Question:
I have a small company and am frequently paid for services by means of cash deposits. We are charged by the bank for other people putting cash into our account.

Is there any way that we can stop this practice and get the people paying cash into our account to pay for the costs levied by the bank?

Answer:
Most banks charge a cash deposit fee to cover the cost of handling and processing the cash by the teller. This fee is paid by the beneficiary irrespective of who makes the deposit into the account. Dealing with cash is costly for banks and banks would prefer if clients make use of electronic banking services.

I suggest that you ask your clients to make electronic transfers to your account when possible as they will carry the cost of the electronic payment and you will receive your money free of charge.

Is an electronic transfer free?

An electronic transfer is not free, but the person making payment is responsible for the cost of the transaction not the beneficiary.

  • On page two: What are the contact details of the Banking Ombudsman and how exactly do you lodge a complaint?

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