One day when I have 1mn,I am going to write a chq for 999,999.95

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB

And then the following day you write one for .05

@kularaha - As long as the chqs are written on 2 different days - from the explanation I was given.... *

You cannot write more than 2 chqs exceeding 1mn to the same person/entity on the same day (not sure if it means business day). So if i were a business who has to pay 1mn to a single supplier,I would write chqs on different days but each less than 1mn... Saves me 1,500 (less ledger/chq fees) per RTGS

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB

Interesting.....but surely....all that effort to save Ksh 1,500??And you are a company?With 1 Million to pay?

Its too much effort and it might make you look 'cheap'.Not good.

'When I sell liquor,it's called bootlegging; when my patrons serve it on Lake Shore Drive,it's called hospitality'

@birdman... Of course... saving money is IMPORTANT... 1,500 for 1mn = 0.15% (plus costs of sending a messenger to & fro the bank). This is NOT a trading activity but a pure expense.
*** Ati,making me look cheap... Kwani the bank charges me lower interest or pays me more interest so it does not look cheap...
**** LOL... birdman... have you heard of Warren Buffet?

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB

@birdman - Are you in Kenya? (I doubt... prove me wrong)
** 1) RTGS has a form that has to be filled (and if u make a mistake,it is shauri yako...) and the details for the OTHER party have to be accurate. Chqs requires the name of the Payee only & amount/s only. The rest (account # & bank's routing are pre-printed). I do not need the other jamaa's inforamation.
*** 2) I still need to send a messenger to the bank with RTGS instructions. Cheque is in the post ;-). Also people in Kenya SEND their messengers to collect chqs. Not my cost.
**** 3) Time. Bwana,even in Kenya we use PRINTERS. Chqs (except for small businesses) are printed. Fewer errors. I sign them. Now that RTGS form also takes time to fill. And I don't have (or afford to buy module) a way to 'print' my form using the accounting database/software.
***** 4) Let's face the truth,my messenger makes many runs & has multiple duties. And the overall cost is not as high as RTGS. Of course,if one has many such chqs,then compared to RTGS...
****** 5) The cost of RTGS should be less than .01% (100/- per 1,000,000). The current 1,500 (I have not seen 500 yet) is too high. Maybe it is OK for 10mn+ transactions.

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB

@all opposed to RTGS,just imagine you are a supplier & you are owed eeeh lets say 5M. How would you like to get 6 or more cheques payable different date and each requiring 4 days to clear?

Yes,the Banks need to review the charges but at the same time we also need to embrace new technologies! And this 1500 charge can be shared among the parties.... or catered for as part of cost of transacting business

My 2 cents



Randomly insane

@mukiha - RECOMMENDED... The CBK recommends many things... reality is DIFFERENT... anyway,PLEASE tell me which bank charges 500/- for RTGS...

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB