Best bank account for receiving money

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12 years 7 months ago #20982 by moggy
We have taken a couple fo deposits for accomodation and were shocked to find out that our bank charges us $3 if someone puts money into our account over the counter. (I just hope someone doesn't decide to put 100 10 cents into our account just for the sake of it)
So looking for cheaper ways to receive money.

Suggestions please.

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12 years 7 months ago #306466 by cantyguy
I think most banks charge a cash handling fee. Why don't you get your clients to direct credit your account or send you a cheque.

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12 years 7 months ago #306468 by moggy
a cheque would cost the same to cash and we would then have the inconvenience of getting to a branch during opening hours.

It seem strange to charge someone for a deposit. In the UK no banks do.

direct credit would be ideal, (and tbh that is what I thought they were going to do) but not everyone uses internet banking.

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12 years 7 months ago #306472 by ame
Call all the banks (there's only a handful of them). Ask them how much their fee for this is. Once you've found the lowest (and I hope at least one has a zero fee) call your bank and tell them you will move your account unless they drop this fee. Be prepared to do it. It's the only leverage you have.

A

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12 years 7 months ago #306481 by Andrea1
One of the bigger banks has been advertising on telly no cash handling fees for businesses earning less than 2 million annually.... I think it's either Westpac or ASB, but not entirely sure. I'll try to pay more attention to the advert next time it pops up...

Andrea
Oxford

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12 years 7 months ago #306484 by wino
Have a ring round the banks.

I know there is no over the counter deposit fee on ours at the BNZ. Pretty sure my Kiwibank account is free too (but I wouldn't recommend the Kiwibank based on the experiences I've had with them over other things)

You might want to ask which ever bank you end up using about taking credit card payments too. Now you can do it online without needing a zipzap machine or an eftpos machine it is possibly worth looking into. There is a percentage charge of course but many people prefer paying by CC

Never have a hangover - stay drunk

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12 years 7 months ago #306487 by cantyguy
BNZ always charge me for over the counter cash transactions.

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12 years 7 months ago #306488 by ronnie
The manual deposit fee of $3 is common when you have an electronic only account. You possibly have no other fees on this account???
Our personal Westpac account is like this. No fees at all, except for a manual, over the counter deposit (cheque or cash). It has nothing to do with cash handling fees - that is different again.

Our business account (also with westpac) has a straight $20 per month fee. For that, I can have deposits made any way I like - internet banking, or manual over the counter type and no extra fees are payable.

Check with your bank about what would be best for you. If they don't have a product which suits you, change to another bank - even if just for your business account. I suspect KiwiBank has a fee-free account (lots of folk on Trademe use it for this very reason)

Start with your own bank and if no joy there, ring around and see what else is on offer.

You should have an account specifically for your business anyway - rather than have it mixed in with your personal accounts.

As for accepting credit cards - there are two ways (that I know of) for doing this. The first is thru your own bank and is called Merchant Services. There is a fee to set this up and ongoing fees every month whether you use the services provided or not. I started out with this service but it got far too expensive for a very small business. So when I set up my website, I went with Paypal for accepting credit cards. I find it very good and a lot cheaper than the bank system. You pay per transaction (as per the bank) but there is no on-going monthly fees. It is a quick service and if you are dealing with International clients, it is their preferred method of payments. But if your clientele are mainly from NZ, they don't like being charged in US dollars, so I also offer internet banking for my NZ customers and they could send a cheque if they prefer. So all my bases are covered.

Hope this helps......

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12 years 7 months ago #306493 by terralee
Mine[:0][}:)][:I][;)]
Cheers

Leonie & Zoo!!! :silly: :woohoo:

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12 years 7 months ago #306497 by GrantK
We have been using Kiwibank for over 7 years now and have been very happy with them in all respects. We have 4 accounts with them and don't pay any fees at all. This lets us have separate accounts for Housekeeping, Farm, Family Trust etc which makes it easier to segregate things.

At this time of year, Inger often has people paying in cash deposits for eggs and we never get charged any fees.

Have a look at this webpage:

www.kiwibank.co.nz/personal-banking/rate...ay_banking_fee_table

You can see that there are no Deposit fees on any of Kiwbank's accounts unless you deposit more than $15,000 in cash per calendar month (which is most likely not going to be a problem for anyone reading this), or more than 3 cheques per day. We have the Front Runner accounts, but none of the others charge deposit fees either.

We are very happy with Kiwibank in all respects. ASB were good until we paid off our mortgage. Then they started hitting us with a raft of fees and it kept getting worse and worse. For that reason, we moved most of our accounts to Kiwibank, but still maintain one ASB account for sharetrading and dividend receipts.

Live weather data and High/Low records for our farm at: www.keymer.name/weather

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12 years 7 months ago #306499 by arnie.m
Mine charges zero for banking cheques :)

arnie
88 Valley
Nelson

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12 years 7 months ago #306518 by Xartep
ASB charges for over the counter transactions, but they have the fast deposit system which is no charge, so you just drop off the envelope with the banking in it and they put it through almost immediately. I ALWAYS use this as it is so fast, and I also ask people who don't bank with ASB to use the Fastdeposit instead of internet banking as it is quicker.

3 Cocker Spaniels, 1 Huntaway, 3 Cats, Goats, Sheep, Pigs, Cows, Ducks, Chickens, Bunnies - small petting zoo?:rolleyes::cool:

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12 years 7 months ago #306598 by Doz
Is it a business account or a personal account? If a business account then I imagine that most of the major banks will charge a cash handling fee - but there may not be a fee if the amount deposited per day is less than a certain amount or a reduced fee if you use a self-service channel. As others have said it may be the type of account you have - suggest you talk to your bank about the most appropriate account, and change banks if necessary!

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12 years 7 months ago #306605 by jerry leadbetter

Andrea;290551 wrote: One of the bigger banks has been advertising on telly no cash handling fees for businesses earning less than 2 million annually.... I think it's either Westpac or ASB, but not entirely sure. I'll try to pay more attention to the advert next time it pops up...

Andrea
Oxford


It's ANZ. No cash handling fees for businesses up to $2m turnover a year. But there are probably a load of conditions to that - type of account required / services etc that may negate the benefit. Best to chack it out first.

2.5 acres in the winterless north. 4 suffolk ewes, 1 wether tenant, one enormous Chocolate Lab and a nutty cat.

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12 years 7 months ago #306641 by moggy

Doz;290677 wrote: Is it a business account or a personal account?

As far as the bank is concerned it is a personal account. In practice it is the business account. It is separate from our personal account.

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