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VituVingiSana
#21 Posted : Thursday, February 10, 2011 12:32:36 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,354
Location: Nairobi
@chaliwong - What stops the accountant doing the same with RTGS instructions?

Or that matter a forger [who may be assisted by Bank Employees or your accountant]?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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erifloss
#22 Posted : Thursday, February 10, 2011 8:55:06 AM
Rank: Member

Joined: 6/21/2010
Posts: 514
Location: Nairobi
chaliwong wrote:
This is what I'm talking about.

You are out of the country and you have left 3 or 4 lumpsum cheques written in favour of "Day Solution Limited" who are your suppliers.
But the entrusted accountant at Day Solution steals the cheques and carefully alters the cheques to read "ToDay Solutions Limited"
It only takes a day or two to register a company which he does using the fraudulent name.
Once the company is registerd he walks into a local bank and opens an account in the same fraudulent name. The bank will do a search before opening the account at the regitars office, they will find that the name is genuin and the owner is the same as the one on the ID.

Once the account is opened he will deposit the cheques,and once they clear withdraw the funds and take off.
The cheques will hit your account and you wont notice because the cheque numbers will tally with those you wrote Day solution Limited.

If Day solutions limited is a very busy company they will realise that this payments were never made during their next Audit which may be six months after the fraud.

Okay,you could say the burden lies with Days Solutios since it was their employee, but remember you could also have written the cheque and lost it before you paid it out and you never realised until one month later.
You could also have entrusted employees who can do the same to cheques paid to you.

@Chaliwong, as an executive what one should institute in his payment system is a tier payment system. This is where the bank has different phone numbers to contact for different levels of payment and before any cheque is released a list of the cheques issued for the day should be made signed by the authorised guys thus a cheque not listed will never clear and on each clearance their is a responsible guy who receives a call.
Want a good and solid system get in touch.
'They say money cannot buy me happiness but when i compare when i had none and now, i'm happier' Kevin O'leary
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chaliwong
#23 Posted : Thursday, February 10, 2011 7:20:54 PM
Rank: New-farer

Joined: 1/10/2010
Posts: 73
Location: kenya
VituVingiSana wrote:
@chaliwong - What stops the accountant doing the same with RTGS instructions?

Or that matter a forger [who may be assisted by Bank Employees or your accountant]?


What I said is that RTGS and cheques are old school.
RTGS are even worse than cheques.

What we need is Internet Banking where you transact directly from your PC at the comfort of your house or office without having third Parties in between the execution of the transactions.
Donald trump style of transacting is here with us.Wachana na makaratasi triplicate.
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  | | Edit by user: Thursday, February 10, 2011 7:22 PM | Reason: Not specified
chaliwong
#24 Posted : Thursday, February 10, 2011 8:21:23 PM
Rank: New-farer

Joined: 1/10/2010
Posts: 73
Location: kenya
jerry wrote:
MatataMingi wrote:
@ Jerry.
You can have internet banking with quite a few banks as an indivdual.
I have it with SCB & CBA.
However, at the moment you can only check balances / transactions etc.
You can move money between your accounts - but not to another account in the bank or to a another Bank..
I like the system , but would like to see it giving me more options - like online systems in the West.

Hope this helps.

@matataMingi, thanks. @chaliwong, any examples of banks in Kenya offering internet banking across banks?


Start Personalised banking with any of the foreign based banks and you will be surprised what they can offer you.

There is all this hype about our indegenious banks but I think they still have along way to go.
Their stocks will make us money,but their services, whether over the counter or by phone are still basic.
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VituVingiSana
#25 Posted : Sunday, February 13, 2011 6:08:28 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,354
Location: Nairobi
chaliwong wrote:
Start Personalised banking with any of the foreign based banks and you will be surprised what they can offer you.

There is all this hype about our indegenious banks but I think they still have along way to go.
Their stocks will make us money,but their services, whether over the counter or by phone are still basic.
Agreed but we are stuck with them until someone breaks the mold...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Outvestor
#26 Posted : Sunday, February 13, 2011 2:34:13 PM
Rank: Member

Joined: 8/8/2009
Posts: 171
jerry wrote:
MatataMingi wrote:
@ Jerry.
You can have internet banking with quite a few banks as an indivdual.
I have it with SCB & CBA.
However, at the moment you can only check balances / transactions etc.
You can move money between your accounts - but not to another account in the bank or to a another Bank..
I like the system , but would like to see it giving me more options - like online systems in the West.

Hope this helps.

@matataMingi, thanks. @chaliwong, any examples of banks in Kenya offering internet banking across banks?


@jerry, I'm on SCB's 850/= p.m flat rate fee account. I've access to internet banking. I have transferred (EFT) money numerous times from my account to third party SCB, KCB, EQTY, BBK and even to a KCB Pre-paid Debit card accounts.

Good thing is, I've never incurred any charges for these transactions. It could be that we're still in a 'grace period'.

I've never tried transfers to foreign based accounts though.
¡ʇɹoɟɟǝ ƃuıɟɟǝ ǝɥʇ ɹoɟ ɥɔnɯ os ؛uıɐʌ uı ɔıqɐɹɐ ƃuıuɹɐǝן pǝıɹʇ ı
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JabaBoeku
#27 Posted : Sunday, February 13, 2011 5:38:26 PM
Rank: Member

Joined: 4/28/2008
Posts: 53
@Outvestor, the reason why you are not charged by SCB is because u pay a monthly flat-rate fee (850), so the EFTs /ATM /deposit transactions are all inclusive for that monthly fee.

How long does an EFT transfer to other banks take to be effected?
Do you have to complete a form & submit via email or its done on Internet-banking platform?

I know EQTY's internet banking, if its linked to a current account - there is no monthly fee! U pay a fee only if there is a transaction e.g. transfer to another EQTY /MKESHO acct is immediate and costs 50/=. Incoming EFTs cost 100/=.
Transfer to other banks is only via request using email.
I find the EFT processing costs high. Anyone knows another bank that offers better than this?
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VituVingiSana
#28 Posted : Monday, February 14, 2011 2:38:05 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,354
Location: Nairobi
SCB might not be bad if the cost of transfers is included in the 850/- because the RTGS cost is 500/-... And if you do 2 RTGS/month then you are covered...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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JabaBoeku
#29 Posted : Monday, February 14, 2011 2:48:18 PM
Rank: Member

Joined: 4/28/2008
Posts: 53
@Outvestor - I thot SCB limits it to one funds transfer per month? (and RTGS may be wee categorised as a transfer) Confirm....
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githundi
#30 Posted : Monday, February 14, 2011 9:27:53 PM
Rank: Veteran

Joined: 11/19/2010
Posts: 1,308
Location: nairobi metropolitan
JabaBoeku wrote:
@Outvestor - I thot SCB limits it to one funds transfer per month? (and RTGS may be wee categorised as a transfer) Confirm....

i can confirm that the number of free rtgs is unlimited for this a/c while online banking is free for all a/cs. I can confirm also apart from doing even international tranfers, you can also order cheque books and set up standing orders within scb a/cs.
Democracy does not belong to the dead
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