about it, we process a lot of EFT payments, which are free.

[Faan]

I pay my cash which I do not use to buy smaller items into my credit card account and if the need is there I transfer it to my cheque account with no fees.