Poll: Which bank do you use?
Capitec
37.50%
Absa
6.25%
Nedbank
12.50%
Standard Bank
0%
FNB
43.75%
Other
0%
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Discuss Bank Account
#16
(06-07-2016, 09:19 AM)Purply Wrote: I'm still slightly confused how this is going to work since we currently don't know what the minimum monthly member contribution is going to be, but by the current look of things is might just stay at R250, which means we'll have to open two bank accounts since Nedbank Just Invest has a R500 minimum deposit limit.

Or keep to one account, but then be limited to very poor interest rates?

Unless Spreadsheet Ranger can twist Nedbanks arm to allow R250 deposits Big Grin

I am now talking to their facebook people. Hopefully they can shed some light or give me the contact details of someone who can.


(06-07-2016, 09:35 AM)slamz Wrote:
(06-03-2016, 09:27 AM)Spreadsheet Ranger Wrote:
Quote:
We use the club account to deposit money into and then at every R5 000 intervals we EFT it across to the Just invest account

We need to becareful of this, as much as I am for it, whats the implications of the bank monitoring this activity and then closing our account? or penalizing us for it?

Fully agree, thus will run this by Nedbank first, before we go down this route.
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#17
Is the interest too low at Nedbank?

#18
Received a read receipt 30 minutes ago. Lets hope they are formulating a solution and not ignoring the mail.
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#19
I have a business account at Nedbank, including a Just Invest account. If you don't come right, let me know and I'll ask my nedbank business manager to answer whatever questions you have?

#20
Maybe ask him in any case. Specifically regarding the minimum deposits.

I have received a E-mail form Nedbank and from the looks of it it appears we as a investment club can register for the Just Invest account.

However the monthly payments minimum is what I want to highlight now to them since they requite minimum deposits of R500, however maybe they will understand that this will be 11 people giving R250.

The only drawback is this:

• At least two of the signatories nominated by the club (as recorded in the bank's records) will be required to sign when making withdrawals.
• There is no maximum number of club members, however at least three members nominated as signatories on behalf of the club, are to sign when opening the account.
• No transaction charges or account maintenance fees apply.
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#21
(06-07-2016, 10:37 AM)Platinum Wealth Wrote: , however at least three members nominated as signatories on behalf of the club, are to sign when opening the account.

can the three members sign at different branches when they open it? and then they perhaps send the signed stuff internally to the branch handling it? that's the only way I think of overcoming it


#22
I hope they would be able to accommodate that.
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#23
Signatories are only required when making physical withdrawals at the bank. I'm assuming we will be using internet banking, if yes, then no signatories will be needed for withdrawals,you will however need to email/call them and give 24 hour notice so that they can release whatever amount you wanting to transfer out. This is where I start getting lost, where exactly will the money being "released for transfer" be transferred?

Usually the Just Invest account is secondary to your normal banking account.

I'm also assuming there will be a monthly charge for the internet banking part.

Insight?

#24
(06-07-2016, 10:41 AM)padjakkels Wrote:
(06-07-2016, 10:37 AM)Platinum Wealth Wrote: , however at least three members nominated as signatories on behalf of the club, are to sign when opening the account.

can the three members sign at different branches when they open it? and then they perhaps send the signed stuff internally to the branch handling it? that's the only way I think of overcoming it

That shouldn't be an issues as all signatures are kept digitally on record for said account. These records can be accessed by any branch for that purpose.

This will however need to be done via their small business department.

#25
Hopefully there people read this thread and can give some insight.
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#26
I've mailed my business manager, hopefully she can assist.

#27
I feel confident Smile I am so excited.

As for your question regarding transferred to where. This will surely be discussed Sunday however I assume this will be for example EasyEquities or PSG or Investec or a combination depending on where and how we would like to invest.
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#28
I'm not sure if one can directly transfer monies out of the Just Invest account ie:.. directly EFT into Easy Equities, hence the question.

Awaiting answers, will hopefully have some clarity today still.

#29
(06-07-2016, 11:41 AM)Purply Wrote: I'm not sure if one can directly transfer monies out of the Just Invest account ie:.. directly EFT into Easy Equities, hence the question.

Awaiting answers, will hopefully have some clarity today still.

Ahh, I see. I was not aware. I hope one can.
Otherwise, open up a capitec account Tongue
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#30
(06-07-2016, 11:41 AM)Purply Wrote: I'm not sure if one can directly transfer monies out of the Just Invest account ie:.. directly EFT into Easy Equities, hence the question.

Awaiting answers, will hopefully have some clarity today still.

Thanks Purply. Great that everyone wants to help! Smile







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