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Bankers I need consultation
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enyands
#1 Posted : Wednesday, January 11, 2017 9:37:12 AM
Rank: Elder


Joined: 12/25/2014
Posts: 2,300
Location: kenya
Dear wazuans i want to deposit my cheque of 100k from coop bank into my mother's account in Barclay's bank to finish a building project.

I'm meant to understand that when the cheque matures they won't pay her unless she gives evidence of where the money is coming from and what the money is going to do. Is this true ? And how can I go around it?
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2012
#2 Posted : Wednesday, January 11, 2017 9:43:16 AM
Rank: Elder


Joined: 12/9/2009
Posts: 6,592
Location: Nairobi
Surely, that cannot be true.
Who is she to give the evidence to and how?
Is M-Pesa also subject to the same? If this happens, we will go back to the donkey years of cash only transactions.

BBI will solve it :)
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Swenani
#3 Posted : Wednesday, January 11, 2017 10:04:15 AM
Rank: User


Joined: 8/15/2013
Posts: 13,236
Location: Vacuum
enyands wrote:
Dear wazuans i want to deposit my cheque of 100k from coop bank into my mother's account in Barclay's bank to finish a building project.

I'm meant to understand that when the cheque matures they won't pay her unless she gives evidence of where the money is coming from and what the money is going to do. Is this true ? And how can I go around it?

100K

That only applies to deposit or withdrawals of over Kshs 1 million
If Obiero did it, Who Am I?
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ZZE123
#4 Posted : Wednesday, January 11, 2017 10:07:58 AM
Rank: Elder


Joined: 6/21/2008
Posts: 2,490
Swenani wrote:
enyands wrote:
Dear wazuans i want to deposit my cheque of 100k from coop bank into my mother's account in Barclay's bank to finish a building project.

I'm meant to understand that when the cheque matures they won't pay her unless she gives evidence of where the money is coming from and what the money is going to do. Is this true ? And how can I go around it?

100K

That only applies to deposit or withdrawals of over Kshs 1 million

And specifically cash
The man who marries a beautiful woman, and the farmer who grows corn by the roadside have the same problem
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radio
#5 Posted : Thursday, January 12, 2017 1:22:57 AM
Rank: Veteran


Joined: 11/9/2009
Posts: 2,003
Mpesa your mother the cash and save her lots of unnecessary stress of going to stupid banks.
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sparkly
#6 Posted : Thursday, January 12, 2017 7:40:25 AM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
enyands wrote:
Dear wazuans i want to deposit my cheque of 100k from coop bank into my mother's account in Barclay's bank to finish a building project.

I'm meant to understand that when the cheque matures they won't pay her unless she gives evidence of where the money is coming from and what the money is going to do. Is this true ? And how can I go around it?


100k is loose change.
Life is short. Live passionately.
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hardwood
#7 Posted : Thursday, January 12, 2017 8:20:08 AM
Rank: Elder


Joined: 7/28/2015
Posts: 9,562
Location: Rodi Kopany, Homa Bay
enyands wrote:
Dear wazuans i want to deposit my cheque of 100k from coop bank into my mother's account in Barclay's bank to finish a building project.

I'm meant to understand that when the cheque matures they won't pay her unless she gives evidence of where the money is coming from and what the money is going to do. Is this true ? And how can I go around it?


False. No one will ask any question. You can even deposit 999,999.
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Obi 1 Kanobi
#8 Posted : Thursday, January 12, 2017 8:57:45 AM
Rank: Elder


Joined: 7/23/2008
Posts: 3,017
For cheques they will not ask the source of funds, but cash nowadays they ask for source even for amounts below a million depending on your account activity.

Banks are now overcautious
"The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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kaka2za
#9 Posted : Thursday, January 12, 2017 9:49:13 AM
Rank: Elder


Joined: 10/3/2008
Posts: 4,057
Location: Gwitu
They might ask if your account usually deals with amounts of between Ksh 100-1000.
Truth forever on the scaffold
Wrong forever on the throne
(James Russell Rowell)
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Cornelius Vanderbilt
#10 Posted : Thursday, January 12, 2017 9:53:46 AM
Rank: Member


Joined: 8/15/2015
Posts: 817
sparkly wrote:
enyands wrote:
Dear wazuans i want to deposit my cheque of 100k from coop bank into my mother's account in Barclay's bank to finish a building project.

I'm meant to understand that when the cheque matures they won't pay her unless she gives evidence of where the money is coming from and what the money is going to do. Is this true ? And how can I go around it?


100k is loose change.


haiya! please come back to kenya! lol
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Angelica _ann
#11 Posted : Thursday, January 12, 2017 9:57:00 AM
Rank: Elder


Joined: 12/7/2012
Posts: 11,908
This largely depends on the bank and age/activity of the account........ sometimes the branch based on fraud activities experienced in the recent past.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Bigchick
#12 Posted : Thursday, January 12, 2017 8:15:54 PM
Rank: Elder


Joined: 2/8/2013
Posts: 4,068
Location: At Large.
It all depends on amounts transacted before.Has she ever deposited cheques in her account of such an amount?If not the bank will be curious to know source of funds.

Part of prudential guidelines from CBK on Anti Money Laundering.

Just give her a fowarding note saying..."Dear mum....please receive this 100k as part of my support towards completion of our house
...

Your sweet and loving son Enyands.

She can show that to the branch manager.
Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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sparkly
#13 Posted : Friday, January 13, 2017 1:44:47 PM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
Bigchick wrote:
It all depends on amounts transacted before.Has she ever deposited cheques in her account of such an amount?If not the bank will be curious to know source of funds.

Part of prudential guidelines from CBK on Anti Money Laundering.

Just give her a fowarding note saying..."Dear mum....please receive this 100k as part of my support towards completion of our house
...

Your sweet and loving son Enyands.

She can show that to the branch manager.


Best advise, just brilliant.
Life is short. Live passionately.
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enyands
#14 Posted : Friday, January 13, 2017 5:35:01 PM
Rank: Elder


Joined: 12/25/2014
Posts: 2,300
Location: kenya
Bigchick wrote:
It all depends on amounts transacted before.Has she ever deposited cheques in her account of such an amount?If not the bank will be curious to know source of funds.

Part of prudential guidelines from CBK on Anti Money Laundering.

Just give her a fowarding note saying..."Dear mum....please receive this 100k as part of my support towards completion of our house
...

Your sweet and loving son Enyands.

She can show that to the branch manager.


Thanks a bunch.i have instructed someone to deposit. I'll wait and see banks reaction
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hardwood
#15 Posted : Friday, January 13, 2017 11:27:05 PM
Rank: Elder


Joined: 7/28/2015
Posts: 9,562
Location: Rodi Kopany, Homa Bay
enyands wrote:
Bigchick wrote:
It all depends on amounts transacted before.Has she ever deposited cheques in her account of such an amount?If not the bank will be curious to know source of funds.

Part of prudential guidelines from CBK on Anti Money Laundering.

Just give her a fowarding note saying..."Dear mum....please receive this 100k as part of my support towards completion of our house
...

Your sweet and loving son Enyands.

She can show that to the branch manager.


Thanks a bunch.i have instructed someone to deposit. I'll wait and see banks reaction


100k is pesa kidogo. There shouldn't be any problems.
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wa P
#16 Posted : Saturday, January 14, 2017 8:35:55 AM
Rank: Member


Joined: 5/26/2009
Posts: 326
Location: Nairobi
Bigchick wrote:
It all depends on amounts transacted before.Has she ever deposited cheques in her account of such an amount?If not the bank will be curious to know source of funds.

Part of prudential guidelines from CBK on Anti Money Laundering.

Just give her a fowarding note saying..."Dear mum....please receive this 100k as part of my support towards completion of our house
...

Your sweet and loving son Enyands.

She can show that to the branch manager.


I strongly oppose this letter on following grounds,

1. It is a record showing a brother contributed to mom's house. The other sons may have contributed, maybe more than 100k but no letter so will be disadvantaged.


2. He should sign as, 'one of your sweet and loving son'

That said....Brilliant suggestion.
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enyands
#17 Posted : Saturday, January 21, 2017 4:09:42 PM
Rank: Elder


Joined: 12/25/2014
Posts: 2,300
Location: kenya
So this what happened :
Coop bank called my account signatory to ask if that signatory signed my cheque leaf and if it's OK to honor payment and my signatory said yes

My mother withdrew the cash with no problem from barclays . It's cheaper than mpesa as someone mentioned because it's free, there is no exposure risk like withdrawing 100k from an mpesa agent.

It short it was a success and the over verification thing was just a hype.Ahsanteni
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Taurrus
#18 Posted : Sunday, January 22, 2017 7:21:30 PM
Rank: Member


Joined: 8/25/2015
Posts: 839
Location: Kite
enyands wrote:
So this what happened :
Coop bank called my account signatory to ask if that signatory signed my cheque leaf and if it's OK to honor payment and my signatory said yes

My mother withdrew the cash with no problem from barclays . It's cheaper than mpesa as someone mentioned because it's free, there is no exposure risk like withdrawing 100k from an mpesa agent.

It short it was a success and the over verification thing was just a hype.Ahsanteni

You think so?
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enyands
#19 Posted : Sunday, January 22, 2017 10:30:13 PM
Rank: Elder


Joined: 12/25/2014
Posts: 2,300
Location: kenya
Taurrus wrote:
enyands wrote:
So this what happened :
Coop bank called my account signatory to ask if that signatory signed my cheque leaf and if it's OK to honor payment and my signatory said yes

My mother withdrew the cash with no problem from barclays . It's cheaper than mpesa as someone mentioned because it's free, there is no exposure risk like withdrawing 100k from an mpesa agent.

It short it was a success and the over verification thing was just a hype.Ahsanteni

You think so?


Taarus can you withdraw 100k from an agent in CBD and walk free with no fear on the street
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Taurrus
#20 Posted : Monday, January 23, 2017 12:20:30 PM
Rank: Member


Joined: 8/25/2015
Posts: 839
Location: Kite
enyands wrote:
Taurrus wrote:
enyands wrote:
So this what happened :
Coop bank called my account signatory to ask if that signatory signed my cheque leaf and if it's OK to honor payment and my signatory said yes

My mother withdrew the cash with no problem from barclays . It's cheaper than mpesa as someone mentioned because it's free, there is no exposure risk like withdrawing 100k from an mpesa agent.

It short it was a success and the over verification thing was just a hype.Ahsanteni

You think so?


Taarus can you withdraw 100k from an agent in CBD and walk free with no fear on the street

Danger everywhere! from agents /tellers roads,kp, everywhere !
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