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Topic: Please advise:SafCom refund problems - slykat  [2,640 views | 27 replies]
Friday, June 13, 2008 02:27
[sticky post]In my safcom IPO application,I opted to have my refunds credited to my broker -Drummond Inv. Bank (i did not select bank transfer or cheque),  so that I can buy some more shares.

Now,DIB tells me that there is a new CMA regulation that says that refunds can only be by cheque or bank transfer to a client's account. They further say that I must pick my cheque in person (as in take a flight all the way to collect my cheque). That sounds like the beginning of a long nasty game such as happened to me during the KenGen refunds.

Question: any one know if this new regulation claim is true please advise. If there is such a regulation,just what does it state and when did it come into force. Any one who can send me a copy of it. I would appreciate. By the way,how is equity bank's brokerage services? the bank has a good reputation among the Diaspora.

When buying shares,ask yourself,would you buy the whole company?
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safcom refunds [mundumuoni]
Thursday, June 19, 2008 12:25

If we receive dividend cheques through the mail,why can't the refund cheques be sent the same way?Or what is so special about them now that EFT is an "obsolete" technology for brokers?
Please advise:SafCom refund problems [Murenik]
Wednesday, June 18, 2008 17:40

I had indicated that my refund comes by cheque in my name.Now my broker says mine is listed as part  of missing EFTs.What really is going on with these refund cheques?

I applied for the IPO using a bankers cheque to Safcom IPO and now iam told that could be the reason.Surely,we can be wasting time on refund cheques in this day and age.These guys need to put their acts together,otherwise they are discouraging people from future IPOs.

Financial analysts give good advice if you do the opposite.
Please advise:SafCom refund problems [Bottlenecks]
Tuesday, June 17, 2008 20:10


you're not supposed to struggle. This is a refund of unused cash,D&B are old enough in the game to know this. They've just shafted their clients knowingly,period!

I thought they were ranked ahead of the crooks,seems they've always belonged there.

How about Alliance for those who used them?

Is Greed good?
positive note [half_empty]
Tuesday, June 17, 2008 16:09

being several continents away i was freaking out... but its not all doom & gloom... i got my refund chq by the end of the first week... from D&B... though it was not easy... my proxy had to make several trips... shuttling between amazon & loita hse... plus a flurry of emails and calls... plus D&B was taking photo's of everyone collecting chq... in addition to asking for id copies... but persistence pays... surely there must be lots of other satisfied customers... despite the war stories

refunds nightmare [yas]
Tuesday, June 17, 2008 11:42

in my application form i chose the EFT to my account option have been checking with my bank no cash my broker D&B has no idea which direction the sun shines and sets @  The lines outside their office is long i think these guys enjoy the lines & frustration on peoples faces if anyone out there has news on how long the refunds via eft will take to please let me know and to D&B u are have lost one,more client and to everyone don't think of using D&B unless u love being served by idiots

One day One time your dream will come true
Please advise:SafCom refund problems [lakehouse]
Tuesday, June 17, 2008 10:39

I bought my shares through D & B.  My refund cheque - no trace.  Someone in customer service asks severally,  'did you select EFT on the application form' i told her NO.   The story now is 'check tomorrow'  'check tomorrow'  'check tomorrow'

 My friends at Discount,theirs is a sad sad story.  Imagine a brokerage house lying to their clients that there is a new rule that has been introduced that refunds to be paid via EFT,then they compel investors to sign some Chasebank form,attach id copy and passport photo.  My friends,when you sign that form it simply means you are endorsing your cheque back to the broker and since CMA refused direct endorsement of cheques,Chase bank came up with a solution where a bank account is opened for each individual to facilitate clearing of the cheque then thereafter funds are transferred to the brokers account.  Not a bad idea for an investor who willingly  wants to reinvest their refund,however no brokerage house has the right to compel an investor to endorse their cheque if they dont want to!!!!  

ushikwapo shikamana
safcom refund [carygoh]
Monday, June 16, 2008 17:52

hi!i understand the discount goons are asking people to open an account with chase bank(u can imagine how many branches they have)?to  collect the refund cheque they require an  id copy and passport

You are not alone [Bangkok]
Monday, June 16, 2008 16:39

You are not alone in this. I am currently watching the chaos from a distance,without a clue as to when and how I will get my refund. I have just decided to wait patiently for things to sort themselves out.
Meanwhile,the experience leaves me wandering whether participating in future IPOs are worthy the time and effort.

HFCK and EFT [raw_sushi]
Monday, June 16, 2008 14:09


Has anyone received his/her refunds through HFCK? My broker says that HFCK do not have a clearing house hence the difficulty in using EFT mode of payment. The CBK has prohibited endorsing back the refund checks into clients’ cds account. What happens to overseas investors?

Any idea?

refunds [alvaro-1]
Monday, June 16, 2008 13:33

One would have thot that our brokers & inv banks have by now (thanx to many IPO's) perfected & simplified the process of refunds. But they need to keep the money for alittle while for overnite trading/lending........while i yearn for the hard earned savings to come to me for re-investment.
Please advise:SafCom refund problems [mozenrat]
Monday, June 16, 2008 12:37


U are right. I used discount and specified EFT. I had my money by Tuesday morning (Tue after share trading started).  Don't these guys know that they could lose more business by playing these games than they would gain from endorsed cheques. Its not that hard to move.

Please advise:SafCom refund problems [across]
Monday, June 16, 2008 10:37

@ bert

You could start by checking if they applied for you in the first place.....i smell a fish..if they did apply,then someone somewhere is sitting on your chums

Please advise:SafCom refund problems [bert]
Monday, June 16, 2008 10:16

Whats your take guyz!!
Please advise:SafCom refund problems [bert]
Saturday, June 14, 2008 13:20

The refunds provides a litmus test to the brokers.

I did indicate an EFT in my application form and provided all the details.Since I had money in my account with D&B for counters I had sold,I used it for safcom but refunds were supposed to go to my bank account.That was the start of my problems!!!

I have been chasing the refund without any success.D&B told me to check with Citi bank which I did of which I was told to go back to my broker for any querry.D&B sent me to my bank and here I was sent back to my broker for details of when the money was actually sent.Yesterday,D&B told me that there is nothing they can do unless I be patient and wait.Today (Saturday) I passed by my bank and was told that many people from D&B have the same problem.

Please any one who is in the know of what could be happening because am suspecting some guys are trading with our money and then give us back after a period!!!!


Please advise:SafCom refund problems [bushlink]
Saturday, June 14, 2008 10:24

There is such a law in place.

Equity out did all the rest,the refunds were credited on sunday the 8th.

A Bend in the Road is not an End of the Road Unless u Fail to Make the Turn
Safcom refunds [Kamwamba]
Friday, June 13, 2008 19:56

@Kula Raha

So sorry about your predicament. I have a nominee account with Drummond and their service was superb. I received my refunds yesterday and already traded with it today.

Try them for next time and good luck with your refunds.

Happy investing.

Shillingi Yangu
Please advise:SafCom refund problems [Kausha]
Friday, June 13, 2008 16:49

If you living abroad,please open a nominee account. Not all brokers operate this but you can get a nominee account from a few of the investment banks. This means your refunds,dividends,bonuses and splits are followed up by them. The account would read broker nominee account 001 - Kamau. It saves you all these hussles. The day you want your money you arrange for them to transfer to your account.

You can't endorse to broker. This is a good security measure cuz registrars some of who have the greatest thugs were pirating checks of wananchi and endorsing to themselves. many cases are at high court coz of this type of fraud.

Please advise:SafCom refund problems [PONDI]
Friday, June 13, 2008 16:01

Discount is totally useless. i CLEARLY asked for EFT but the goons seem to have wanted the cheques to go back to them so they convince us to endorse... i am tired of their shenanigans will seriously re-think sticking with them now. this is what they had to say" All safaricom EFT requests were defaulted to checks by the receiving bank. We are in custody of your refund". this is clearly a LIE as many here claim to have had refunds wired to your banks direct. it means they changed my application form instruction...thats fraud at the very least!!!!
Please advise:SafCom refund problems [SLEDGEHAMMER]
Friday, June 13, 2008 15:56


My a/c at KCB has been credited by EFT.

Please advise:SafCom refund problems [KulaRaha]
Friday, June 13, 2008 15:38

I got an EFT to my loan account at Transnational.

All refund cheques are in the investors' names,NOT brokers.

The problem is these dodgy brokers ticked the box that cheques go to them,in the hope of endorsing and using for whatever purpose. The new anti-endorsement law has fixed them,and caused a bit of incoenvenience to us.

 You should have ticked box for cheque to be mailed to you!

Business opportunities are like buses,there's always another one coming
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