Monday, March 03, 2008

Wanted

Savings A/C
I wanna be with “_____ Bank” but KCB need not apply
I want a savings account- that has no ledger fees, no monthly fees, or EFT fees, that has a reasonable minimum balance and sends statements out frequently. I want a savings account that emphasizes savings, not fees. Short-listed banks include ABC, Barclays, Consolidated, Equity, Stanbic, and Standard Chartered. Any other suggestions or referrals?

Kenol shareholder
I’d like a Kenol shareholder to volunteer and write up an account of the company’s AGM this coming Friday. Full credit will be given.

E-bill
Ever since their MD looked like he was about to leave, Kenya Power & Lighting Company’s revolutionary system of billing (by SMS or e-mail) have stopped. I have yet to see my bill and fear a power cut soon as this company is quick to cut of subscribers who default. I’ll pre-pay an estimated amount tomorrow just in case – to avoid the cut & expensive time-consuming reconnection hassle.

Explanations
Why this and Why that? - Or is it business as usual?

12 comments:

Anonymous said...

banks remeber that post about additional blogs? well for the umpteenth time i started out again. find it at www.panderosa.blogspot.com modelled along the lines of yours though i hope to diversify with time.... u seem experienced i want to customise it further. any ideas? plus the links? how do you work that? about kenol if i g3et on the inside track i will post something..... some feedback and any tips would be much appreciated.

Anonymous said...

try coop bank, they have a really cheap account but is for low end of market.... has a lid of ten thousand at the start but can be used for micro or small savers.

MainaT said...

Banks I have a haba na haba co-op account that charges very little actually nothing, but you don't hardly interest on your deposits. Or statements.

bankelele said...

Panderosa:please do a post on Kenol and i'll follow up

MainaT: I'm actualy with co-op right now; problem's i've had with them include (i) bait and switch - they let you in with a low entry, then charge you for not achieving min. balance (ii) undisclosed charges (iii) can't get a statment for 6 months - and ATM balances/mini statements are never accurate (iv) no customer service response. I'm leaning towards a return to Equity

MainaT said...

Surprised to hear that abt co-op. Mine I opened for tea purposes upto now, its ok.
I have an online with Equity and they are good, thought they charge.

filipe said...

Banks...

Sometimes you may want to look at the medium banks around. I bank with I&M bank. They have a sapphire account with minimum balance of 10k and the rest is free. I mean, Ihave 25 leaf chequebook, ATM, free over-the-counter withdrawals (the banking hall is usually not crowded with max. time of 15 minutes) Banking of cheques is free despite the amount (e.g Kengen 65 bob div.). I have access to cash at virtually from anywhere in Kenya via the Kenswitch (kshs. 30) and Pesa point(kshs 40) ATMs. And the best sweetner, I get my bank balance and statement on request via email(standard form like KPLC's e-bill) 24 hrs a day. You account balance on deositing on banking a cheque updates immediately and you can deposit cash in Westlands and 10min later withdraw from ATM in Town. :) The sad side is the EFT is 300 bob, but the cheque should work this out.

As for security of you cash, rest assured you are covered. otherwise, The french would not have accepted equity financing for the bank neither would the performamnce of City Trust, the listed investment co. do so well in 2007.

coldtusker said...

I&M Bank... I agree with Felipe. Nice banking halls, not overcrowded. Access to ATMs (free for I&M ATMs).
10,000/- min balance with chq book (u pay stamp duty).

And you can grow with them. CSRs remember you.

Balances via sms (you pay for ur sms without an extra charge from them) & e-mail (free). I like mini-statements via e-mail (free).

Limited branches lakini its a SAVINGS account!

Most banks charge for OUTGOING EFTs. Incoming are free.

coldtusker said...

KPLC makes some money and the knives are out. I want the expats to stay (even with their huge salaries) coz the culture of appointing friends & family is a recipe for disaster.

idler said...

I've also banked with I&M for like 5 years. Min balance is 10k but the service is superb. cheque book, no queues at banking hall and online statements. Customer care ALWAYS answer your calls absolutely fast. No regrets

Filipe said...

@ coldtusker and Bankelele

I appreciate you analysis of stock too but as a customer of I&M I wanted to access there shares but its a private club of prominent Asian customers from the 80's and then City Trust. I&M now have bought a 50% stake in a Malaysian Bank (in Tuesday 04/03 Nation) and they are focusing on offshore banking and asset management business - the kind of business that propelled Citibank to become the best in the world. I think this is a good buy but do you know a better way to access their shares without having to buy City Trust shares? They hit a billion profit club I last year, a first before NIC and DTB.

Anonymous said...

Try EABS bank. They have a savings account with ATM and chequebook facilities and of course no ledger fees. Iam not sure about online banking but they can send you monthly statements as email attachment every month at no cost if you request them to do so. I have banked with them fo eleven years..since the days of Akiba...and seven of those years I have been abroad [You know what that means especially to those abroad having their financial transactions handled by relatives who are less than trasparent]. I also find their fees on TTs and bannkers cheques far more reasonable than those of the high street behemoth called SCBK.

bankelele said...

Filipe: True there are hidden gems among mid size and small banks, and this post was to help me ferret a few out. Thanks
I&M bank was not at the top of my list and I need to check them out.
Would be nice to own some shares - but it's hard to invest in a company City Trusts that doesn't have an office - it’s like a hedge fund! But the French see something there, so why now?

Coldtusker: wow I&M is really scoring marks here. They have a nifty website - and are probably the only bank (along with KCB, Family) that have an up-to date career section

Idler: how can all my commenters be 100% I&M damu?

Anon: will also look into EABS

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