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Worthless one million cheques
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mukiha
#1 Posted : Thursday, October 01, 2009 4:51:00 AM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
From today,cheques worth over one million bob will be worthless!!!!

Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow)
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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VituVingiSana
#2 Posted : Thursday, October 01, 2009 6:24:00 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,351
Location: Nairobi
You can still bank a 1mn+ chq. If in the same bank e.g. I&M-I&M then you get value in the same day. If you bank across banks NIC-I&M then it takes longer (upto 21 days & costs 1,500 or so).

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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VituVingiSana
#3 Posted : Thursday, October 01, 2009 6:28:00 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,351
Location: Nairobi
Say you want to pay 1mn by chqs to avoid the RTGS fee. You can pay by 2 chqs lakini do NOT date them on the same day. Date 500k on 1st & 500k on 2nd. Remember the PAYOR benefits by writing 2 chqs. You avoid the 1,500 fee (2 chqs including ledger fees cant cost more than 200/-).

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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mukiha
#4 Posted : Thursday, October 01, 2009 6:50:00 AM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
From the RTGS FAQ published by CBK:

Q – What are the charges for receiving RTGS pay-ments?

There are no charges on receiving RTGS payments.
KBA recommends RTGS payments to cost same as Bankers’ cheque and NOT exceed Kshs 500.00

***If your bank is charging more today,complain and see what they will say

Q-Does value capping also include Bankers Cheques?

Value capping will affect all cheques,including banker’s cheques and corporate cheques.

@VVS; your one million cheque will simply NOT be accepted by a different bank...it can only be accepted by the drawer's bank with RTGS instructions from the drawer

Full FAQ is available here:
http://www.centralbank.g...ECAPPINGFAQBrochure.pdf

Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow)
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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bird_man
#5 Posted : Thursday, October 01, 2009 7:28:00 AM
Rank: Veteran

Joined: 11/2/2006
Posts: 1,206
Location: Nairobi
@Mukiha,

VVS is very correct. You can still bank your 1Milli cheque and it's not worthless.The only problem is that it will go through a long manual collection process from your bank to the paying bank ....(which is at the discretion of your bank subject to a max of 21days).So avoid the headache and ask the guy paying you to use RTGS.




'When I sell liquor,it's called bootlegging; when my patrons serve it on Lake Shore Drive,it's called hospitality'
Formally employed people often live their employers' dream & forget about their own.
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VituVingiSana
#6 Posted : Thursday, October 01, 2009 7:36:00 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,351
Location: Nairobi
Lake Shore Drive...??? I kumbuka it... LOL... Windy City... I miss it too.. in summer...

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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VituVingiSana
#7 Posted : Thursday, October 01, 2009 7:38:00 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,351
Location: Nairobi
@mukiha - It is better to RECEIVE by RTGS than by chq if over 1mn (not that I have 1mn) coz there will be additional collection charges that might exceed 1,500/-.

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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VituVingiSana
#8 Posted : Thursday, October 01, 2009 7:40:00 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,351
Location: Nairobi
Apparently KBA (according to @mukiha) recommends RTGS not to exceed 500/- lakini which bank charges 500/- for RTGS. A quick check among 3 banks showed 1,000-1,500?

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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bird_man
#9 Posted : Thursday, October 01, 2009 7:55:00 AM
Rank: Veteran

Joined: 11/2/2006
Posts: 1,206
Location: Nairobi
VVS....the prices will most likely be determined by volumes.Remember that the bank's clearing department now needs more people and while CBK recommends 500sh....they may not have factored in such issues.Expect guys like Equity to charge the least.Its just like SWIFT payments.While some banks charge 2,500sh for wire transfers by SWIFT,akina Equity last time I checked charge 900sh.

'When I sell liquor,it's called bootlegging; when my patrons serve it on Lake Shore Drive,it's called hospitality'
Formally employed people often live their employers' dream & forget about their own.
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josphat
#10 Posted : Thursday, October 01, 2009 7:59:00 AM
Rank: Member

Joined: 8/22/2009
Posts: 10
does equity have a sit in the clearing hse
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