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The new cheque deposit fee for business accounts at Standard Bank
can I force them to pay for it, if they insist on paying by cheque?
If the client will accept the charge, I don't see a law or contract with the bank preventing it. You would have to disclose the charge upfront though, I think.
I suspect the biggest hassle would be pursuading the client to pay the charge, especially if it is only raised near the end of the deal.
If the client will accept the charge, I don't see a law or contract with the bank preventing it. You would have to disclose the charge upfront though, I think.
I suspect the biggest hassle would be pursuading the client to pay the charge, especially if it is only raised near the end of the deal.
I'm sure I read / heard somewhere that we can't charge 5% credit card fees on top of sales price, so I'm curious if this is the same with cheque payments?
Our smallest hosting package is R15, so R12.50 bank fee on that is a killer and if a client insist on using a chequebook instead of EFT / Credit Card / Bank Deposit
I'm sure I read / heard somewhere that we can't charge 5% credit card fees on top of sales price, so I'm curious if this is the same with cheque payments?
That is a standard condition in credit card merchant agreements. I'm not aware of any such clause in the TOS for current accounts.
Rudi, I'd seriously suggest you open a non-Standard Bank account rather than charge your clients a cheque deposit fee. You would be placing yourself at a distinct competitive disadvantage otherwise.
When we got our speedpoint from FNB we were told we can't charge more when charging a credit card, but we could offer a cash discount.
Now if you get a cash deposit in your FNB account you get charged a fee with a minimum on R17 odd. So now if customers want to deposit cash for the orders on paperkutz we insist they add the R17 to the order. We did a R30 order and got charged the R17. So just like you watch your cellphone account you have to watch your bank account.
When we got our speedpoint from FNB we were told we can't charge more when charging a credit card, but we could offer a cash discount.
Now if you get a cash deposit in your FNB account you get charged a fee with a minimum on R17 odd. So now if customers want to deposit cash for the orders on paperkutz we insist they add the R17 to the order. We did a R30 order and got charged the R17. So just like you watch your cellphone account you have to watch your bank account.
Ian,
You have to negotiate with the bank when it comes to this CDF. We negotiated to a pretty good rate, but then again large volumes of cash do get deposited daily.
Victor - Knowledge is a blessing or a curse, your current circumstances make you decide! Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za
You have to negotiate with the bank when it comes to this CDF. We negotiated to a pretty good rate, but then again large volumes of cash do get deposited daily.
The only cash that is deposited is from customers, we encourage EFTs. We have 1 or 2 cash deposits per month, just the shock of the bank eating all your profit riles me!
I just got a call from Standard Bank. The cheque deposit fee on business accounts has been suspended and fees charged so far will be credited back into my accounts.
The lass did stress the fee has been suspended - it may be re-introduced again at some point in the future.
It pays to voice your objections, folks. Although "victory" in this case may be temporary...
Between the banks and the cellphone companies they are as bad as each other. A necessary evil and they have no moral guidance with the new ways they dream of ripping us off. Also they don't seem to care if their names are dragged through the mud. I saw the other day that MTN responds quickly if you complain through twitter, but that will change.
Competition, what competition oligopoly rules in SA!
Standard Bank seem to have publically said they will suspend the fee for 3 months. Moneyweb The reason for "seem to" is the PR guys always manage to twist out of statements they make.
Standard Bank (JSE:SBK) last week suspended a newly introduced cheque deposit fee for its business segment following complaints from some angry customers. The move will see Africa’s largest bank by assets refunding business customers the full cheque deposit fees it collected from them since the beginning of the year.
Standard Bank said it had suspended the fee for three months. The suspension leaves Absa (JSE:ASA) as the only bank that charges business clients fees for cheque deposits on branch counters.
Standard Bank had introduced a deposit fee of R12.50 for each cheque deposited, prompting some customers to complain on various forums. Some customers contacted the bank to deal with the matter.
The bank said it spoke to its customers and the branch network on January 26, to clear the matter and pledged to refund business customers affected. It added this was a demonstration that Standard Bank is a “customer centric organisation” that acts on the concerns of its customers.
Well worth reading the full article. Clearly this isn't over.
I see ABSA has also introduced a cheque deposit fee for business clients. It's R10 per deposit as opposed to per cheque. It only affects over-counter cheque deposits; depositing a cheque via ATM does not attract the charge.
Absa said for small business customers the fee was introduced from February 1, 2011 and for retail customers the fee will come into effect on March, 1
It's too late now
Oh baby it's too late now.
I've got someone new
In place of you
And I'm gone, gone, gone.
We've moved. FNB even did all the hard work for us. I just gave them copies of the last 3 months bank statements and they did all the sorting out of debit orders. The only pain has been notifying all our existing customers, but that seems to have gone well so far. I even got some phone calls of support for the move. It may even turn into good PR.
Banks need to be more effective in their business of taking deposits and lending to Businesses. Their top executives earn too much and they are more aligned to shareholders than clients and staff. Fire only one top executive with a package of R20mil p.a.(they can easily crop head office expenses) and you can fund the service fees of 40,000 businesses (@ average of R400 ! pm).
The bonus system leads to unscrupulous practices such as unwarranted fee increases etc. They do not inform clients because they must be ashamed of their actions.
Well worth reading the full article. Clearly this isn't over.
I see ABSA has also introduced a cheque deposit fee for business clients. It's R10 per deposit as opposed to per cheque. It only affects over-counter cheque deposits; depositing a cheque via ATM does not attract the charge.
Dave where did you see this? I am with ABSA and haven't been informed.
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