standard bank

[murdock]

cheque deposits at atms ...free...what a joke...or should i be saying whats the catch?

how money people still deposit cheques...its like offering a free rs 232 port on you laptop...how mnay people use a rs 232 port...mmm...it is actually an insult when you think about it...showing us what they actually think about their customers...we are bunch of idiots.

if they were offering a reduced fee on efts for example i would say great... but instead they are not increasing the eft charge....uuuuuuhhh let me just think about this...they make around 150 billion rand out of efts which cost around 1000 rand do do computer generated...money for jam much like toll fees and tax..printing money for nothing...no wonder julius wants a piece of the action (banks)

[IanF]

Murdock, I have been using the FNB atms for depositing cheques. It works OK. I have a stamp where I stamp the check with the company t/a Print Image. With the increase in bank eft rates we should try and pay by credit card but then the suppliers carries the fee. So the banks win again.

[murdock]

Murdock, I have been using the FNB atms for depositing cheques. It works OK. I have a stamp where I stamp the check with the company t/a Print Image. With the increase in bank eft rates we should try and pay by credit card but then the suppliers carries the fee. So the banks win again.

the bank wins and the merchant wins...because he adds the chargers to the product or service...and if doesnt then he isnt a smart bussinessman...because at the end of the day we the suckers (customers) always pay.

[Blurock]

Cheques will be phased out within the next 2-3 years.

[Blurock]

I do not have a problem with banks encouraging consumers to switch to electronic banking. Electronic banking is safer and more cost effective. I have a problem with the opportunity that the banks now see to increase their revenue.

Benefit to the bank:
1. Keep customers out of the banking halls.
2. This reduces the number of tellers required.
3. This also reduces the number of physical branches required.
4. "Paperless" transactions. The sucker clients will now print their own statements. HUGE cost savings!
5. Savings on postage, paper, staff costs and benefits, premises and related security, maintenance and cleaning costs.
6. No need to employ more IT staff as everything is outsourced.

Result:
1. Retrench staff.
2. Close branches.
3. Increase salaries of executives.
4. Increase bonuses.
5. Increase dividends? Not too much!

In stead of pricing their electronic banking in line with the real cost of providing the service, Banks do not give the benefit of their savings to their clients:

1. Convenience of electronic banking - not having to stand in a queue and banking from anywhere.
2. Immediate on-line transfers.
3. Do not have to wait for your statements which may get lost in the mail. (But you have to print it yourself)
4. Reduces the risks associated with cash and cheques.
5. Although this service is supposed to be cheaper, charges are mostly kept in line with the cost of cheque accounts which has become like a dinosaur in the electronic age.

I have noticed that the annual package paid to the CEO of one of our local banks has been increased from R20 million to R27 million.

Viva banking! Viva!

[AndyD]

......cheque accounts which has become like a dinosaur in the electronic age.

I still use a cheque book

[murdock]

just like they promote...efts etc...it pays you to draw cash now instead of transfering the money into your credit card...and why i say this is because the fee to transfer to the credit card and the increased cost of goods at the shop (ever noticed how people who pay cash get a cash discount)...because the merchant adds on the credit card fee to cover the cost...so at the end of the day you think bonus you dont pay the fee for the credit card because thats how they have made it sounds ...big saving but surely you arent that stupid.

i must say it is clever the way they make it sound like you are always saving when in fact you always the sucker at the end of the day who pays the bill including costs...another example are clothing accounts...wow you get 6 months to pay...so you spend more than you can afford or would have if you had the cash..thats why some offer a 10 % discount voucher for c.o.d customers...but only a voucher so you still have to purchase in store...the more i think about it the more comes to mind how we are getting screwed from every angle....from rates...taxes...all the way down to the simple charges from the bank.

[IanF]

Murdock it sounds like you need a Christmas break! We do need to cut costs, but we should take a leaf out of the bank's book are rather increase revenue, so charge a customer R500 to open an account and R250 to do a quote!

[Dave A]

Reading Standard Bank's pricing for business accounts -

To encourage use of our cheaper electronic channels, we have introduced a cheque deposit fee in 2011.

So they're back to introducing the cheque deposit fee on business accounts then

My complaint as to the "motivation" still remains - if the payer is prepared to pay the penalty of writing a cheque compared to paying by EFT, penalising the payee isn't going to change the habits of the payer one little bit. What a farce of an excuse!

Can't complain about the lack of notice this time though
and at least it looks like it's going to be per deposit this time as opposed to per cheque.
Still leaves me with the problem of clients who deposit the cheque themselves.

I'm not surprised at the non-increase of transaction fees this time around. As the most expensive bank for small business accounts at the moment they had to try to get closer to their competition somehow.

[murdock]

the worste is when a person who normally does an eft...tells you payment has been made so you assume its done...but find because they have taken away my immediate cheque clearance status that the money is not cleared...so i have to contact the bank and ask the manager to clear the cheque 3 days later...and if the end of the month falls on a wekend...funny things happen to your account...and it is a race to see what the bank computer clears first...i have had times when i go into a credit then right to my limit over the limit...RD items then sit with a big good balance in the money with the deposit...its a pain in the ass...at least now that my credit rating has falling through its own backside...i dont get charged R300 loyalty fee only a R155 RD...so it pays me not to have a good credit rating saves me money

as for a christmas break...i am busy preparing for shutdowns thru christmas into january.