The new cheque deposit fee for business accounts at Standard Bank

[Dave A]

I see Standard Bank likes this new cheque deposit fee so much, on Friday it charged me twice for the same cheque deposit

[Blurock]

I see Standard Bank likes this new cheque deposit fee so much, on Friday it charged me twice for the same cheque deposit

Time for us consumers to start making a noise again. I do not mind paying a justifiable fee e.g. cash deposit fee because of required security, transport of cash etc.

The cheque deposit fee is however unjustifiable and a total rip off. Another excuse for the banks to charge an additional fee to feed shareholders and exco members. Refuse to pay it!!

[Dave A]

Refuse to pay it!!

They just suck it off your bank account - it added 20.94% to my banking costs last month
The only option to "refuse" the fee is to move my banking elsewhere.

Which banks aren't charging a cheque deposit fee on business accounts nowadays?

[Blurock]

I think all banks will eventually charge once it becomes the acceptable norm.

They have a way of putting a toe in the water, the rest of the body follows very quickly unless consumers start writing to the press and make a general fuss about it.

I urge everyone to query the validity of this charge. Make a noise!

[Justloadit]

The banks know that as business owners, we do not have the time to fight.

When you wish to change a service or product in your business, the easiest way to get customers to change with you, is by the price you charge. The banks want to eliminate cheques all together, and this is their way of implementing it.

I have a problem with the Trusts I administer, cheques are the easiest way to make the relative payments. Going on line creates it challenges as the number of authorized users must register for the online banking process, a pain in the but, but maybe the way to go forward.

The way the world is going, I think that cheques are a pain in the but. Electronic banking is so much faster and easier.

[Dave A]

It didn't take me long to find the branch cheque deposit fee had increased from R15 to R20 this year. Is a 33% increase after 4 years reasonable?
Perhaps...

Far more irritating though - I have just discovered that this fee has now been extended to include ATM cheque deposits. Up until now cheque deposits via ATMs were free.

[Justloadit]

What hurts more is when there is a fraudulent cheque deposited, FNB charged me R30 for deposit fee, and R105 for the rejected fee.

When I complained, the bank did refund me though.