The new cheque deposit fee for business accounts at Standard Bank

[Dave A]

It also seems Standard Bank is pretty keen to keep the introduction of this new fee as low-profile as possible, which I guess explains why I didn't get the usual annual notification of fee changes with my bank statements as has happened in the past.

I've checked - I didn't get the usual annual notice with my bank statements either.

And if that isn't incentive enough for you, my business manager refunded the cheque deposit fees charged to my account so far. Any future ones I'm expected to live with, but I did get something back. If you don't try, you don't get.

I've just got back from bitching to my manager about this new fee. I didn't even have to ask for a refund. He offered it. Very similar drill though - does not apply to future deposits - it's just his way of saying sorry.

I'm opening an account specifically for cheque deposits elsewhere.

I thought of doing just that, but I have a problem. Most of my clients pay directly into my bank account and I have no control over how they are paying.

The whole pricing system has been geared towards encouraging EFTs. It's great - the best way to get paid. No bounced cheques, lowest costs, the funds are cleared immediately - everyone's a winner. But the best way to make it easy for my clients is to make sure my company bank account details are printed on every invoice. Most invoices I receive do much the same.

Even if I add something along the lines of "If paying by cheque, please call me first" it's going to take some time to have any affect. And I'm not convinced it's the sort of message we should be sending out anyway. Overall it could have a negative impact on payments.

And all my new business will be going elsewhere too.

That's pretty much what I'm thinking at the moment. It won't be much use though if all the other banks start charging this fee too.

[Chrisjan B]

Sneaky bastards!

I had something similar a few years ago on my ABSA credit card - a new monthly fee that started at R 8-00 per month and now up to R 12-00 a month. Also there were no cash deposit fee for credit cards - I use to pay in my cash into my credit card and transfer it in bulk to my cheque account for debit orders and electronic payments.

With ABSA there were no fee increase last year, but hey sneak in these type of charges - the give here but take it back in double some other place.

As I have said in a previous post - a licence to steal...