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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
Posts: 10,809
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
Rank: Veteran

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
Rank: Elder

Joined: 12/4/2009
Posts: 10,809
Location: NAIROBI
So one is better off receiving dividends via cheque as the bank charges ksh.50 for dividend cheques.
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JabaBoeku
#4 Posted : Tuesday, January 18, 2011 7:10:37 AM
Rank: Member

Joined: 4/28/2008
Posts: 53
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
Rank: Member

Joined: 4/28/2008
Posts: 53
@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
Rank: Chief

Joined: 3/24/2010
Posts: 6,779
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
Rank: Chief

Joined: 1/3/2007
Posts: 18,354
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!
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Aguytrying
#8 Posted : Tuesday, January 18, 2011 10:45:12 AM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
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
Rank: Member

Joined: 9/21/2006
Posts: 422
Location: Nairobi
@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
Rank: Member

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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