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Banker' Cheques - A complete waste of money!!!
Rank: Elder Joined: 6/27/2008 Posts: 4,114
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kiterunner wrote: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 Are you sure that is an RTGS and not an EFT? RTGS is [almost] instantaneous. If your bank is taking 2days, report them to KBA and CBK - be sure to include the transaction details, date, time, amount, reference codes etc. BTW: yes, there are banks [or I should really say "there is A BANK] that call to advise customers about transactions going through the account. They also call me every time I pay with my debit card and there is no charge for the service... actually, they pay me 50bob every time I pay more than 10k with the card! And before you start thinking that this bank will close down soon, let me tell you that it is in the billion shilling profit club! And has a very healthy BS. 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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Rank: Member Joined: 10/8/2010 Posts: 763 Location: Intersection
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bkismat wrote:QD wrote:[quote=subzero]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?[/quote] If your company bank is the same as the employees, its done the same day, but if employees use a different bank,it takes 3 days.
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Rank: Member Joined: 10/8/2010 Posts: 763 Location: Intersection
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bkismat wrote: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? If your company's bank is the same as the employees, its done within hours, but if employees use a different bank,it takes 3 days. happens with us too.
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Rank: Member Joined: 12/2/2009 Posts: 286 Location: Nairobi
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I am humbled by the lessons l have learnt through this thread; they are humbling and l could have been conned alot in future. I always, and wrongly so assumed that bankers cheques were as good as cash; so this thread was a God sent. Separately, you can have multiple simcards registered in Mpesa so that you can pay for goods to a company account as much as you want. If you often pay for goods worth like 560k, instead of spreading the payment over 8 days on one simcard with 70k limit, you could register multiple simcards and pay to the bank account of your supplier (Equity, Family Bank, KCB or co-operative bank. You could register for a Pay Bill number to transact larger amounts on a single simcard. The laudable is more often than not rendered laughable by overclaim
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Rank: Elder Joined: 6/17/2008 Posts: 23,365 Location: Nairobi
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Mukiha, you are so proud of your bank, name it!!! ..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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Rank: Veteran Joined: 10/11/2009 Posts: 1,223
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RTGS is just that.....the name. If it is from a different bank it will take one day for the money to reflect on your account. I would rather EFT for amounts less than 1mn. I however think that the Ksh1050 i am charged by my bank is too much since it is not real time. My bank always sends me an automated SMS when i receive an EFT or RTGS. History will not remember you for your IQ. It will remember you for what you did. “Genius is 1 percent inspiration, 99 percent perspiration.” Thomas Edison
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Rank: Member Joined: 11/9/2007 Posts: 420 Location: Nairobi
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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! I agree it prudent to check that the bankers is genuine but Please excuse my ignorance, I thot a Bankers is as good as Cash????.... how does it jump?
Opinion is free, truth is sacred.
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Rank: Member Joined: 4/28/2009 Posts: 290
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Intelligentsia 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. No, I once worked as a bank branch manager and know a number of cases where cheques have been actually been 'confirmed with the bank,'goods released only for the cheque to turn out fraudulent!   Business folks don't trust bankers cheques that's why they insist they have to go through the clearing cycle like personal cheques. Even some banks paying their customers against other bank's personal cheques will insist this cheque goes through the entire clearing process of T+3 days before paying out. Note that unscrupulous bank staff working in cahoots with the fraudster can 'confirm' a bank cheque! But most frightening is the level of criminal sophistication where you actually place a call to the bank to confirm a cheque is genuine and somehow the fraudsters (who are expecting you to call the bank to confirm as is the usual case) 'pull your call/line' and pretending they re bank staffe, proceed to confirm the 'genuiness' of the cheque only for you to release goods that you will never see or be paid for ever. There are few incidents of this so far in Kenya but many have been quietly observed in Ug. ADVICE: Use RTGS. If you are being paid cash beware the seller (esp if unknown to you) could offload counterfeit notes on you, so better go with the seller to your bank and he deposits in your account or he brings you the deposit slip (you can call the manager to confirm it). The bank's cash counting machines will detect fakes. However, the cheque truncation project which should go live nationally in Kenya I think in July 2011 will very significantly reduce no. of clearing days as well as the instances of cheque fraud. Good piece of advise.I have seen fake banking slips which look exactly like genuine ones,complete with the necessary stamps and on stationery used by banks,very difficult to tell its fake by just looking at it.Bankers cheques too are a no-no for me,TIK(This is Kenya),anything is possible. For just as through the disobedience of the one man the many were made sinners, so also through the obedience of the one man the many will be made righteous. Romans 5:19
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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Just taken one out for my NCC Rates!!!!
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Rank: New-farer Joined: 10/17/2011 Posts: 14
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To be safe always insist you are there when the bankers cheque is being written at the counter. Any thing short of that run away My God, My Wife, My life..............................
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Rank: Member Joined: 6/14/2010 Posts: 521 Location: Nairobi
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eann wrote:To be safe always insist you are there when the bankers cheque is being written at the counter. Any thing short of that run away How long should bankers check take to clear really. My banker friend adviced me that with the current rules, it should take T+1 only to go to an NBK branch and the cashier advices that its still T+3
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Rank: Member Joined: 4/2/2011 Posts: 629 Location: Nai
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Bankers cheques are the choice tools of conmen these days. And woe unto you if you call the bank and trust the confirmation obtained verbally over the phone.
The conmen will even escort you to the bank to deposit the fake cheque . The 'con' in conman stands for confidence and that is what they prey on. They give you confidence, and then they pounce.
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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The optimist wrote:eann wrote:To be safe always insist you are there when the bankers cheque is being written at the counter. Any thing short of that run away How long should bankers check take to clear really. My banker friend adviced me that with the current rules, it should take T+1 only to go to an NBK branch and the cashier advices that its still T+3 it takes T+2 to clear. this clearing cycle become effective from 17th June, 2013
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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mwekez@ji wrote:The optimist wrote:eann wrote:To be safe always insist you are there when the bankers cheque is being written at the counter. Any thing short of that run away How long should bankers check take to clear really. My banker friend adviced me that with the current rules, it should take T+1 only to go to an NBK branch and the cashier advices that its still T+3 it takes T+2 to clear. this clearing cycle become effective from 17th June, 2013 ... NBK with their "rebranded image" should know better ... #Shame cc/Munir
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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NBK should read this and get very challenged >>> StanChart unveils online cheque system >>> http://www.businessdailyafrica..../-/10eexqnz/-/index.html
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Rank: Elder Joined: 6/20/2012 Posts: 3,855 Location: Othumo
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Citibank aka citigroup has been doing this for over a decade! Thieves
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