The new cheque deposit fee for business accounts at Standard Bank

[BusFact]

Both my Standard bank accounts have received refunds.

[Blurock]

Both my Standard bank accounts have received refunds.

Yaai!! The power of the people!

[Troll]

I am happy to report I got my refund from Standard Bank. But it gets better.

I am thrilled to report that I've nearly halved the bank fees on the business account by moving to FNB.

[IanF]

Now for the good news FNB have charged me a cheque deposit fee. Next thing there will be a fee querying something at the bank.
The real question is do we start charging for every thing we do for a customer, like a file submission fee I am sure I could get the convoluted reasoning for this.
Anyway will query with them and see!

[Dave A]

Raise hell about it, Ian. Standard Bank haven't tried to re-introduce the fee (yet), but if FNB gets away with it I'm sure Standard will have another shot too.

Out of interest:
Did FNB give you a proper notice?
What are they charging?

[IanF]

Dave
I am having hassles getting hold of my relationship manager. But I will keep on trying.

[IanF]

OK got feedback from another FNB representative as the relationship manager is on leave. There is no negotiation on the cheque deposit fee as they had this service cross subsidised before. Also I was told that other fees didn't go up as much because of this. Then was also told it is a board decision so they can't change it.
But on the plus side we can avoid the fee if we use the ADT, so I will try that next time. I am also told that these take cash. So this is good news, I wonder what is causing this shift rising staff costs or rising rental costs or is it just the directors want bigger bonuses.

[Dave A]

Ok - so they're "just" charging for over-counter deposits, just like ABSA. I wonder if it's per cheque or per deposit.

Don't lose heart on the "done deal" attitude - my Standard Bank manager had just the same posture, and in the end Standard did an about turn anyway. Did take a bit of a din to do it though

And if they all do it, the threat of moving doesn't count for much anymore...
But the prospect of the competition tribunal looking at banking collusion once again would improve

Maybe Capitec will break into business banking some time soon

[IanF]

Its a charge per deposit, but I will try the ADT next time they tell me it is easy to use.

[Dave A]

I hate depositing cheques into auto-tellers. It then gets checked and cleared at a cash center and I've had cheques unpaid for being "irregularly drawn" for the most trivial things. Most classic example - a cheque that was returned as irregularly drawn because the not transferable was not between two lines.

And every now and then a perfectly good cheque returned because the operator hasn't read our extended "acceptable names" mandate - quite literally operator error

And then there's when your client deposits a cheque into your account for you - no hole-in-the-wall deposit option there either

No wonder Juju wants to nationalise the banks. He's probably sick of it too.