Wednesday, October 04, 2006

Bank Charges

yesterday i got a shock from CFC bank. on checking my current account , i found they had deducted close to 3K. they explanation; 1. they cahrge 500 if the account goes below 10K,2. they charge 500 maintenance, 3 . they have 1K penalty incase it goes below 0! how about the other 1K? i dont know and they couldnt explain. well those things were not told to me when the account was being sold to me. in fact i didnt know that a current account is expected to have a minimum balance! i have current accounts with std and bbk and they dont have a minimum balance. i thought a current account is a business acnt so how is it expected to have a minimum balance. beats me. and the so they deducted their charges and that sent to acount to below 0. then they conviniently charged 1k since they had made it go below 0 how nice!

while that was happening, some guys from NIC came to us with a proposal for our club . 1. no minimum balance 2. no charges whatsoever only the individual checks to members to be charged at 75 bob per transaction 3. debit software so we can directly debit members acnts instead of using checks etc. the two banks operate in the same kenya country

another conference opened in nairobi. this time for cooperatives. the minister who is also the VP said -as expected- that saccos suffer from mismanagement since they have no set standards. thats sounds cliche. i alsways feel that our leaders dont talk to us. i always feel like they recite to us.

saccos are good but i think its almost a kenyan thing that most pple who go for elective office do not even have an agenda. they get elected sacco bosses but they have nothing in their mind that they want to do with that office. invariably they get corrupt since in kenya where you work is where you eat!

i met a salesman from one of the leading stock brokers houses. he said they have a fund similar in fact to zimele. its called secumat. it looks like secumat is the second leading shareholder of EAC. with secumat he said, you just pay 250K entry fees, then they invest your money for you at their descretion. he promised that you would get all the money they make. i didnt believe him. but at least he hinted that they are aware that EAC is an empty drum and that they enjoyed the hype and money they made with the split.

Odegle tip of the day -- when people are buying and buying and buying be afraid. be very afraid!


  1. hi
    i hv a better story.
    i had an account with one of the big banks and opened a free banking account(the one u do free banking if u maintain a certain amount!!!)
    when things were a bit rough had to change it to d normal account so that i could use the deposit & suprisingly they havent charged me any charges or fees since then a couple of years now.

  2. Pole Odegle, I think banks need some control. What happened to CBK publishing tariffs periodically?

    Please passs me info on the NIC account.

  3. Pole Odegle, I think banks need some control. What happened to CBK publishing tariffs periodically?

    Please passs me info on the NIC account.

  4. anon: which bank was that?

    msanii - the NIC bank was the one in Westi. sorry i cannot remembr the name of the presenter. you can check them out though

    i think banks do this coz they are lazy and risk averse.instead of making most of their income from interest. they sit back and wait to 'steal' from their customers

  5. Odegle hii ni siri ya urembo, my bank account is merely for transaction purposes-low balances keeping money with them is hell. I openned a Safari savings account, its really working well for me especially for projects.


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