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


Joined: 12/4/2009
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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?
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BGL
#2 Posted : Tuesday, January 18, 2011 12:47:08 AM
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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
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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
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JabaBoeku
#4 Posted : Tuesday, January 18, 2011 7:10:37 AM
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Joined: 4/28/2008
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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.
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JabaBoeku
#5 Posted : Tuesday, January 18, 2011 7:19:15 AM
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@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
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youcan'tstopusnow
#6 Posted : Tuesday, January 18, 2011 8:15:59 AM
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Joined: 3/24/2010
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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
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Joined: 1/3/2007
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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
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Aguytrying
#8 Posted : Tuesday, January 18, 2011 10:45:12 AM
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Im not registered to be paid by EFT. Looks like i shouldn't.
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Layman
#9 Posted : Tuesday, January 18, 2011 10:58:32 AM
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@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!
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Murenju
#10 Posted : Friday, July 06, 2012 5:36:28 PM
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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!!
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Gadaffi
#11 Posted : Friday, July 06, 2012 5:52:54 PM
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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
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Murenju
#12 Posted : Friday, July 06, 2012 6:27:39 PM
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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.
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Mastermind
#13 Posted : Friday, July 06, 2012 11:36:03 PM
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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
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Joined: 11/21/2007
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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.
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kilbuff
#15 Posted : Saturday, July 07, 2012 9:47:22 AM
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Joined: 6/14/2012
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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/-
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murchr
#16 Posted : Monday, February 16, 2015 7:52:37 AM
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Joined: 2/26/2012
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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
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Joined: 11/15/2013
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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
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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..
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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..
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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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There is nothing free as Mothers' milk and oxygen. Now water is sold everywhere and if you are not buying water you pay for its service(delivery)
These are services of convenience and people have invested in them, why not pay then as you would like to be paid dividend for what you have invested?
See Safaricom grow from zero to billions by offering services.
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