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Question of the Day: What is the ultimate French toast topping?
Cash deposit charges
- Thread starter Lager
- Start date
mika1000
Expert Member
the banks sre just like the cANCerous government. no wonder all the overseas banks wants a slice of the SA banking pie...
And the reason they charge so much for a debit order is because it's a pain in the ass?
You get charged for debit orders?
^^vampire^^
Expert Member
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- Feb 17, 2009
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Try this. FNB has time and again allowed ******* people to deposit R10 in my account by going in bank. R10 in, R38 service charge. Surely you get a bloody brain and tell the person they can't do that and must deposit a minimum of R50.
Shouted at the bank manager so much he gave me money out of his own wallet to compensate me. *******s run banks!
Shouted at the bank manager so much he gave me money out of his own wallet to compensate me. *******s run banks!
LazyLion
King of de Jungle
legalised rape.
This ^ ... it has been my ire for some time now. The government is promoting people to save and the banks charge you astronomical fees to deposit money. It should be regulated to a flat amount not exceeding, say R 25.
Anything more than is pure greed and daylight robbery!
With the high cost of depositing cash a new pattern has emerged where Companies are paying their creditor accounts in cash at the Bank.
I have one such creditor, every month they deposit cash into my account to settle their statement. It isn't a large amount and I haven't said anything yet.
But one Company in our Industry sent an email out to their clients stating the following:
I have one such creditor, every month they deposit cash into my account to settle their statement. It isn't a large amount and I haven't said anything yet.
But one Company in our Industry sent an email out to their clients stating the following:
if banks don't want to handle cash they should get out the banking business or find better ways to secure it, or go cashless. Other countries in the top ten crime group, don't charge cash deposit fees. They're shocked to hear such a fee exists. Only in SA could banks get away with this, protected by government which pretends to want lower bank fees.
Out of curiosity, is that legal?
@OP: Assuming you do not have an immediate need for the cash,open a 32 day call account, deposit cash and close on the same day. No fees.
I am not sure?
A member here sent me a PM with a similar concern. I hadn't really thought about it actually, the payment goes through on my side and is reflected accordingly, also the Company is a lot bigger than my small concern and I doubt they have dubious practices.
I am sure this Company is reflecting the cash in their books, they are a retailer with a till point and also have all my Tax Invoices and monthly Statement.
But I get the point raised.
That's what they are trying to do by charging these ridiculous fees!
HavocXphere
Honorary Master
I don't see why it shouldn't be legal in itself. Chances are good that you're dealing with money that dodged the tax system though. i.e. Some company receives cash, doesn't record it, doesn't get taxed on it and uses it to pay a supplier.
Clever plan on the call account.
What a chop. Firstly, its legal tender so cash is the one option where he *has* to accept it. Secondly its not "unfair practice"...he should be angry at his bank for charging him supposedly unfair charges, not ranting at his customers.
Paying a supplier is a business expense, so what is the point of this?
One of the reasons I do my annual TV license payments in "installments", one year I did few R5 & R10 deposits at different banks
One of the reasons I do my annual TV license payments in "installments", one year I did few R5 & R10 deposits at different banks
you must be seriously bored or really angry with them.
Don't you?