The new cheque deposit fee for business accounts at Standard Bank

**Blurock** · 04-Aug-11, 01:17 PM

Originally Posted by IanF

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

Banks have become very unfriendly places due to them imposing their internal systems onto their clients. Whereas in the good old days the banks still had "customer service" training, they now have a take-it or leave it attitude.

From being client centric banks have become systems centric. They are driven by "shareholder value" and short term profits. Salaries and bonuses to executives are going through the roof. This will only continue if the paying public allows it to continue. Let your voice be heard!

Due to bad service from Govt. departments, every service provided by Govt. has been duplicated and improved on by the private sector. Private security has replaced policing, couriers and e-mail have replaced the post office, schools have been replaced by home schooling and private schools etc etc.

The same is starting to happen in the banking sector. More people are realising that they can get financing and services traditionally provided by banks, from other sources.

**Pap_sak** · 20-Sep-11, 06:47 PM

Originally Posted by 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.

Went onto my FNB account ASAP to see if I was being charged for cheque deposits! Seems not, so far - but do all my deposits by ATM....R166.50 for depositing R13K cash (as said before, that used to be free!)

The free deposits where the only thing keeping me at FNB (Capitec charges 1%), i am thinking (as a sole prop) it might be time I move that over as well.

**Pap_sak** · 20-Sep-11, 07:19 PM

Hmmm, Will be looking at the Capitec option tomorrow. Their fees for debit orders and EFT's are way lower than other banks +they give you decent interest on positive balances. Now, the only reason i was with FNB was because I could put money in my savings account for free then transfer it over for about R13 a pop - this is now gone. I also needed a "business cheque account" when I started, now i am pretty sure my suppliers don't give a hoot is the money is coming from a savings or a check account.

so we go Capitec for the business...but I still do not like being charged 1% for cash deposits. Well it looks like there is a credit card that is charging a flat fee of R19,50 per cash deposit at an ATM...then transfer it over.

It might not be an elegant solution ( I know these transfers take a couple of days)...but hell, skewing a bank for fees, priceless!!

I rekon i will save around R700 - R900 p/m if this works (std bank fees less, plus getting intrest + paying way less for cash deposits) lets call it R8.5k per year, thats around R25k less sales I need to do to "break even", with no real down side...

**IanF** · 20-Sep-11, 08:07 PM

Don't we love the banks

@papsak I have used the ADT twice for cheques so far so good, no fees and no bouncing. My next problem is on the online store someone just deposited a cheque. Now they will have to wait until the funds clear before we get the order ready. We have never had this before.

**Pap_sak** · 15-Nov-11, 10:30 AM

Just posted this on hellopeter:

Wanted to get a linked PayPal account according to FNB's website:

Qualifying FNB accounts include most FNB savings, cheque and transmission accounts. When completing a FNB Top Up or Withdraw with PayPal transaction, a list of all your qualifying FNB accounts that can be used for this service will be displayed. Remember that they will have to be linked to your FNB Online Banking profile in order for them to be displayed. A credit card account is not a qualifying account for this service.

Note: FNB Top Up and Withdraw with PayPal is only available to personal and business users with qualifying FNB accounts and access to FNB Online Banking. The service is not available to Online Banking Enterprise™ users. All FNB Top Up and Withdraw with PayPal transactions are subject to Terms and Conditions.

I have a business cheque account - you would think i would qualify from your website. But, after being kept on the phone for 15 minutes I was eventually told this account does not qualify. i pay around R800 - R1300 p/m month on service fees, and now have had enough....you are a USELESS bank you've already lost out on commissions on three Merchant terminals will now move the rest.

Finally this has pushed me over the edge (this plus I had an FNB guy promise to phone me back on monday....yeah right). Have asked capitec to start paying all merchant terminal sales into my account there, so the big switch has begun.

**IanF** · 15-Nov-11, 10:52 AM

Papsak,
With FNB I don't get the personal service either. And to get an answer is hard. What are you paying capitec for card commission as the 5% I pay, sometimes gets quite high. But I will take it anyday over running accounts.

**Pap_sak** · 15-Nov-11, 11:33 AM

Originally Posted by IanF

Papsak,
With FNB I don't get the personal service either. And to get an answer is hard. What are you paying capitec for card commission as the 5% I pay, sometimes gets quite high. But I will take it anyday over running accounts.

Much cheaper at Capitec - I was also at FNB.

VISA - 3.25%
Debt cards - 1.75%
Machine rental - R195 p/m

I use GPRS which is quicker plus no call charges - extra R175 p/m.

**Pap_sak** · 15-Nov-11, 11:45 AM

Now, I've just come back from my local Capitec (moving over debt orders, yup i am serious about ditching FNB!) and found something quite interesting:

I thought you could only have one "main" account in your name, linked to your card and another 4 subaccounts just used for storing cash.

I WAS WRONG

These other accounts are proper accounts with there own account numbers - you can have debit orders from them, have people pay in cash ect ect. Your card though is still only liked to your MAIN account. YOU GET TO NAME THOSE OTHER 4 ACCOUNTS - so you can now have 4 "business" accounts!

Will try pay a check into one of the accounts and pay in some cash and see how it all works!

**Dave A** · 15-Nov-11, 02:04 PM

Pap_sak, I took the liberty of copying your Paypal/FNB post onto this Paypal thread. Thought it was relevant to that particular discussion too.

**Pap_sak** · 15-Nov-11, 03:15 PM

Originally Posted by Dave A

Pap_sak, I took the liberty of copying your Paypal/FNB post onto this Paypal thread. Thought it was relevant to that particular discussion too.

No probs.

Went to capitec to make some payments. Unfortunately even though you can have an Account with your business name on it and you can have debit orders/people can transfer to it...you CANNOT pay checks into it, you can only take checks in your personal name (Capitec uses ABSA to clear their checks) ....so will probably be running a dual bank system for a while.