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pops		#41 Posted : Tuesday, July 07, 2009 12:42:00 PM
Rank: Member Joined: 9/13/2006 Posts: 123		a couple of weeks ago i put up a complaint against barclaycard and how they were ripping me off by delaying sending the bills all the time and charging me late payment fees,even when i paid on time! lets face it barclays is facing stiff competition from the local banks,and the only way they can make any money to please their shareholders and london bosses is to rip us off! why all the small print. why can they not be open like the banks in europe and the US,that these are the terms and conditons! but as alot of people told me - the only way they will learn is if you stop using them!
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Ric dees		#42 Posted : Tuesday, July 07, 2009 3:20:00 PM
Rank: Member Joined: 3/6/2008 Posts: 632		This is an interesting and i think the more people are informed the better. I think Banks in Kenya have a field day as compared to banks in the West and i guess this is the only place where innovation is followed by legislation hence consumers are hurting most. That said i rem when i worked for one bluechip bank in Kenya fresh from campus,there was an senior executive from UK and i remember his asking why there no banking services on Sundays..naturally one of our bosses said that banks are closed on Sundays and his answer was ' open the damn branches on Sunday and people will come f****ing hell' Success is not measured by what you accomplish,but by the opposition you have encountered and the courage with which you have maintained the struggle against the overwhelming odds' The greatest danger in times of turbulence is not the turbulence; it is to act with yesterday's logic.
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mozenrat		#43 Posted : Tuesday, July 07, 2009 4:05:00 PM
Rank: Veteran Joined: 5/18/2008 Posts: 796		There is no love lost between me and most banks... However,I think that bashing banks is becoming a cliche.. We're so intent on doing so,we don't stop to review the alternatives... Forgetting about banks for a moment,there is wisdom in Mwenza's argument... U pay interest on your money which u could have kept under ur mattress... Effectively,when u get a loan from a Sacco,U should calculate the interest u are paying on the amount you receive OVER and ABOVE your contribution... In this case,if they are offering 12% p.a. for 300K,adjust that to about 18%(17.7%) for 200K,which happens to be about the same rate offered by banks... The 100K is your money that you ideally should be getting at 0%... Having said so,two advantages of Saccos are it is easier to get the funds....Two signatures and Whalla!!!! and of course less 'fine print'... U pay what you agreed to... Also this tells me that you should NEVER borrow any amount less than or equal to what you have contributed to a SACCO otherwise U will pay interest on the same amount that you could have kept under your bed and not paid a cent in interest.... Envision a significant project,plan and borrow the maximum you are entitled to but do not delude yourself that the deal is much better than a bank's... Or maybe it is.... about 0.3 % better...
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mwanahisa		#44 Posted : Tuesday, July 07, 2009 4:23:00 PM
Rank: Elder Joined: 6/2/2008 Posts: 1,438		@Mozenrat. I agree with you on the point that bashing banks has become real fashionable. Truth is that these guys are in business and out to make a profit. When borrowing,it is clearly a case of borrower beware. You need to read all the fine print before taking out the loan and indeed,you MUST shop around. Banks SHOULD have NO RIGHT to alter fundamental terms and conditions e.g. the early repayment clause (i.e. without a penalty). Central Bank should clearly enforce borrowers rights such as those. Having said that,you forgot to account for the dividends you earn on the amount that you have contributed,hence a SACCO loan will still be appreciably cheaper than a bank loan. On the other hand,with most SACCOs (if I remember correctly) you need to save for at least 6 months before you can borrow and huge lumpsum cash injections will not normally count towards the loan multiplier - Unless you wait for some period. Moreover,depending on the liquidity of the SACCO,you might have to queue for even up to 3 months. Opportunity calls but few respond.
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Tito44		#45 Posted : Wednesday, July 08, 2009 5:58:00 AM
Rank: Member Joined: 12/16/2008 Posts: 111		@mozenrat If you have 100k in a sacco,allowing you to borrow 300k,it does not mean that you are borrowing your 100k+an additional 200k. Any given loan requires some form of security. Therefore consider it as security. Your bank will require your title deed or payslip. the sacco only attaches your contributions until you clear the loan. You still earn dividents on the 100k during the loan period. Banks simply have huge interest rates as compared to saccos in addition to the huge security demanded of you,again as compared to saccos.
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niando		#46 Posted : Wednesday, July 08, 2009 6:08:00 AM
Rank: Member Joined: 6/5/2008 Posts: 174		The only consistent condition on barclays loan is that 'terms and conditions are subject to change without prior notice'. I had to pay an extra 500/= to stay in the credit account so that they can continue quenching their interest and charges greed thirst until they are satisfied.(each subsequent card statement comes with interest not withstanding that I paid before the date on the card statement.My fuss is that these terms changed and there was no official communication .I realised the terms had changed after receiving their statement.I have been using the card on rare instances since 2005 same way and I've never complained because these charges were not there). The only charge they may have forgotten is exit charge on credit card. Surely barclays is doing something the wrong way. I believe that not all the contributors in this thread are not all mad to keep on bashing the bank. Barclays should do something otherwise they will lose many potential clients.I hope their overseas parent is watching. For bookkeeping and bank loan interest recalculation try us:niando.becia@gmail.com
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zamali		#47 Posted : Wednesday, July 08, 2009 6:23:00 AM
Rank: Member Joined: 6/12/2009 Posts: 96		What is the official response from BBK ? SK contributions normally open up peoples eyes and help make crucial decisions for many. BBK may ignore this,but I belive the influence SK threads have may be grossly over under-estimated... Zama za Kengen IPO.... zama za mali
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Njunge		#48 Posted : Wednesday, July 08, 2009 6:31:00 AM
Rank: Elder Joined: 2/7/2007 Posts: 11,935 Location: Nairobi		Sad how a couple bloggers miss the simple concept behind the co-op movement so much so that we can compare saving to putting money under mattresses...............maybe afterall,ignorance is bliss............What is a co-op??..... http://www.ica.coop/coop/index.html Yombo dhier....!! Nothing great was ever achieved without enthusiasm.
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mwenza		#49 Posted : Wednesday, July 08, 2009 7:08:00 AM
Rank: Elder Joined: 4/22/2009 Posts: 2,863		@ Mozenrat.......Am happy at least one person can see my argument. My argument was really not about the pros and cons of saccos......for the record av been a member of a reputable one since 1992.... but rather in every situation,there is always room for improvement. Granted,SACCOS are not in any way comparable to banks when it comes to borrowing from them but that does not mean they cant be enhanced to be more attractive to members......Does anybody remember those days when we used to be reminded that Kenya was an island of peace in a sea of turmoil? We virtually believed the nonsense until an outsider reminded us to compare ourselves with the best in the world not with failures. I rest my case. NEVER HONOUR A PROMISE THAT PUTS YOU AT A DISADVANTAGE!!! IF YOU EXPECT ME TO POST ANYTHING POSITIVE ABOUT ASENO, YOU MAY AS WELL SIT ON A PIN
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Goals		#50 Posted : Wednesday, July 08, 2009 7:41:00 AM
Rank: Member Joined: 10/6/2008 Posts: 118		bbk ni bure kabisa. You will need to check the monthly interest computation as well. I have complained over time and their response is the time of the month the interest is computed. Secondly they forced me to open a barclay account ati for transfer of funds. 6 months down the line i was sent a letter showing that i owned them 2,800 being interest charged to the inactive account.. they are very unprofessional,i decided to discontinue all my dealing with them. SACCos have better interest rates and will pay dividends at the end of the year. i topped up my shares in sacco,got a bigger loan and repayed barclay in full. they have not yet come back to me for additional interest.. 'Build your own dreams,or someone else will hire you to build their's!'
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