The new cheque deposit fee for business accounts at Standard Bank

[Dave A]

Well, here we go. I wasn't sure whether Standard Bank was really having another crack at this this year - but the first cheque deposit fee just landed.

Customer deposited a cheque into my account for R114.00 - branch cheque deposit fee is R15.00

At least this time it's going to be per deposit rather than per cheque - but if my clients are going to deposit the cheque themselves, practically there isn't much of a difference.

[IanF]

Well, here we go. I wasn't sure whether Standard Bank was really having another crack at this this year - but the first cheque deposit fee just landed.

Customer deposited a cheque into my account for R114.00 - branch cheque deposit fee is R15.00

At least this time it's going to be per deposit rather than per cheque - but if my clients are going to deposit the cheque themselves, practically there isn't much of a difference.

Then when the cheque is rubber the fun starts. You get the honour of paying for this plus they charge the drawer as well.
Sometimes a cheque is the most practical way to pay, I had a plumber come out in December and you could pay by credit card which was done by filling out your credit card details on there invoice together with your cvv code. This would then be used to do a manual "swipe" I balked as I don't want those details in an invoice book who knows when someone will harvest that database, so an expensive cheque it was. I should of just done an EFT but wasn't thinking at the time.

[Blurock]

Well, here we go. I wasn't sure whether Standard Bank was really having another crack at this this year - but the first cheque deposit fee just landed.
Customer deposited a cheque into my account for R114.00 - branch cheque deposit fee is R15.00

This just goes to show how stupid banks have become. The charge would have been the same for a R50 deposit! This is a total rip off and consumers should all stand up to these money grabbers. I see this as a form of extortion as you are given no alternative. You have to accept legal tender from your customer, but now you end up feeding the greedy bank.

The banks should rather concentrate on funding and growing businesses which will automatically increase their income. Allow me to quote some real examples:

Business A with T/o of R2.5 million lands a big tender because of their technical expertise in IT. With the right finance (after approaching 3 banks, other institutions and loan sharks) they increased T/o to R40 million in the first year. They buy their own building, employ more staff and sub contracts some of their work.

Business B is refused by the banks, but obtain private bridging finance and T/o increases from R2mil to R22mil in one year. Now all the banks are falling over each other to offer facilities!

The increase in transaction volumes in both these cases will generate additional fee income so the bank can actually afford to lower their banking fees. More income is generated by payroll and staff accounts. These businesses require more equipment and vehicles which needs to be financed and insured. They also need to consider staff medical aid and pension schemes which will generate further annuity income for the bank.

But for the sake of R15, the bank are p!$$ng people off! They will now lose out on the bond finance, insurance, pension scheme and most of the other business that will be placed with alternate service providers.