Bank Charges & Cash Deposit Bank Fee & Credit Card reversal

[LuckySilver 10]

Hi sorry for my ignorance, but could someone please tell me the difference between Bank Charges & Cash Deposit Bank Fee as they are both R16.50 (I do understand the Cash Deposit fee). The reason I ask is that I noticed I hadn't accidently rated a certain buyer who purchased from me via credit card, and when I did I saw that she had all negative ratings. Therefore I began doubting the authenticity of her payment so I checked the account and didnt see anything unusual... I was wondering what it would be under if it was reversed, and would I receive any notification of a reversal other than manual checking? (As I must be honest I dont check very often, trusting the accounting system)

Thanks ;-)

Lucky Silver

[Digitrade 10]

I also have two different entries on my statement.

I have the normal Cash Deposit fee entries and then the unknown Bank Charges.

The reference for the Bank charges to the amount of R16, 50 is 3CXWVH?

[lilythepink 10]

If these charges have appeared on your BoB account, contact billing@bidorbuy.co.za. They are a fantastic help with problems!

[qball 10]

The difference is as follows:

 

The one is for bank charges that are included with the bobPay payment, this is deducted to cover the cost of charges for cash deposits. The other charge is when no cash deposit fee is added to the bobPay payment, so we issue a manual debit on the seller's account for the cash deposit fees (as per the bobPay terms).

 

Hope that explains it?

[LuckySilver 10]

Thank you Qball for clarification. Lastly, could you please explain how credit card reversals work and if I will receive notification if it occurs or need to keep an eye out for it. Also, is there a time period in which fraudulent card usuage is generally caught on the system so that I can delay my shipping for this time period in order to be more sure of payment.

[Digitrade 10]

In my case the buyer made an EFT payment (free of charge), but he did add the R16,50 cash fee.

It is now my responsibility to refund the buyer, usually by adding the cash into his parcel.

Why did Bidorbuy then deduct the R16,50 as a Bank Charge, if no cash payment was made by the buyer?

[qball 10]

Thank you Qball for clarification. Lastly, could you please explain how credit card reversals work and if I will receive notification if it occurs or need to keep an eye out for it. Also, is there a time period in which fraudulent card usuage is generally caught on the system so that I can delay my shipping for this time period in order to be more sure of payment.

 

We would generally inform you when it happens, the problem is that it can happen at any time without notice from the bank, up to 6 months from the transaction date, our advice on the credit card payments, if the values are high and you suspect something or unsure rather contact our security guys to check the buyer out and get copies of the card to verify that it's in their possession before accepting the CC payment. It is difficult to say when a charge back can occur, it could happen a week after the payment, 2 months or 5 months afterwards.

 

Hope that helps.

[qball 10]

In my case the buyer made an EFT payment (free of charge), but he did add the R16,50 cash fee.

It is now my responsibility to refund the buyer, usually by adding the cash into his parcel.

Why did Bidorbuy then deduct the R16,50 as a Bank Charge, if no cash payment was made by the buyer?

 

Could you tell me which item? I will have a look at it. Thanks.

[LuckySilver 10]

Thank you again :smile1:

[Digitrade 10]

Thank you QBall.

Order number 4529736 - Payment Reference 1376764-3CXWVH.

Payment was made on 7 February by the buyer.

[qball 10]

Hi Digitrade

 

The accounts team are looking into this. Will provide feedback shortly.

 

Thanks

Cuan

[Digitrade 10]

This happened again. Please investigate.

Same story. Buyer paid cash fee together with EFT wrongly.

I can not keep on refunding these guys if Bidorbuy keeps on deducting the monies as well.

 

Order number 4552403 - Payment Reference 1394324-3RNMBJ.

Payment was made on 15 February by the buyer.

[Digitrade 10]

I see that the first reference that I gave, has been credited as a "Buyer paid via EFT - not cash - Reversal.".

This obviously means that there is a problem with the BobPay system that needs rectification.

It seems that the accounts will only get credited once queried, as the other debit is still there, or are Bidorbuy going to refund all sellers automatically that wrongfully paid this fees?

[qball 10]

I see that the first reference that I gave, has been credited as a "Buyer paid via EFT - not cash - Reversal.".

This obviously means that there is a problem with the BobPay system that needs rectification.

It seems that the accounts will only get credited once queried, as the other debit is still there, or are Bidorbuy going to refund all sellers automatically that wrongfully paid this fees?

 

This does not appear to be a bobPay issue, rather a Nedbank issue where they are picking these up as cash deposits, it has been sent through to Nedbank to investigate why. The other issue is not a bidorbuy issue where buyers are paying in extra ("cash deposit fees"), they are voluntarily paying in extra, even though it states in 2 places that the R16.50 should be added to cash deposits.

 

We appreciate your patience and understanding whilst we wait for an answer from Nedbank.

[Digitrade 10]

Thank you Mr Q. I do see on my account that both the queries that I had, originate from Nedbank payments from the buyers.

I just feel that these buyers that do not read, and just adds "cash deposit fees" to EFT payments as well, are busy waisting my time, and for all the effort that I have to put in to rectify their ignorance, they will just loose the R16,50 in future. As you said, they are voluntarily paying in extra!

[Digitrade 10]

QBall, I just thought of something else....

I have buyers who buys one item. They then accept another personal offer or two. Instead of making three different payments, they make one payment in total on the first auction won order.

I know that this one payment is for all purchases combined. I get a notice from Bidorbuy that the amount paid differs from the expected amount. My question is: Does Nedbank know that the extra payment is for orders, or are they also going to take that additional monies as "Bank Charges"?

[qball 10]

Hi digitrade

 

This should have nothing to do with Nedbank, the bobPay system will obviously pick the discrepancy up and alert you to this. I can't say what Nedbank will do, as there is clearly an issue they seem to be picking up EFT payments as cash deposits - which they are still investigating.

[geewhizz 20]

The bank charges 5% on all credit card payments. My question is Why can we ask the buyer to pay the cash deposit fee and not the 5% credit card fee?

Another question some cash deposits(Depending on the amount) do not attract a fee of R16,50 which seems to be the standard fee charged to the buyer.If the fee amounts to R7,50 why is the buyer charged R16,50

[lilythepink 10]

I think it's against the law to ask for the buyer to pay the 5% credit card charges! A real pity, though.

 

I think the R16.50 is a very general figure (and fair) for all cash deposits. Imagine what a nightmare it would be for BoB admin if they didn't set the limit somewhere as different banks have different charges for cash deposits - quite a few of them have a minimum rate of R16.50 on cash deposits!

 

Perhaps Cuan could add his thoughts to this?

[admin 0]

I can answer the bobPay Credit card question.

 

No Surcharges

 

Under Visa, MasterCard, Diners and American Express regulations, merchants may not charge a fee to the Buyer for accepting credit card payments (often called a "surcharge"). You agree that you will not impose a surcharge or any other fee for accepting bobPay Credit Card or bobPay EFT as a payment method.

[MiemsJewels 10]

Kontant deposito inbetaling by die bank is gewoonlik 5%. van die bedrag Bv. op R100 is dit R5. DWS as dit nie intussen verhoog is nie! Kan ook nie verstaan waar die R16.50 kontant deposito inkom nie. GEEN bykomende geld (Bv die 5%) mag gehef word op 'n krediet kaart betaling nie.

Edited February 21, 2012 by MiemsJewels

[lilythepink 10]

Miems - please let us know where you bank! Their fees are obviously less than our three banks! :shock:

[qball 10]

I think it's against the law to ask for the buyer to pay the 5% credit card charges! A real pity, though.

 

I think the R16.50 is a very general figure (and fair) for all cash deposits. Imagine what a nightmare it would be for BoB admin if they didn't set the limit somewhere as different banks have different charges for cash deposits - quite a few of them have a minimum rate of R16.50 on cash deposits!

 

Perhaps Cuan could add his thoughts to this?

 

This is an average or minimum amount to charge for cash deposits, unfortunately some people do not have internet banking and thus rely on cash deposits, we can't subsidise this fee - in most cases we actually charge too little, so we end up subsidising the cash deposit any way. Most of the banks have a minimum charge so we work on that.

 

Andries answered the 5% question - it is mandated by the card associations and forms part of the merchant agreement.

[MiemsJewels 10]

Lilly, on R805, Standardbank charged me R16.66 cash deposit fee. Don't know why but it's true!

On the amount of R121, they charged me R8.45 cash deposit fee.

On the amount of R225.75, they charged me R9.71

On the amount of R203, they charged me R9.44

Edited February 22, 2012 by MiemsJewels
fee amounts

[MiemsJewels 10]

What I mean to say is, and Cuan mentioned it earlier.I f the amount is R2000 a buyer must pay, the cash deposito fee should at least be R80!