₦airaland Forum

Jeoma2024:
I didn't hear from him today

Can you help me remind him

No worries... will do tomorrow. He's still helping me sort stuff out.

I'm reliably infomed it will be completed this week, Thursday.
Fingers crossed

nickae:
I opened an account with them recently, they didn't ask for any employment letter. However, my worry is their position that new users cannot view their portfolio in either online or via the app.
these were their words:
Please note that we are currently undergoing a system upgrade, and as a result, the App/Online Portal is temporarily unavailable to new customers. You will be duly notified once the upgrade is complete and access is restored.

The exact date/time the upgrade will be completed wasn't stated, so am hesitant in investing huge amount for now.

Jeoma2024:
Ok, thank you very much

Here is my number

I will be expecting your reply

His name is John and he'll tell you Mr. T referred him to you. You can let me know when he reaches out and he will address you as Jeoma at first.

alezzy13:
Just a final note on ARM, I've noted the quarterly payout is usually higher than the figure displayed on the website.

Again, not endorsement of any sort. Investors pls do your diligence.

Not that you owe it to us to explain, but that assertion particularly holds no water. If you wouldn't mind sharing hard facts, what was paid to you in the last two quarters as against what you see on the dashboard, and what is the variance?
For this to make any sense, the variance in the quarterly payout vs dashboard balance must be pretty significant because the daily 2% shortchanging already amounted to a shortfall of about 900K per annum for a 45m investment capital by "IllRatherNotSay", and this sets him back by about 225k quarterly. Apologies if I'm obsessed with cold, hard facts, not blanket assertions.

Jeoma2024:
I haven't used fbquest before but I don't know why I feel comfortable with them, I have been trying to open account and it is taking longer than expected, I am tired of waiting, I am thinking of united capital but when I typed in there name on Google to sign up, I will be seeing INVESTNOW, it is quite confusing

Can anyone here help me out with Fbquest
And how good is this united capital

I have someone there already acting as my account officer pending the opening of my account. I can connect you, if you want but I will not be dropping his number here. If you are comfortable with it, you find a way to drop yours and I'll give it to him to make the first contact.

alezzy13:
Na wa o. Serious demarketing! No be small thing 😮😁

I'm surprised with all these comments about ARM. I've used them for some years now and they've been very okay. The app is excellent especially for TB purchases. In fact their CS is such that they call at intervals asking how your experience is, and if you have any challenge. Surprising they are treating a potential customer like you this way.

Btw I have some other MF accounts: Stanbic, UCap, GT and I/one, with each having their pros and cons, but in terms of overall experience would easily rate ARM the best.

Well as for the GT which you asked, they are actually ok - the issue I have is that their website is still in its formative stage. It was only recently that you could top up via the site. Customer service is ok.

all these your accolades no concern me. The smokescreen on the MMF rates is a proven fact. I dunno about TBills and the rest. So. It's fine to rate other stuff they offer as the best but that MMF is a no-go for someone who needs value for their money.

Bababull:
Please anyone in the house to share what is happening with Meristem MMF

you haven't shared any context on your inquiry.

Allboiz:
I just filled a form and asked normal employment details and that was in 2019. But I started putting money late last year

policies long changed.. but not much.

nickae:
I opened an account with them recently, they didn't ask for any employment letter. However, my worry is their position that new users cannot view their portfolio in either online or via the app.
these were their words:
Please note that we are currently undergoing a system upgrade, and as a result, the App/Online Portal is temporarily unavailable to new customers. You will be duly notified once the upgrade is complete and access is restored.

The exact date/time the upgrade will be completed wasn't stated, so am hesitant in investing huge amount for now.

Yea, I was told that too last month when I was making inquiries and I assumed it would have been solved by now. Also, it turns out I'm being asked for employment because I've got a foreign employer.

Allboiz:
FBNQUEST asked for your employment letter? If that's the case, it'll be difficult to pull out big fund for withdrawal with them. They'll frustrate you. Although, when I signed up, they didn't ask for my employment letter.

The amount tallies for the fund in FBNquest.

I've not even put anything and they asked for employment letter. They said its the standard.
When did you open your account and what was asked from with respect to employment and/or source of funds?

Allboiz:
FBNquest is accurate and transparent. I've have some funds there.

Any idea on how to easily move large funds from one FM to another FM. I want to move from UCap to FBNquest completely.

I was at 90% onboarding with them and had to stop when they started making weird demands. Why da heck would you need my employment letter. Lol

Are you pretty sure the amount you are getting tallies with their daily rate updates?

IllRatherNotSay:
1. You can chat with them on the app.
2. You can contact your relationship manager.
3. You can call 0700 02697 99473.
4. You can send an email to support@cowrywise.com.
I use the chat option most times.

Thanks, I already got same info from them eventually. I'd rather go with Cowrywise and FBNquest (not sure yet). I'm dealing with Norrenberger too. I need to keep ARM at arms length.

IllRatherNotSay:
Thanks again for taking the time to investigate the matter further. I hope they do the right thing in the end. Normally, any deduction should be done at the time of maturity so everyone can be on the same page. They are shady.

she's been avoiding me since then. No need chasing her no more.

FRANKLYex:
No, yesterday return was like that at my end too. I wouldn't know what would have warrant such a sharp drop

what they are posting is definitely gross interest rates. One would have committed funds before realizing it's all a smokescreen.

So, I can now confirm ARM are corporate con artists. I purposely set up the MMF fund with N1,000 to do clear-cut calculations with its first interest payment, and lo! And behold, it was 18.615% as against the acclaimed 22.16% for the given day.

I, however, suspect that this shortchanging is applied based on account tiers. That is, someone with a higher investment capital could probably get 20% for yesterday, but nobody is getting the acclaimed rates they post on their website for sure.

I deduced this because the ARM staff I spoke with today, who's yet to get back to me as promised and most likely never will unless I call her again, particularly requested to know what tier level my account was on. That sold them out.

IllRatherNotSay:
Exactly. Funds managers should be anything but shady. Exiting ASAP.

I've called my relationship manager and asked her directly if these daily rates are gross or net. She asserted they're net. I pressed further, promising to hold her to her word if the interest I accrue by the end of today doesn't agree with the acclaimed rate. Then she backtracked and appealed for me to await her response later today.

Then she quickly chipped in casually that even if it's 20 point this or that, it's among the highest, blah blah. I interjected and made it clear that I'm not interested in that sales pitch, but I prefer to know for sure if that's some convenient error or marketing gimmick. I wouldn't be comfortable trusting such a fund manager with a significant amount of money. I cherish transparency.

IllRatherNotSay:
Where do you find Norrenberger's rates?

their own guys did not even know about it until I told them.
https://dailyyieldapi.norrenberger.com/money-market
It's mostly a blank page but with a slider at the top.

The rates for the previous day is usually updated at about any time past midday and from my tracking progress, only the MMF rates is updated. The others you see there stays the same daily.

IllRatherNotSay:
Yes.
Their response: " "

Perhaps you intended to attach something that failed?

IllRatherNotSay:
High yield investment.

sorry to bother you a second time on this. I actually cannot find that product in their app. I've particularly taken time to comb through for this to no avail. Their only product with YTD returns over 22% is "cowrywise investment portfolio"
I've tried to reach their customer care to guide me on this but no recieve response.

Allboiz:
Gurus in the house.... Is the 1.5% management fee on money market fund on the capital or interest accrued?

ideally, it's on interest accrued, not capital but you haven't mentioned the FM you're in business with, so the ones who have been using them can confirm for you. Alternatively, you can simply ask the FM themselves.

FRANKLYex:
STANBIC too is of no different.

I'll confirm from them tomorrow. Those ARM guys are apparently posting gross interest rates daily in their app.

Norrenberger actually has very minute variation from the interest you earn as against the interest rate they post for the given day. However, not always. Their interest rate is almost always as claimed.

FRANKLYex:
It is not even clearly stated. or can you point out that to me?

on Cowrywise app and fund managers official website.

FRANKLYex:
All their computation are in this way. I'm sick of it myself. This is my ARM computation and I have always referenced the previous day deposit for the current day earning, yet the average earning is 20%

have you queried them about this directly? If yes, what was their response?

nickae:
To upgrade my account is taking days, secondly it seems interests are not paid during weekends, I.e. Saturday and Sunday, because the amount in Gain/Loss is still the same since Friday whereas it's not like that with stanbic and the cowrywise screenshot shared

Thanks for the clarification. I've noticed the weekend thingy is a pandemic across these fund managers. Norrenberger and a couple I've come to know don't post on weekends, until Monday morning.
That bit about ARM being sluggish with accts upgrade is 100% correct.

IllRatherNotSay:
Cowrywise.

I mean is this a mutual fund in cowrywise or what precisely?

IllRatherNotSay:
1. Quite seamless.
2. Absolutely.
3. No endorsement.

What's the name of that investment product on Cowrywise?

nickae:
Seems we go port to this one...Arm is stressing me

I was looking at significantly increasing my investment with them but these calculation stuff I keep hearing about them is giving me second thoughts. You mind sharing precisely what the issue is?

Neurotika:
I get your point on the management fee, but a 1–2% annual charge pro-rated quarterly basically has negligible monthly impact. The “consistency” feels a bit too neat…especially for an environment where returns are meant to compound at monthly intervals and underlying assets have non-uniform variations. When they’re smoothed out like that, it raises questions about whether the daily rates are actually reflective of market dynamics or just part of a controlled payout strategy. Nothing is being expressly implied here but nothing is impossible either. Never stop questioning regardless….

interests aren't compounded MONTHLY for most of these guys. I only know of Stanbic. You might want to double-check with the ones you are in business with and do raw calculations rather than romance conjecture. I like facts since numbers don't lie. This is why I go direct with these fund managers when asking questions.

IllRatherNotSay:
These are all probabilities. I need real answers.
Let me show you what transparency and accuracy look like:

I have wondered why these silly fund managers never provide a detailed daily posting of interests in your account transaction history like this. All they just do is display accrued interest without showing workings, leaving you to deal with the calculator everytime.

Neurotika:
Investors should really keep an eye on these things more. Personally, I’ve noticed flat returns for the past three months on a fund that’s supposed to compound monthly. I get that rates can fluctuate, but the variation doesn’t seem enough to justify the stagnant performance. Sometimes it even feels like the rates are being simulated to hit a preset target from their end. Sadly, we don’t have full visibility….

Don't forget something called "management fee". It's applied quarterly and I noticed these fund managers are really bad at communicating minute details like this.
The fee is often between 1 - 2% yearly which is pro-rated quarterly and deducted before interest payouts.

IllRatherNotSay:
May I know how you came to that conclusion?
Do a real calculation with the provided information.
((45,099,857.22 x .22)/365)*3 = 81,550.43.
That's me being conservative.

how much precisely is missing though? I am really interested to see how this case unfolds.