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Thread: SA banking set for smart technology

  1. #11
    Silver Member Graeme's Avatar
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    More about "washing" cheques

    I mentioned the washing cheques business whilst having lunch at the home of friends today. Our host got up from the table and returned with a photocopy of a cheque crossed "not transferable" which he had sent to Edgars (for R100) and which had been intercepted, the payee changed to an african name, the amount changed to R3000 odd and accepted by Standard Bank. In due course the Bank restored the account balance to what it should have been. Unfortunately the photostat could not show how well the washing process had worked. Looked fine on the photostat. The original crossing was still there so I don't know how the crook got away with it.

  2. #12
    Site Caretaker Dave A's Avatar
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    It would be quite handy to post a copy of something like that here - with sensitive account information blacked out, of course.

  3. #13
    Silver Member Graeme's Avatar
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    Standard Bank are holding the actual cheque. The 'photocopy I was shown was done by the bank and looked like, well, a valid cheque.

  4. #14
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    I am currently in the U.S.A. for a period of three months.

    My finances were to be handled as follows: Cash in credit card, draw and use card in the U.S.A.
    Plus, Second bank - taking precautions - cash in debit card. (Thank heavens I made sure I had a backup plan!)

    When I tried to use my Standard card (Which is linked to our current account) it was "denied", tried a second time, same result.

    The bank account is in my husbands name and is a joint account - and we both have credit cards.
    My husband has no problem with his own card.
    My husband went into the bank in South Africa and this is the reason.

    The bank "discovered" that they had issued two credit cards in my name! -I have only one, and had not received any notification of there being a second card to be collected! so no warning of a potential problem!

    The bank then CANCELLED both credit cards as a security measure!
    Did the bank make any attempt to contact us? - not at all.

    Bank clerk was completely unresponsive to the resulting problems of my being unable to obtain finance from our account.

    A further card "might" be ready by the 12th December when my husband leaves to join me in the U.S.A. - any bets?

    Guaranteed the bank will either not have the card available or will not permit my husband to sign for the card on my behalf, or even issue another two replacement cards and have to cancel again!

    We are constantly being encouraged to make use of Master Card Internationally, yet we have no guarantee that we will be able to draw on our own money when required.

    I am really angry, as this is my own money, banked specifically so I could draw on it, I am not "borrowing" on my credit card.

    I feel overwhelmed by the attitude of the bank and the "could not care less" attitude.

    Will better banking technology make any difference when such "stupid" errors occur?

    The reason I have posted this is to suggest that when travelling, you need a backup plan, do not rely solely on credit cards.

    Travellers cheques are not accepted in many hotels, one has to cash them at a bank, and there are restrictions unless one goes to the specific office ie. American Express.
    This can sometimes take a good part of the day just trying to locate their offices, the most convenient manner is to make use of a debit card.

    Yvonne

  5. #15
    Site Caretaker Dave A's Avatar
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    That has got to be a nightmare. I know from my travels you are so right about going with multiple options for accessing funds.
    Quote Originally Posted by Yvonne View Post
    Travellers cheques are not accepted in many hotels, one has to cash them at a bank, and there are restrictions unless one goes to the specific office ie. American Express.
    I was a bit surprised to see that. My experience is that all hotels I've been to will accept travellers cheques and cash them for no handling charges, although they'll have a limit as to how much they'll cash per day - generally determined by the level of glitz of the establishment

    Just look for the biggest hotel at a convention centre for best results

    The other option is money changing booths which seem to be all over the place wherever I've been; shopping malls, airports, anything remotely touristy and including flea markets. The down side is they'll have a handling fee, somewhere between 3 & 5% depending on the amount and whether you are prepared to haggle a bit. But for all that, way cheaper than getting yourself to an office of the travellers cheque issuer. As pointed out by Yvonne, I've yet to find one conveniently located.

    On the credit card front - don't rely on one card. I've yet to have a problem with Mastercard and Visa, but have had issues with American Express and Diners Club at times. I vaguely suspect they do work most places, but might have a different merchant fee structure perhaps, resulting in a "We don't take Diners Club - have you got anything else" response. But it's kinda hard to push the subject - way easier to just reach for another card.

    When drawing cash on a credit card in the USA, remember the pin is just the first 4 numbers of your SA pin.

    *For Yvonne - I recall there is a special number for Standard Bank for international travellers to call in case of just this sort of emergency. I'll scratch through my "emergency travel information pack" I cart around with me when traveling (just as soon as I can find it ). I have actually had to use it once in the past and they proved quite helpful.

    **A note on Diners Club - I've actually had that happen to a friend of mine - and American Express too (which was a real surprise given it was the USA!). But I believe Diners Club has hooked up with Maestro which should have solved that problem nowadays.

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