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Dividend via EFT
Ericsson
#1 Posted : Tuesday, January 18, 2011 12:21:46 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,702
Location: NAIROBI
For those who normally receive their dividends via EFT which party normally bears the EFT Transaction charges levied by the bank.Is it the company that issues the divided cheque or the individual receiving the dividends?
Wealth is built through a relatively simple equation
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BGL
#2 Posted : Tuesday, January 18, 2011 12:47:08 AM
Rank: Veteran


Joined: 10/11/2009
Posts: 1,223
Ericsson wrote:
For those who normally receive their dividends via EFT which party normally bears the EFT Transaction charges levied by the bank.Is it the company that issues the divided cheque or the individual receiving the dividends?


I am charged Ksh.150 for receiving dividends via EFT. Infact ALL payments processed by Custody & Registrars are EFT. Including an odd lot which have been trying to dispose off since the EFT charge is much more than the value of the cheque.
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Ericsson
#3 Posted : Tuesday, January 18, 2011 2:32:06 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,702
Location: NAIROBI
So one is better off receiving dividends via cheque as the bank charges ksh.50 for dividend cheques.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
JabaBoeku
#4 Posted : Tuesday, January 18, 2011 7:10:37 AM
Rank: Member


Joined: 4/28/2008
Posts: 53
Equity Bank charges 100/= per EFT (dividends) transfers into current accounts. Not so sure what the rate is for normal savings accounts.
There is no charge if the dividend are deposited via cheques.
JabaBoeku
#5 Posted : Tuesday, January 18, 2011 7:19:15 AM
Rank: Member


Joined: 4/28/2008
Posts: 53
@Gordon Gekko: What kind of account is that at I&M? - current or savings?
http://www.wazua.co.ke/forum.aspx?g=posts&m=140272#post140272
youcan'tstopusnow
#6 Posted : Tuesday, January 18, 2011 8:15:59 AM
Rank: Chief


Joined: 3/24/2010
Posts: 6,779
Location: Black Africa
Do some companies/registrars not have the capability of doing EFTs? I ask because while I get dividends through EFTs for some specific companies, others still keep sending me cheques
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VituVingiSana
#7 Posted : Tuesday, January 18, 2011 10:31:37 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,121
Location: Nairobi
WTF???

I am happy to be with I&M coz this business of paying for INCOMING domestic wires is crazy!

Ngai fafa, if Equity charges you 50/- to deposit a dividend chq! I can make as many deposits into my I&M account as I want!!!

So Equity shares is all I will invest in... Not use it for anything else!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Aguytrying
#8 Posted : Tuesday, January 18, 2011 10:45:12 AM
Rank: Elder


Joined: 7/11/2010
Posts: 5,040
Im not registered to be paid by EFT. Looks like i shouldn't.
The investor's chief problem - and even his worst enemy - is likely to be himself
Layman
#9 Posted : Tuesday, January 18, 2011 10:58:32 AM
Rank: Member


Joined: 9/21/2006
Posts: 422
Location: Nairobi
@Ericsson, theres no bank that has a policy of charging for depositing dividend chqs apart from KCB and maybe equity. And why should they charge anyway, kwani dividen chqs are different kinds of chqs? My bank does not charge me to deposit anything, even chqs. Meanwhile, some banks charge for receiving EFT regardless of the sources (whether share registrars, salaries, etc)...... mine doest charge to receive local inward transfers.....HuraaaaH!
Murenju
#10 Posted : Friday, July 06, 2012 5:36:28 PM
Rank: Member


Joined: 7/13/2006
Posts: 94
Location: Nairobi
I bank my dividends cheques at Barclays bank most of the time and a few times in Equity. I have not seen Ksh. 50 deducted. Only EFT is deducted.

What I hate the most is following up a cheque at Custody. It happens mostly once I sell a stock. Custody "deregisters" clients names once a stock is sold meaning when the dividend comes, it "hangs".

Their system is either too slow or the employees are not in a hurry. Frustrating!!
Knock hard and it will be opened. Ask and you will be answered. Seek and you shall find.
Gadaffi
#11 Posted : Friday, July 06, 2012 5:52:54 PM
Rank: Member


Joined: 2/13/2011
Posts: 284
Location: Nairobi
I deposit my cheques with BBK and there is no charge regardless of which bank the chq has been drawn on. I went to cash an Equity dividend Chq at Equity and they charged me a cool 50 bob!!! I now prefer doing chq deposits at bbk
Murenju
#12 Posted : Friday, July 06, 2012 6:27:39 PM
Rank: Member


Joined: 7/13/2006
Posts: 94
Location: Nairobi
The catch is when you encash the cheque. But if you deposit, no charge.
Knock hard and it will be opened. Ask and you will be answered. Seek and you shall find.
Mastermind
#13 Posted : Friday, July 06, 2012 11:36:03 PM
Rank: Veteran


Joined: 1/25/2012
Posts: 1,624
Location: Langley
Layman wrote:
@Ericsson, theres no bank that has a policy of charging for depositing dividend chqs apart from KCB and maybe equity. And why should they charge anyway, kwani dividen chqs are different kinds of chqs? My bank does not charge me to deposit anything, even chqs. Meanwhile, some banks charge for receiving EFT regardless of the sources (whether share registrars, salaries, etc)...... mine doest charge to receive local inward transfers.....HuraaaaH!

Which Bank boss?

Does BBK charge to receive local inward transfers?
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Ilikeyou
#14 Posted : Saturday, July 07, 2012 8:20:17 AM
Rank: Member


Joined: 11/21/2007
Posts: 152
Location: Nairobi
I bank my cheques at Equity and I have never been charged.

Pls let us know the Equity branch that charges you to bank the cheques since I had banked in different branches so far and never go charged.
kilbuff
#15 Posted : Saturday, July 07, 2012 9:47:22 AM
Rank: New-farer


Joined: 6/14/2012
Posts: 16
Ilikeyou wrote:
I bank my cheques at Equity and I have never been charged.

Pls let us know the Equity branch that charges you to bank the cheques since I had banked in different branches so far and never go charged.


you will never be charge to deposit the cheque and wait it to clear(T+2)but for encashment OTC they will make worth your 50/-
murchr
#16 Posted : Monday, February 16, 2015 7:52:37 AM
Rank: Elder


Joined: 2/26/2012
Posts: 15,980
I am shopping for a new bank and i want to know who has the best deal. Am currently being charged 200/- plus 20/- for excise duty for every EFT transaction. Bankers out there...are there better deals, if yes where? Thanks in advance
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Boris Boyka
#17 Posted : Monday, February 16, 2015 8:29:26 AM
Rank: Veteran


Joined: 11/15/2013
Posts: 1,977
Location: Here
murchr wrote:
I am shopping for a new bank and i want to know who has the best deal. Am currently being charged 200/- plus 20/- for excise duty for every EFT transaction. Bankers out there...are there better deals, if yes where? Thanks in advance

When doing EFT on that form there is a question of who to bear the cost;
a) Sender
b) Reciever
c) Share
It is the initiator of the transaction who fills it. I have known cost = 400/- for values less than 1 M. With that Murch i beleive we share the cost with the dvnd payer 200/- each. Am in same pool of coop bank. My 2 cents.
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gatoho
#18 Posted : Monday, February 16, 2015 8:48:34 AM
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Joined: 1/1/2010
Posts: 511
Location: kandara, Murang'a
Aguytrying wrote:
Im not registered to be paid by EFT. Looks like i shouldn't.

I am and I regret as I have too many odd lots
Foresight..
gatoho
#19 Posted : Monday, February 16, 2015 8:51:21 AM
Rank: Member


Joined: 1/1/2010
Posts: 511
Location: kandara, Murang'a
BGL wrote:
Ericsson wrote:
For those who normally receive their dividends via EFT which party normally bears the EFT Transaction charges levied by the bank.Is it the company that issues the divided cheque or the individual receiving the dividends?


I am charged Ksh.150 for receiving dividends via EFT. Infact ALL payments processed by Custody & Registrars are EFT. Including an odd lot which have been trying to dispose off since the EFT charge is much more than the value of the cheque.

I guess am royally screwed, just changed to eft and have soo many odd lots
Foresight..
Realtreaty
#20 Posted : Monday, February 16, 2015 9:32:39 AM
Rank: Elder


Joined: 8/16/2011
Posts: 2,297
gatoho wrote:
BGL wrote:
Ericsson wrote:
For those who normally receive their dividends via EFT which party normally bears the EFT Transaction charges levied by the bank.Is it the company that issues the divided cheque or the individual receiving the dividends?


I am charged Ksh.150 for receiving dividends via EFT. Infact ALL payments processed by Custody & Registrars are EFT. Including an odd lot which have been trying to dispose off since the EFT charge is much more than the value of the cheque.

I guess am royally screwed, just changed to eft and have soo many odd lots

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