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Portfolio Balancing: Avoid Over Exposure To Financial Sector
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Ericsson
#281 Posted : Wednesday, September 26, 2018 6:58:11 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,820
Location: NAIROBI
mlennyma wrote:
winmak wrote:
I just received texts from the banks. It is 20% of the transaction charge not the transacted amount @mlenny

So is it not eating on the banks charge side?


No it is not eating on the banks charge side,that remains intact.
For example for an EFT transaction the bank charges 200 and you are receiving ksh.60k as salary
If the 20% excise tax is included the statement will be like below;
Bank charge---ksh.200
Excise tax--ksh.40
total cost to be borne by customer ksh.240
Amount credited in customers account ksh.59760
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Angelica _ann
#282 Posted : Wednesday, September 26, 2018 11:06:52 PM
Rank: Elder

Joined: 12/7/2012
Posts: 11,937
Ericsson wrote:
mlennyma wrote:
winmak wrote:
I just received texts from the banks. It is 20% of the transaction charge not the transacted amount @mlenny

So is it not eating on the banks charge side?


No it is not eating on the banks charge side,that remains intact.
For example for an EFT transaction the bank charges 200 and you are receiving ksh.60k as salary
If the 20% excise tax is included the statement will be like below;
Bank charge---ksh.200
Excise tax--ksh.40
total cost to be borne by customer ksh.240
Amount credited in customers account ksh.59760


So the robinhood tax was withdrawn?
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Ericsson
#283 Posted : Wednesday, September 26, 2018 11:17:05 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,820
Location: NAIROBI
Angelica _ann wrote:
Ericsson wrote:
mlennyma wrote:
winmak wrote:
I just received texts from the banks. It is 20% of the transaction charge not the transacted amount @mlenny

So is it not eating on the banks charge side?


No it is not eating on the banks charge side,that remains intact.
For example for an EFT transaction the bank charges 200 and you are receiving ksh.60k as salary
If the 20% excise tax is included the statement will be like below;
Bank charge---ksh.200
Excise tax--ksh.40
total cost to be borne by customer ksh.240
Amount credited in customers account ksh.59760


So the robinhood tax was withdrawn?


Yes
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Ericsson
#284 Posted : Sunday, September 30, 2018 6:43:17 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,820
Location: NAIROBI
Equity bank has stopped paying interest on deposits after the floor on the interest rates cap law was removed
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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VituVingiSana
#285 Posted : Monday, October 01, 2018 12:19:28 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,376
Location: Nairobi
Ericsson wrote:
Equity bank has stopped paying interest on deposits after the floor on the interest rates cap law was removed

I have shares in Equity but this "profit grab" is not right. This is retrogressive.
Perhaps some form of tiered interest depending on balances?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Gatheuzi
#286 Posted : Monday, October 01, 2018 7:22:35 AM
Rank: Veteran

Joined: 8/16/2009
Posts: 994
VituVingiSana wrote:
Ericsson wrote:
Equity bank has stopped paying interest on deposits after the floor on the interest rates cap law was removed

I have shares in Equity but this "profit grab" is not right. This is retrogressive.
Perhaps some form of tiered interest depending on balances?

I concur. Equity should have some accounts as interest earning to help retain some clients. This can be even be lower than the initial 7% they were paying. Fight for deposits will be the next frontier in local banking.
Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.
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Angelica _ann
#287 Posted : Monday, October 01, 2018 8:05:09 AM
Rank: Elder

Joined: 12/7/2012
Posts: 11,937
Gatheuzi wrote:
VituVingiSana wrote:
Ericsson wrote:
Equity bank has stopped paying interest on deposits after the floor on the interest rates cap law was removed

I have shares in Equity but this "profit grab" is not right. This is retrogressive.
Perhaps some form of tiered interest depending on balances?

I concur. Equity should have some accounts as interest earning to help retain some clients. This can be even be lower than the initial 7% they were paying. Fight for deposits will be the next frontier in local banking.


I believe Dr. JM has vast experience in this field and he knows what he is doing. Probably what he used to do prior to rate cap.

Wonder why thier mobile loans have not picked up like mshwari has?
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Ericsson
#288 Posted : Monday, October 01, 2018 8:51:38 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,820
Location: NAIROBI
Angelica _ann wrote:
Gatheuzi wrote:
VituVingiSana wrote:
Ericsson wrote:
Equity bank has stopped paying interest on deposits after the floor on the interest rates cap law was removed

I have shares in Equity but this "profit grab" is not right. This is retrogressive.
Perhaps some form of tiered interest depending on balances?

I concur. Equity should have some accounts as interest earning to help retain some clients. This can be even be lower than the initial 7% they were paying. Fight for deposits will be the next frontier in local banking.


I believe Dr. JM has vast experience in this field and he knows what he is doing. Probably what he used to do prior to rate cap.

Wonder why thier mobile loans have not picked up like mshwari has?

Their mobile loan product was tailored well
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Ericsson
#289 Posted : Monday, October 01, 2018 8:53:43 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,820
Location: NAIROBI
Gatheuzi wrote:
VituVingiSana wrote:
Ericsson wrote:
Equity bank has stopped paying interest on deposits after the floor on the interest rates cap law was removed

I have shares in Equity but this "profit grab" is not right. This is retrogressive.
Perhaps some form of tiered interest depending on balances?

I concur. Equity should have some accounts as interest earning to help retain some clients. This can be even be lower than the initial 7% they were paying. Fight for deposits will be the next frontier in local banking.


That is true on the next frontier for local banking
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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VituVingiSana
#290 Posted : Monday, October 01, 2018 9:55:01 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,376
Location: Nairobi
Gatheuzi wrote:
VituVingiSana wrote:
Ericsson wrote:
Equity bank has stopped paying interest on deposits after the floor on the interest rates cap law was removed

I have shares in Equity but this "profit grab" is not right. This is retrogressive.
Perhaps some form of tiered interest depending on balances?

I concur. Equity should have some accounts as interest earning to help retain some clients. This can be even be lower than the initial 7% they were paying. Fight for deposits will be the next frontier in local banking.

I find it morally wrong but that's my view. Perhaps PN did have a point when he asked banks to be "moral"
I hope customers move excess funds into savings accounts be it at Equity or other banks.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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