ON CHASE BANK: Well, three of my business friends whom we've recently transacted with using Chase Bank called me yesterday. One is a guy who deals with branding and large scale printing and we had issued his company with a cheque last week which he had already banked with Chase Bank - he told me that 3/4 of his working capital is with that bank including the Cheque I gave him. The other one is a Business Woman based in Meru County who operates an Agrovet. Last week but one she issued us with a cheque from Chase Bank and thanks God we had already banked it and it was cleared - the lady told me that she has over 2 million shillings in her current A/C with Chase Bank. The third one is a distributor of raw materials based in Mombasa who we had issued with a post-dated of quite Some huge amount - he told me that thanks God the Cheque was post-dated because he'd have deposited in his Chase Bank A/C. He also added that his A/C with Chase Bank has over Ksh. 700k. Well, two of these friends follow me here on Facebook and can attest to that fact.

Now, those are just 3 people who have been seriously affected by the recent placement of Chase Bank on Receivership by the Central Bank. They have money that they've saved for decades but right now have nothing to use. It would mean their businesses collapsing or losing a significant no. of customers. 55,000 more people who bank with the same bank are in the same fix. Too bad, too sad.

Close to 1,400 employees employed by this Bank are already smelling joblessness. Thousands of shillings paid to the KRA by this bank from PAYE, Income Taxes etc will be no where to be seen. Many suppliers who trade with Chase Bank will have their contracts automatically terminated, the money they are owed delayed or lost and many bad and worst things.

All this is courtesy of Corruption, greed and selfishness.

I've always advised my friends to be extra keen when dealing with Financial institutions whether for Loans, savings or the likes. I've always insisted that these Mickey Mouse institutions are not reliable no matter the benefits. Those who listen to me are in KCB, Barclays Bank, National Bank, CB and SCB. Those who don't listen are in Chase Bank, KWFT Bank, Family Bank, Giro Bank, Rafiki whatever etc etc - you know these funny funny things.

For the last one month I've Been very keen not to miss any paper with the focus being the Finacial Statements Published by Banks during this period. I always do it every year. As a financial specialist, well, the accounts look appealing and lovable. In as much as we rely on audited statements, today's auditors are not trustworthy. Of course auditors work with information provided to them but some things are too pronouced to assume. All in all, my point is this, not even those Accounts can be trusted. Just trade carefully.

Personally, I rarely do large savings with banks. I've learnt to reinvest a significant amount of my savings in National Goverment tenders. They stay with my money for even 6 months but I don't complain because its better than putting in a fixed deposit account in a Commercial Bank and get things like 4% per annum and after 7 months the bank is placed under Receivership. That is me, but if you care, that's one of the best routes alongside Treasury Bills and Bonds.

My friends, learn to trade with the Government. Consider National Bank, it's significantly owned by NSSF, consider KCB owned by KCB Group where the Govt has over 17% shares, Consider CB owned by GoK. Even if they go under the Govt will obviously intervene substantively. Buy Treasury Bills, Buy Treasury Bonds. Or just put that money in a Safe, its yours.

That post by Cornelius is pure hogwash and reckless. I understand people are spending the better part of today moving money from the likes of BOA consolidated etc to CBA. The thinking being the President bank is more secure....These rumors are causing bank runs and they could be catastrophic.

Cornelius.....stick to your lane, green section

Wafunge hawa watu kama funzo kwa wengine wanaofikiria kuiba

How do people sleep at night peacefully with full knowledge that they have shattered someones business,dreams, family, relationships hardwork etc?