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Duped by Barclays Bank of Kenya
Rank: Member Joined: 10/1/2007 Posts: 232
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Two weeks ago, I approached staffs of one of the Barclays bank branches in Nairobi seeking assistance on how to purchase treasury bills. They informed me about a fixed deposit account offering interest at 16% p.a. I decided to try this account. This week I received a certificate from the bank stating that my money has been deposited at an interest rate of 9% p.a!!!!!!!!!!!!
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Rank: User Joined: 1/20/2014 Posts: 3,528
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Bank fixed deposit rates operate on two variables; amount and duration/period. You should always be clear on that before you make your move!!! Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Member Joined: 8/17/2007 Posts: 294
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tmatekwa wrote:Two weeks ago, I approached staffs of one of the Barclays bank branches in Nairobi seeking assistance on how to purchase treasury bills. They informed me about a fixed deposit account offering interest at 16% p.a. I decided to try this account. This week I received a certificate from the bank stating that my money has been deposited at an interest rate of 9% p.a!!!!!!!!!!!! you dint fill any forms when you transfered the money? ama you trusted their word? i've learnt the hard way that bank staff lie to meet the banks targets and make no apologies later
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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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instinct wrote:tmatekwa wrote:Two weeks ago, I approached staffs of one of the Barclays bank branches in Nairobi seeking assistance on how to purchase treasury bills. They informed me about a fixed deposit account offering interest at 16% p.a. I decided to try this account. This week I received a certificate from the bank stating that my money has been deposited at an interest rate of 9% p.a!!!!!!!!!!!! you dint fill any forms when you transfered the money? ama you trusted their word? i've learnt the hard way that bank staff lie to meet the banks targets and make no apologies later They do the same for loan borrowers too. Ask for brochures, ask them to give you the forms and you read all details at your own time. If it's not your brother or spouse, don't trust. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: Member Joined: 10/1/2007 Posts: 232
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when a bank resorts to duping its customers, then it is time to take a walk....
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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tmatekwa wrote:Two weeks ago, I approached staffs of one of the Barclays bank branches in Nairobi seeking assistance on how to purchase treasury bills. They informed me about a fixed deposit account offering interest at 16% p.a. I decided to try this account. This week I received a certificate from the bank stating that my money has been deposited at an interest rate of 9% p.a!!!!!!!!!!!! Is there any recourse? I would advice you that you cancel the contract and take back your principal in full and had to CBK personally and trade there. Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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never trust bankers and Lawyers .so when they told you 16% you should have Read it somewhere on the contract way before you put the signature. Don't use hearsay statements. After you sign it becomes a legal document and ask for your copy .I would have done the same
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Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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Impunity wrote:tmatekwa wrote:Two weeks ago, I approached staffs of one of the Barclays bank branches in Nairobi seeking assistance on how to purchase treasury bills. They informed me about a fixed deposit account offering interest at 16% p.a. I decided to try this account. This week I received a certificate from the bank stating that my money has been deposited at an interest rate of 9% p.a!!!!!!!!!!!! Is there any recourse? I would advice you that you cancel the contract and take back your principal in full and had to CBK personally and trade there. Having worked in a bank before I believe they lock you up on fixed FDR accounts where it can't be broken till it matures .in the contract there was something that you can't access it and if you chose to break it they will charge you almost 30% for breaking the FDR . These bankers are cleaver.that way they make more money from you than paying you interest
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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enyands wrote:Impunity wrote:tmatekwa wrote:Two weeks ago, I approached staffs of one of the Barclays bank branches in Nairobi seeking assistance on how to purchase treasury bills. They informed me about a fixed deposit account offering interest at 16% p.a. I decided to try this account. This week I received a certificate from the bank stating that my money has been deposited at an interest rate of 9% p.a!!!!!!!!!!!! Is there any recourse? I would advice you that you cancel the contract and take back your principal in full and had to CBK personally and trade there. Having worked in a bank before I believe they lock you up on fixed FDR accounts where it can't be broken till it matures .in the contract there was something that you can't access it and if you chose to break it they will charge you almost 30% for breaking the FDR . These bankers are cleaver.that way they make more money from you than paying you interest The ones I have seen always writes that you only forfeit the interest. Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Veteran Joined: 11/19/2010 Posts: 1,308 Location: nairobi metropolitan
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@tmatwekwa. .sorry for the experience. Most banks only require you forfeit the interest if you break a deal . . Democracy does not belong to the dead
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Rank: Veteran Joined: 11/2/2006 Posts: 1,206 Location: Nairobi
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tmatekwa wrote:Two weeks ago, I approached staffs of one of the Barclays bank branches in Nairobi seeking assistance on how to purchase treasury bills. They informed me about a fixed deposit account offering interest at 16% p.a. I decided to try this account. This week I received a certificate from the bank stating that my money has been deposited at an interest rate of 9% p.a!!!!!!!!!!!! Pole for your plight.Not to sound insensitive but didnt you read when you were signing the papers?How do you sweat for money then give it all away to someone for 9% instead of 16%?? As for loans,always ask for the effective rate and all associated charges using an absolute loan amount figure.Do the math together and dont just listen to what sales people tell you. Formally employed people often live their employers' dream & forget about their own.
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Rank: Elder Joined: 6/23/2009 Posts: 13,497 Location: nairobi
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bird_man wrote:tmatekwa wrote:Two weeks ago, I approached staffs of one of the Barclays bank branches in Nairobi seeking assistance on how to purchase treasury bills. They informed me about a fixed deposit account offering interest at 16% p.a. I decided to try this account. This week I received a certificate from the bank stating that my money has been deposited at an interest rate of 9% p.a!!!!!!!!!!!! Pole for your plight.Not to sound insensitive but didnt you read when you were signing the papers?How do you sweat for money then give it all away to someone for 9% instead of 16%?? As for loans,always ask for the effective rate and all associated charges using an absolute loan amount figure.Do the math together and dont just listen to what sales people tell you. usikonde kaka. simply go back to the branch and ask for the staff you engaged to meet you at the branch managers office. once there discuss the matter mundu khumundu. it should be readjusted to 16% and interest backdated. technically it is possible, just depends on how threatening u look and sound
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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obiero wrote:bird_man wrote:tmatekwa wrote:Two weeks ago, I approached staffs of one of the Barclays bank branches in Nairobi seeking assistance on how to purchase treasury bills. They informed me about a fixed deposit account offering interest at 16% p.a. I decided to try this account. This week I received a certificate from the bank stating that my money has been deposited at an interest rate of 9% p.a!!!!!!!!!!!! Pole for your plight.Not to sound insensitive but didnt you read when you were signing the papers?How do you sweat for money then give it all away to someone for 9% instead of 16%?? As for loans,always ask for the effective rate and all associated charges using an absolute loan amount figure.Do the math together and dont just listen to what sales people tell you. usikonde kaka. simply go back to the branch and ask for the staff you engaged to meet you at the branch managers office. once there discuss the matter mundu khumundu. it should be readjusted to 16% and interest backdated. technically it is possible, just depends on how threatening u look and sound Or he walks to the Nation centre and create a scene. Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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@tmatekwa,
Pole..so these guys hijacked your request?Did they tell you that they cannot assist you trade in Tbills?Maybe they do offer 16% but for a hefty principal?
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Rank: Member Joined: 8/15/2015 Posts: 817
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tmatekwa wrote:Two weeks ago, I approached staffs of one of the Barclays bank branches in Nairobi seeking assistance on how to purchase treasury bills. They informed me about a fixed deposit account offering interest at 16% p.a. I decided to try this account. This week I received a certificate from the bank stating that my money has been deposited at an interest rate of 9% p.a!!!!!!!!!!!! i donot feel for you.there were no papers you signed showing you would be getting 16% p.a ?
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Rank: New-farer Joined: 10/28/2015 Posts: 47
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@tmatekwa you have a role in all that. Hopefully you didnt commit for a long period. You should do better on the next round!
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Rank: User Joined: 1/20/2014 Posts: 3,528
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9% pa, bado iko na w/holding tax watanyowa for Uhuruto to 'manage' for you!!!!!  Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Member Joined: 1/25/2010 Posts: 344
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enyands wrote:Impunity wrote:tmatekwa wrote:Two weeks ago, I approached staffs of one of the Barclays bank branches in Nairobi seeking assistance on how to purchase treasury bills. They informed me about a fixed deposit account offering interest at 16% p.a. I decided to try this account. This week I received a certificate from the bank stating that my money has been deposited at an interest rate of 9% p.a!!!!!!!!!!!! Is there any recourse? I would advice you that you cancel the contract and take back your principal in full and had to CBK personally and trade there. Having worked in a bank before I believe they lock you up on fixed FDR accounts where it can't be broken till it matures .in the contract there was something that you can't access it and if you chose to break it they will charge you almost 30% for breaking the FDR . These bankers are cleaver.that way they make more money from you than paying you interest hearsay? please lay down the facts
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Rank: Member Joined: 10/1/2007 Posts: 232
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tmakto wrote:@tmatekwa you have a role in all that.
Hopefully you didnt commit for a long period.
You should do better on the next round!
yes. I have learnt my lesson the hard way. six months is not a very long time. by then, I hope the stocks would have bottomed
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Rank: Member Joined: 10/1/2007 Posts: 232
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theking wrote:enyands wrote:Impunity wrote:tmatekwa wrote:Two weeks ago, I approached staffs of one of the Barclays bank branches in Nairobi seeking assistance on how to purchase treasury bills. They informed me about a fixed deposit account offering interest at 16% p.a. I decided to try this account. This week I received a certificate from the bank stating that my money has been deposited at an interest rate of 9% p.a!!!!!!!!!!!! Is there any recourse? I would advice you that you cancel the contract and take back your principal in full and had to CBK personally and trade there. Having worked in a bank before I believe they lock you up on fixed FDR accounts where it can't be broken till it matures .in the contract there was something that you can't access it and if you chose to break it they will charge you almost 30% for breaking the FDR . These bankers are cleaver.that way they make more money from you than paying you interest hearsay? please lay down the facts I suspect they are capable of such nasty surprises...They surprised me on two loans....after that I do not have any loan with them.
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