standard bank

[IanF]

Murdock, I have been using the FNB atms for depositing cheques. It works OK. I have a stamp where I stamp the check with the company t/a Print Image. With the increase in bank eft rates we should try and pay by credit card but then the suppliers carries the fee. So the banks win again.

[murdock]

Murdock, I have been using the FNB atms for depositing cheques. It works OK. I have a stamp where I stamp the check with the company t/a Print Image. With the increase in bank eft rates we should try and pay by credit card but then the suppliers carries the fee. So the banks win again.

the bank wins and the merchant wins...because he adds the chargers to the product or service...and if doesnt then he isnt a smart bussinessman...because at the end of the day we the suckers (customers) always pay.

[Blurock]

Cheques will be phased out within the next 2-3 years.

[Blurock]

I do not have a problem with banks encouraging consumers to switch to electronic banking. Electronic banking is safer and more cost effective. I have a problem with the opportunity that the banks now see to increase their revenue.

Benefit to the bank:
1. Keep customers out of the banking halls.
2. This reduces the number of tellers required.
3. This also reduces the number of physical branches required.
4. "Paperless" transactions. The sucker clients will now print their own statements. HUGE cost savings!
5. Savings on postage, paper, staff costs and benefits, premises and related security, maintenance and cleaning costs.
6. No need to employ more IT staff as everything is outsourced.

Result:
1. Retrench staff.
2. Close branches.
3. Increase salaries of executives.
4. Increase bonuses.
5. Increase dividends? Not too much!

In stead of pricing their electronic banking in line with the real cost of providing the service, Banks do not give the benefit of their savings to their clients:

1. Convenience of electronic banking - not having to stand in a queue and banking from anywhere.
2. Immediate on-line transfers.
3. Do not have to wait for your statements which may get lost in the mail. (But you have to print it yourself)
4. Reduces the risks associated with cash and cheques.
5. Although this service is supposed to be cheaper, charges are mostly kept in line with the cost of cheque accounts which has become like a dinosaur in the electronic age.

I have noticed that the annual package paid to the CEO of one of our local banks has been increased from R20 million to R27 million.

Viva banking! Viva!

[AndyD]

......cheque accounts which has become like a dinosaur in the electronic age.

I still use a cheque book