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Banks that will be extinct in a few years
Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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Some colonial era banks will be extinct in Kenya in a few years. Without naming names:- 1. Banks that require you to file 100 pages of documentation before you can open an account; 2. Banks that will not let a third party deposit a cheque into your account, unless the third party is your agent; 3. Banks that treat you like you are a bother rather than their customer; 4. Banks that pay 0.5% per annum as interest on savings account; If you know such banks, take your business elsewhere and avoid investing in their shares. Life is short. Live passionately.
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Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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sparkly wrote:Some colonial era banks will be extinct in Kenya in a few years.
Without naming names:-
1. Banks that require you to file 100 pages of documentation before you can open an account;
2. Banks that will not let a third party deposit a cheque into your account, unless the third party is your agent;
3. Banks that treat you like you are a bother rather than their customer;
4. Banks that pay 0.5% per annum as interest on savings account;
If you know such banks, take your business elsewhere and avoid investing in their shares. I see all of them doing that. Tip me which one is heavily notorious
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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enyands wrote:sparkly wrote:Some colonial era banks will be extinct in Kenya in a few years.
Without naming names:-
1. Banks that require you to file 100 pages of documentation before you can open an account;
2. Banks that will not let a third party deposit a cheque into your account, unless the third party is your agent;
3. Banks that treat you like you are a bother rather than their customer;
4. Banks that pay 0.5% per annum as interest on savings account;
If you know such banks, take your business elsewhere and avoid investing in their shares. I see all of them doing that. Tip me which one is heavily notorious Without naming names. One recently issued a profit warning. Life is short. Live passionately.
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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I remember in 2007 stanchart was charging 3,500/= for a bankers cheque. Equity came in with 100/= n the rest is history.
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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sparkly wrote:enyands wrote:sparkly wrote:Some colonial era banks will be extinct in Kenya in a few years.
Without naming names:-
1. Banks that require you to file 100 pages of documentation before you can open an account;
2. Banks that will not let a third party deposit a cheque into your account, unless the third party is your agent;
3. Banks that treat you like you are a bother rather than their customer;
4. Banks that pay 0.5% per annum as interest on savings account;
If you know such banks, take your business elsewhere and avoid investing in their shares. I see all of them doing that. Tip me which one is heavily notorious Without naming names. One recently issued a profit warning. Very loaded message. The word colonial already gives away the hint  $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: New-farer Joined: 5/22/2014 Posts: 78
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sparkly wrote:Some colonial era banks will be extinct in Kenya in a few years.
Without naming names:-
1. Banks that require you to file 100 pages of documentation before you can open an account;
2. Banks that will not let a third party deposit a cheque into your account, unless the third party is your agent;
3. Banks that treat you like you are a bother rather than their customer;
4. Banks that pay 0.5% per annum as interest on savings account;
If you know such banks, take your business elsewhere and avoid investing in their shares. This will probably not happen in the near future; They have their market niche. The so called local banks are not so good after all. Last week I went to reactivate my account at 'Member' and on inquiring about internet banking, was informed that it will set me back KES 1,250 initially and the same amount annually! I loudly asked how can they be the only bank charging for E-banking but then realized I was making a point to the wrong person (CCare attendant). This coming from the bank with the longest queues in the country makes no sense at all. Remember the same guys charge you KES 600 for an ATM card. Banks are like a woman, find the one with issues that you can live with. Some of these so called local banks are a no-no for me...
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Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
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hisah wrote:sparkly wrote:enyands wrote:sparkly wrote:Some colonial era banks will be extinct in Kenya in a few years.
Without naming names:-
1. Banks that require you to file 100 pages of documentation before you can open an account;
2. Banks that will not let a third party deposit a cheque into your account, unless the third party is your agent;
3. Banks that treat you like you are a bother rather than their customer;
4. Banks that pay 0.5% per annum as interest on savings account;
If you know such banks, take your business elsewhere and avoid investing in their shares. I see all of them doing that. Tip me which one is heavily notorious Without naming names. One recently issued a profit warning. Very loaded message. The word colonial already gives away the hint I thought that colonial bank said they are selling off their african biz If Obiero did it, Who Am I?
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Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
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mugo2of3 wrote:sparkly wrote:Some colonial era banks will be extinct in Kenya in a few years.
Without naming names:-
1. Banks that require you to file 100 pages of documentation before you can open an account;
2. Banks that will not let a third party deposit a cheque into your account, unless the third party is your agent;
3. Banks that treat you like you are a bother rather than their customer;
4. Banks that pay 0.5% per annum as interest on savings account;
If you know such banks, take your business elsewhere and avoid investing in their shares. This will probably not happen in the near future; They have their market niche. The so called local banks are not so good after all. Last week I went to reactivate my account at 'Member' and on inquiring about internet banking, was informed that it will set me back KES 1,250 initially and the same amount annually! I loudly asked how can they be the only bank charging for E-banking but then realized I was making a point to the wrong person (CCare attendant). This coming from the bank with the longest queues in the country makes no sense at all. Remember the same guys charge you KES 600 for an ATM card. Banks are like a woman, find the one with issues that you can live with. Some of these so called local banks are a no-no for me... Karibu time for more bank If Obiero did it, Who Am I?
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Rank: Veteran Joined: 5/5/2011 Posts: 1,059
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My bank is charging me 700/- per month for a business current account, I went to ask for a loan 150k,I bank about 700-800k pm, the business banker told me to my face that I don't qualify since I don't sell anything physical, I am in service business, wow, today I have gone to close the account and the manager is telling me not to close since head office is asking why there are too many account closures, went to another bank, I have been approved to get up to 10m using my statements, see why those old banks will fail To Each His Own
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Rank: Member Joined: 5/28/2014 Posts: 149 Location: Nairobi
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kayhara wrote:My bank is charging me 700/- per month for a business current account, I went to ask for a loan 150k,I bank about 700-800k pm, the business banker told me to my face that I don't qualify since I don't sell anything physical, I am in service business, wow, today I have gone to close the account and the manager is telling me not to close since head office is asking why there are too many account closures, went to another bank, I have been approved to get up to 10m using my statements, see why those old banks will fail kayhara, which is your new bank? They deserve new business. When you live for others' opinions, you are dead.
- Carlos Slim Helu
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Rank: Chief Joined: 1/3/2007 Posts: 18,055 Location: Nairobi
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sparkly wrote:Some colonial era banks will be extinct in Kenya in a few years.
Without naming names:-
1. Banks that require you to file 100 pages of documentation before you can open an account;
2. Banks that will not let a third party deposit a cheque into your account, unless the third party is your agent;
Forget colonial banks. KCB effed me over on this. Wasted my time. Last year, I personally deposited a chq into an account. This year one branch said no & the (junior) manager was rude to me. Said he is the final authority. Then I sent my jamaa to another branch down the road. It was accepted. No drama. Same account. Same amount. Same payer. Different shit. Jua Kali bank.
3. Banks that treat you like you are a bother rather than their customer;
I don't know about colonial banks but KCB does the same.
4. Banks that pay 0.5% per annum as interest on savings account;
If you know such banks, take your business elsewhere and avoid investing in their shares. That might be different. Apples to Apples. I didn't buy SafCom shares partly coz I thought the awful service [dropped calls, crazy high charges for calls and data, etc] would kill it. It didn't. It made more money!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Veteran Joined: 8/11/2010 Posts: 1,011 Location: nairobi
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Kcb said they will list me on crb after i paid 510 for a mpesa kcb loan of 509.64 and said i had a balance of 0.06,
In short i overpaid
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Rank: Veteran Joined: 11/2/2006 Posts: 1,206 Location: Nairobi
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bartum wrote:Kcb said they will list me on crb after i paid 510 for a mpesa kcb loan of 509.64 and said i had a balance of 0.06,
In short i overpaid You want us to believe they would list you after overpaying?Kuwa serious.Lipa madeni! Formally employed people often live their employers' dream & forget about their own.
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Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
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kayhara wrote:My bank is charging me 700/- per month for a business current account, I went to ask for a loan 150k,I bank about 700-800k pm, the business banker told me to my face that I don't qualify since I don't sell anything physical, I am in service business, wow, today I have gone to close the account and the manager is telling me not to close since head office is asking why there are too many account closures, went to another bank, I have been approved to get up to 10m using my statements, see why those old banks will fail Let me reserve my comments If Obiero did it, Who Am I?
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Rank: Member Joined: 2/9/2012 Posts: 576
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There is a new trend where people pool resources and give credit amongst themselves.This might be the future of credit.Its very prevalent with guys with informal businesses and banks dont want to touch them. Last week an old mama told me she has over 800k in their group and she received 150k in divideds year 2015 Africa belongs to Africans.
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Rank: Member Joined: 9/11/2014 Posts: 228 Location: Nairobi
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That dividend looks too high. Unless they are active investors and would you expect an informal group like this to have very skilled investors?
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Rank: Member Joined: 12/24/2008 Posts: 112
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@iris...It's possible. Many table banking groups/chama's are not skilled investors. They might never have heard of the term compounding. However, they lend to each other at between 10% and 20% per month... Ebu do the math...
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Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
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Elephant Man wrote:@iris...It's possible. Many table banking groups/chama's are not skilled investors. They might never have heard of the term compounding. However, they lend to each other at between 10% and 20% per month... Ebu do the math... There is one where they charge you 30% per month in interest and they are always running out of cash to lend If Obiero did it, Who Am I?
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Rank: Member Joined: 8/19/2015 Posts: 124
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I have the same testimony. I am in one chama where we lend at 10% per month. The dividends per annum is 60%. i don't regret joining.
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Rank: Member Joined: 5/17/2008 Posts: 488
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wazuaguest wrote:There is a new trend where people pool resources and give credit amongst themselves.This might be the future of credit.Its very prevalent with guys with informal businesses and banks dont want to touch them.
Last week an old mama told me she has over 800k in their group and she received 150k in divideds year 2015 And now with restrictions on cash banking of more than a mio the parallel banking has just got bigger
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