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KCB: Firmly in the stoneage
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Jangwa la Jangili
#1 Posted : Friday, December 04, 2009 9:58:58 AM
Rank: Member

Joined: 10/9/2009
Posts: 311
the other day, i go to bank an inhouse cheque at a KCB branch. i decided to just ask for the sake of it how long the cheque will take to clear. the guy goes like '2-3 business days'. i said 'get serious young man'.

an inhouse cheque is technically a book transfer.d'oh! ok, i would maybe have understood if i was depositing the cheque in Lokichoggio. but in Nairobi drawn on a branch in Nairobi? sure they want the float but 2-3 days for an inhouse cheque is so 1960s.
Katika Jangwa la Jangili ndipo Pwagu hupata Pwaguzi.
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mukiha
#2 Posted : Friday, December 04, 2009 10:13:48 AM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
@Jangwa la Jangili;

Come to I&M; inhouse cheques are cleared over the counter!!
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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The General
#3 Posted : Friday, December 04, 2009 10:28:51 AM
Rank: Member

Joined: 6/3/2006
Posts: 553
@ Mukiha,

Those guys seem to give you some superior services..ama your a shareholder, and the "divideds" are tamu sana
The thicker the thigh the sweeter the pie.
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Radiance
#4 Posted : Friday, December 04, 2009 10:36:36 AM
Rank: New-farer

Joined: 11/30/2009
Posts: 47
Location: Nairobbery
EB clears their inhouse check live live. B4 u reach the atm its reflecting
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VituVingiSana
#5 Posted : Friday, December 04, 2009 12:27:58 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,346
Location: Nairobi
Jangwa & General - Same here like @mukiha. I first went to I&M coz I was given an open cheque. I liked the service. I opened an account.
(Unlike Equity, you have to supply photos)

The banking halls are nice, the account has decent feature & the service is great. Lakini the hours suck but they have ATMs at every branch as well as Sarit Center.

Anyway, if you tell the cashier you want your in-house chq credited asap. S/he will do it there & then.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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VituVingiSana
#6 Posted : Friday, December 04, 2009 12:30:46 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,346
Location: Nairobi
BTW, at any bank (in my case I&M) I ask for immediate clearance. Why wait till end of the day?

Example: If Mr.ABC writes 5 chqs for 100k each lakini for some reason he has only 400k in available funds... who knows if my chq is the last to be processed?

I would rather get 'instant' credit & be #1 in line!!!

CFC Stanbic takes 2 business days to clear 'in-house' chqs!!!!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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mukiha
#7 Posted : Friday, December 04, 2009 12:48:58 PM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
@General; not me alone....it's just the way they work.

@VVS; Since the day I joined [year 2001], the Kenyatta avenue branch has been opening til 5pm. Today some branches have started opening 7 days a week. Thus I wouldn't say the hours are that bad.

====

Have you seen their financials? Excellent. This bank should get listed....
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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chi20
#8 Posted : Friday, December 04, 2009 1:24:58 PM
Rank: Member

Joined: 10/24/2008
Posts: 223
and to mention the only bank (kcb) where you will find retirees serving you at the counters.
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anasazi
#9 Posted : Friday, December 04, 2009 2:19:33 PM
Rank: Veteran

Joined: 6/8/2007
Posts: 675
The reason these guys operate this way is to make a little more from we poor kenyans. We're still some way from getting a fully mature banking system in the country. 2 days to clear internal checks is just unacceptable. But we must accept it, eh?
Form is temporary, class is permanent
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VituVingiSana
#10 Posted : Friday, December 04, 2009 4:37:57 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,346
Location: Nairobi
@mukiha - I am a kijana compared to you... Since 2001... wow!

Anyway, I was at CFC... they had a 50k minimum... but at least no charges for every small thing... & 3% interest...

Nowadays, CFC 'Stanbic' charges for over the counter withdrawals even if I use a cheque! I am pissed!!! All this with a 50k minimum... I think the interest rate has also dropped...

I&M has 10k minimum which I like... If you get to know the CSRs, they will even deposit chqs for you... When in a hurry, I just leave my chqs+deposit slip with them.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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