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Banker' Cheques - A complete waste of money!!!
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Euge
#11 Posted : Thursday, June 23, 2011 11:08:55 AM
Rank: Elder

Joined: 8/4/2008
Posts: 2,849
Location: Rupi
Cons also have a way of swindling your money through inter-bank cash transfers. This happened to a friend. She was selling her car and the buyer transferred cash from his account to her account. They had accounts in different banks. He gave her the deposit slip and it was valid. She gave out the car, log book, of course agreement was with a fake ID. Then he went to the bank and cancelled the transfer. He was able to do this coz transfers done after 1pm are effected the following day (I hear its a CBK rul?)So if you transfer at 1.30pm, you give the deposit slip and go back to the bank before it closes and cancel the transaction. Thats how she lost her car.
Lord, thank you!
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subzero
#12 Posted : Thursday, June 23, 2011 11:41:40 AM
Rank: Member

Joined: 1/10/2008
Posts: 365
interesting topic, am getting to learn alot.

what's RTGS and how different is it from EFT? is it a service i could request my bank for?

Bank counting machines can detect fake currency?

Do we have cases of e-banking fraud in kenya?

Are there particular banks that are prone to such frauds that i should be wary of ?
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Layman
#13 Posted : Thursday, June 23, 2011 12:26:28 PM
Rank: Member

Joined: 9/21/2006
Posts: 422
Location: Nairobi
Euge wrote:
Cons also have a way of swindling your money through inter-bank cash transfers. This happened to a friend. She was selling her car and the buyer transferred cash from his account to her account. They had accounts in different banks. He gave her the deposit slip and it was valid. She gave out the car, log book, of course agreement was with a fake ID. Then he went to the bank and cancelled the transfer. He was able to do this coz transfers done after 1pm are effected the following day (I hear its a CBK rul?)So if you transfer at 1.30pm, you give the deposit slip and go back to the bank before it closes and cancel the transaction. Thats how she lost her car.


Am sure you can only cancel upon return of the original slip issued to you by the bank
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mukiha
#14 Posted : Friday, June 24, 2011 8:05:49 AM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
Euge wrote:
Cons also have a way of swindling your money through inter-bank cash transfers. This happened to a friend. She was selling her car and the buyer transferred cash from his account to her account. They had accounts in different banks. He gave her the deposit slip and it was valid. She gave out the car, log book, of course agreement was with a fake ID. Then he went to the bank and cancelled the transfer. He was able to do this coz transfers done after 1pm are effected the following day (I hear its a CBK rul?)So if you transfer at 1.30pm, you give the deposit slip and go back to the bank before it closes and cancel the transaction. Thats how she lost her car.

When you request for an EFT or an RTGS; you confirm the transfer by calling your bank...or getting a statement from the ATM... or [if your bank has this] sending a balance confirmation SMS to the bank... BUT not by simply seeing some transaction for from the customers bank...it could have been printed somewhere on Kirinyaga road!
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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mukiha
#15 Posted : Friday, June 24, 2011 8:08:23 AM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
Let us not lose focus here: my position is that a banker's cheque is not better than personal cheque.

Reason being that both have to go through the same clearing process before the money can be available to the payee.

Therefore, banker's cheques are a complete waste of money!
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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milken
#16 Posted : Friday, June 24, 2011 8:55:44 AM
Rank: Member

Joined: 4/25/2008
Posts: 192
Location: Nairobi
Robinhood wrote:
You can only be conned if you do not bother to call the issuing bank to confirm that they have the cheque in their books and that it is payable to you.


In my earlier life I worked as a depot accountant for an oil company,I encountered fake banker's cheques and got visited by CBK's anti fraud unit)so many times that I decided (without reference to head office) that I would only accept banker's cheques from fellows I personally knew.

1. Some banks (CBA,Equitorial)do not confirm cheques as a matter of policy.

2. I could call a bank and speak to a person called say John Kamau and he confirms the cheque. When the cheque bouces the bank claims they do not have a Kamau in their bank or he is not authorized to confirm cheques. (To avoid financial resposibility)

The only secure way is either to have the customer deposit the cash into your account and you indpedently confirm this with your bank or have the customer effect an RTGS and indpedently confirm this with your bank.

BTW that job was so crazy. When guys came to buy in dollars it was company's policy that we photocopy all of them and have the customer sign. Incase the bank rejected any of the dollars we could fall back on the photocopy.
Itari muting'oe ihuragwo ngi ni Ngai
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QD
#17 Posted : Friday, June 24, 2011 11:12:18 AM
Rank: Member

Joined: 8/5/2009
Posts: 597
subzero wrote:
interesting topic, am getting to learn alot.

what's RTGS and how different is it from EFT? is it a service i could request my bank for?

Bank counting machines can detect fake currency?

Do we have cases of e-banking fraud in kenya?

Are there particular banks that are prone to such frauds that i should be wary of ?



RTGS-real Time Gross Settlemts- in Kenya real time means one day.
EFT- Electronics Funds Trasnfer- Takes three days.
Yes the counting machines do detect fake currency.
The problem with the world is that the intelligent people are full of doubts while the stupid ones are full of confidence
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bkismat
#18 Posted : Friday, June 24, 2011 11:31:03 AM
Rank: Elder

Joined: 10/23/2009
Posts: 2,375
QD wrote:
subzero wrote:
interesting topic, am getting to learn alot.

what's RTGS and how different is it from EFT? is it a service i could request my bank for?

Bank counting machines can detect fake currency?

Do we have cases of e-banking fraud in kenya?

Are there particular banks that are prone to such frauds that i should be wary of ?



RTGS-real Time Gross Settlemts- in Kenya real time means one day.
EFT- Electronics Funds Trasnfer- Takes three days.
Yes the counting machines do detect fake currency.

I carry out the EFT to transfer salaries from the company bank account to the employees' accounts. It has never taken more than 3 hours. is this your EFT different?
It is better to keep your mouth closed and let people think you are a fool than to open it and remove all doubt...
-Mark Twain
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bwenyenye
#19 Posted : Friday, June 24, 2011 12:22:51 PM
Rank: Elder

Joined: 5/24/2007
Posts: 1,805
mukiha wrote:
Let us not lose focus here: my position is that a banker's cheque is not better than personal cheque.

Reason being that both have to go through the same clearing process before the money can be available to the payee.

Therefore, banker's cheques are a complete waste of money!


You have a point. Back in the day, when bankers cheques were introduced in Kenya,( obviously to counter for the rising number of bouncing cheques), a bank would actually give you cash against it or at worst same day credit. The bank would then wait for the cycle to clear and get their money back. After a while, all institutions began asking for bankers Cheques and they became too many to track especially with the delocalization of issuance to the branches(initially, you could only get a Bankers Cheque from the head office of a bank). Coupled with all these, crooks joined the banking ranks and the rest is history..

There is now no value addition by a bankers cheque. Try RTGS before the crooks get a foot hold. They already have a hand hold!

P.S did you know that banks had a credit reference bureau in the 70s and 80s that was a black book that was shared among the bank bosses. If you had defaulted in one bank, ole wako.. then MO1 stated writing 'notes'
I Think Therefore I Am
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kiterunner
#20 Posted : Tuesday, July 19, 2011 10:18:26 PM
Rank: Member

Joined: 7/9/2011
Posts: 730
Location: Nairobi
mukiha wrote:
Robinhood wrote:
You can only be conned if you do not bother to call the issuing bank to confirm that they have the cheque in their books and that it is payable to you.


OK; My mistake. I dind't do that. And come think of it, the con-man was clever enough to bring the cheque on a Saturday afternoon (banks had closed) and he collected the goods that I was selling...

from that incident, I stopped asking people to give banker's cheques. Just pay me with a personal one, wait 4 working days and collect the goods. If you are in a hurry, RTGS the money to my account - my bank is good enough to call me as soon as they get the money (I don't even have to call them).



where in Kenya do they call u with RTGS? I am with KCB and believe me it always takes over 2 days, to call them and follow up
our goals are best achieved indirectly
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