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  1. #41
    Diamond Member Justloadit's Avatar
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    Quote Originally Posted by flaker View Post
    i'm with Nedbank & the SMS authentication system has always been 100%.the big gripe i have is to do with instant payments when making payments to accounts with another bank.there is NO instant payment mechanism,so when i pay into an a/c held in a bank other than nedbank, my account is immediately debited, but receiving party is only credited the next day
    This is a standard mechanism with any bank payment to another bank payment. Depending on the time of the day, and if a weekend is in there somewhere, it can take up to 48 hours.

    FNB has a tick box for this, but only once you have created a beneficiary. They charge you for this service though, not sure if it is R35 or R65
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    banking must be the easiet and quickest get rich quick scheme i have ever come across...eft bank charges must be the biggest thing since the cell phone.

    you hear people talking about wanting to get to a point where the money pours in even while you are sleeping...supplying water and electricity comes to mind...catch is you still need to supply build infrastructure and maintain water and electricity...eft charges are FOR FREE BABY (you know what i mean) banks are already set up...no tellers required...from R1 - hundreds of rands for a computer to generate a transfer...anyone worked out the actual cost for an eft...(what it costs the banks)

    it is even worse than the council charging you R 350 reconnect fee and only paying the contractor who actually does the reconnect R12...eeeish talk about...price fixing...which in turn ceates a service which if they cant get access then throw a slip of paper on your driveway...then because your meter reading is higher than at the date of disconnect...your are then charged as a crimminal for reconnecting your own supply...and i ask myself how a person runs up a R60 000 municiple account...anyone see anything wrong with this picture...anyway going off the topic.

    want to print money faster than the forrest can provide trees...start a bank...giving you more say in goverment than the president himsef...much like the anc is thought to be run by black africans...then why are key positions held by the absolute minorty in this country indians...i wonder who owns the banks and hold key positions in the banks....mmm...food for thought

  3. #43
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    Quote Originally Posted by Justloadit View Post
    This is a standard mechanism with any bank payment to another bank payment. Depending on the time of the day, and if a weekend is in there somewhere, it can take up to 48 hours.

    FNB has a tick box for this, but only once you have created a beneficiary. They charge you for this service though, not sure if it is R35 or R65
    So has Absa. i don't mind the fee , but Nedbank has no such facility.They tell me they're working on it .There are many times when i need to pay instantly for a vehicle in order that i may gain possession immediately on payment but this is not possible unless the seller sees the moneys in his account. So overnight i'm sitting with the seller having both my moneys & the vehicle, a not too satisfactorty situation for obvious reasons.

  4. #44
    Diamond Member AndyD's Avatar
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    I'm wondering why all the replies suggest most people only use one bank. Am i the only person that does business with two banks for the company and a third one in my private capacity?
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  5. #45
    Diamond Member Blurock's Avatar
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    Agreed. Separate private accounts from business. Dealing with more than one bank increase awareness of charges and service offerings.
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  6. #46
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    why 2 accounts?

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    Diamond Member wynn's Avatar
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    The idea of two accounts, at different banks, for the business is that if you are running a bit low and you have a cheque rd'd at bank one because a large deposit failed the bank will freeze your account and try to grab any other deposits, you just move these other deposits etc to the account at bank two and no hiccup in your cashflow while you sort out the smelly stuff at your first account.
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    I am also looking at a dual banking account - being a sole prop helps. FNB has started to charge for putting cash into it's ATMs - bank fees for last month R1300 and I do not even have an overdraft.

    Capitec fees VS FNB business

    Cash deposits 0.75% around 1.15%
    debit card puchases free - think around R6.50
    monthly fee R4.50 vs 49.50
    debit orders R2.75 vs R14.25 (CRAZY)
    Payments/transfers R2.50 vs around R7.50

    Then, of course, you get 6% interest on your capitec account and a nothing on the big 4.

    I think changing accounts it always a big deal (changing debit orders is the big pain) but doing it over a few months should take the sting out of it - might keep the fnb account though as new suppliers like to have the account in the business accounts name - and capitec still do not allow you to do this....

  9. #49
    Diamond Member AndyD's Avatar
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    Quote Originally Posted by murdock View Post
    why 2 accounts?
    Mainly flexibility and it also helps keep costs down by taking advantage of their different charging structures. I haven't used it as a cash flow tool as Wynn suggested yet but that might also be an option if you need it in a squeeze.
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