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Era of Free Banking?
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ChumviMacho
#1 Posted : Thursday, March 17, 2011 7:05:27 AM
Rank: New-farer

Joined: 2/19/2011
Posts: 14
Location: Nairobi
Could this be the advent of free banking in Kenya? Interesting though if BBK pulls it off. BBK Free Banking
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erifloss
#2 Posted : Thursday, March 17, 2011 9:01:26 AM
Rank: Member

Joined: 6/21/2010
Posts: 514
Location: Nairobi
One way or the other the consumer will pay. Their's nothing for free!
'They say money cannot buy me happiness but when i compare when i had none and now, i'm happier' Kevin O'leary
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hisah
#3 Posted : Thursday, March 17, 2011 9:11:59 AM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
Free banking... That is an oxymoron smile The term banking & free cannot exist to form a term or word smile
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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ChumviMacho
#4 Posted : Thursday, March 17, 2011 9:16:15 AM
Rank: New-farer

Joined: 2/19/2011
Posts: 14
Location: Nairobi
hisah wrote:
Free banking... That is an oxymoron smile The term banking & free cannot exist to form a term or word smile
But Banking in the UK is absolutely free for individuals/Personal accounts whether savings or current. What is that?
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radio
#5 Posted : Thursday, March 17, 2011 9:32:36 AM
Rank: Veteran

Joined: 11/9/2009
Posts: 2,003
I watching this development with bated breath, l want to see how the other banks react. I hope this will be a replica of whats happening in the mobile services industry.
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Gordon Gekko
#6 Posted : Thursday, March 17, 2011 10:02:50 AM
Rank: Elder

Joined: 5/27/2008
Posts: 3,760
They have already crunched their numbers. I'm not a customer, but what is the least ledger fee? Lets say it is ksh 300. How many ATM withdrawals does a normal Kenyan do in a month? Say it is three. Means from every account holder they will make ksh 300 - ( 3 X ksh 30) = ksh 210. Where is the free lunch?
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Robinhood
#7 Posted : Thursday, March 17, 2011 10:04:35 AM
Rank: Elder

Joined: 12/11/2008
Posts: 2,306
I saw the BBK ad and was like, WTH!!! These guys charge you for even checking your balance, breathing the air in their banking halls Etc. I am so glad I am not their customer. I now see where the 13b profit came from. Nktest
Great men are not always wise, neither do the aged understand judgement...
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mukiha
#8 Posted : Thursday, March 17, 2011 10:06:36 AM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
The ATM has finally matured into into a Kano Threshold service: Started out as an exciter and customers weren't charged for it... in fact SCBK was paying customers to use the ATM at one time! Then it became a Performance Service and banks were competing on who has a bigger network... and charging for usage. Now it has become a Threshold and no institution can be called a "bank" if it doesn't have the service. Therefore, it will become more and more difficult to charge for ATM services.... just wait and see....
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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captainrio
#9 Posted : Thursday, March 17, 2011 10:15:30 AM
Rank: New-farer

Joined: 9/17/2010
Posts: 97
Location: Mombasa,Kenya
Crap barclays..i hear they charge 40bob for deposits?? amazing...nothings free, especially with BBK
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Tommy
#10 Posted : Thursday, March 17, 2011 10:48:37 AM
Rank: Veteran

Joined: 12/9/2010
Posts: 894
Location: Nairobi
i am waiting to see what competitors will do. and me think that nothing is for free.
Don't wait for the Last Judgment. It happens every day. ~Albert Camus, The Fall, 1956
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