uwaifou:

FBN quest is 22.60% :-

alezzy13:



Sigh 😔 Once I saw your message I was willing to bet my dollar it was GT.

It's amazing - sadly so - how GT just dey fall hand.

Because of the exact scenario you painted, I stopped using them for TB. I just got tired of thier nonsense. Mind you this a bank I used for over 15yrs now, and they were certainly not like this.

I really don't know if it's thier current crop of account officers or they still reeling from effects of the last upgrade. 😔

Macktaob:

...till I splurged half of the funds on Detty December spree....

alezzy13:



Sigh 😔 Once I saw your message I was willing to bet my dollar it was GT.

It's amazing - sadly so - how GT just dey fall hand.

Because of the exact scenario you painted, I stopped using them for TB. I just got tired of thier nonsense. Mind you this a bank I used for over 15yrs now, and they were certainly not like this.

I really don't know if it's thier current crop of account officers or they still reeling from effects of the last upgrade. 😔

Kindheartedd:


Oh no, he asked which I finally used. Gtbank didn't mess up with me.

Bennycollins:
Hi esteemed forumites.
I need help from those that know.
Zenith bank subscribed me for 340+ days Tbills at the rate of about 19+ % . I had chosen 22% rate in the form with instructions that any thing less should not be accepted to me, but the did everything without consulting me.
So I applied that the investment be cancelled.and the have kept back 309k as penalty, according to the Operations Head. Principal amount was 10m and 1703000 had been credited as upfront.
How do I handle this, as 300k is too much for me to lose like that.
Thanks

Allboiz:


I had to copy CBN in my mail today and they started calling me. My money is back. Very wicked people using our money for their needs.

DAramis:

Drop the cbn mail for knowledge purpose. Might come handy in the future over certain issues with bank.

digitalinvestor:
Hello Nairalander,

Has anyone invested with DLM Capital Group Limited before, and what was the experience?

DLM group is in the market to raise ₦5 Billion Series 1 (Tranche A and Tranche B) Commercial Papers (CP) Notes under its ₦20 Billion CP Issuance Programme.
180 days discount rate of 24.6028% yields 28%, and 270 days discount rate of 25.2173% yields 31%

The Group is rated ‘A1’ (Short-Term) by DataPro, and ‘A3’ (Short-Term) by GCR Ratings

Joyful365:


You're not supposed to lose anything apart from 30% of accrued interest and any transaction fee charged by the bank.

Using 19% and 10,000,000 for 340 days;

U would have been debited around N8,100,000 while + or - N1,900,000 is your upfront interest payment.
Exactly. Sometimes I wonder if Nowadays banker even go to school
around 5588 will accrue daily for 340 days to make around 1,900,000 and at the end of one year, 10,000,000 is supposed to be paid back to you.

Since you cancelled the transaction early (within 24 hours), around 8,090,000 is what should be returned back to you, taking cognizance of whatever transaction or processing fee charged by your bank because no interest has accrued on the investment.

30% of accrued interest is charged if you liquidate your treasury bill before 30 days minimum holding period.

In your 10,000,000 treasury bill amount with 8,100,000 deducted and around 1,900,000 paid as interest for 340 days, the daily interest is around 5588.

If you hold for 5 days and decided to cancel the treasury bill, 27,941 will be the accrued interest... 30% of 27,941 will be deducted as penalty charge... The rest will be added back to your 8,100,000 and credited to you. Bank will remove their processing fee.

I hope this is clear. Don't allow any useless bank steal your money especially when they don't know how to liquidate the treasury bill early but foolishly go sell it off in secondary market at a discounted price.

In any case, go back to your bank and sit down with the operations manager or whoever gave you that cock and bull story and demand for your money or tell them you'll report the matter to CBN, EFCC and DMO and take them to court.

Joyful365:


You're not supposed to lose anything apart from 30% of accrued interest and any transaction fee charged by the bank.

Using 19% and 10,000,000 for 340 days;

U would have been debited around N8,100,000 while + or -
around 5588 will accrue daily for 340 days to make around 1,900,000 and at the end of one year, 10,000,000 is supposed to be paid back to you.

Since you cancelled the transaction early (within 24 hours), around 8,090,000 is what should be returned back to you, taking cognizance of whatever transaction or processing fee charged by your bank because no interest has accrued on the investment.

30% of accrued interest is charged if you liquidate your treasury bill before 30 days minimum holding period.

In your 10,000,000 treasury bill amount with 8,100,000 deducted and around 1,900,000 paid as interest for 340 days, the daily interest is around 5588.

If you hold for 5 days and decided to cancel the treasury bill, 27,941 will be the accrued interest... 30% of 27,941 will be deducted as penalty charge... The rest will be added back to your 8,100,000 and credited to you. Bank will remove their processing fee.

I hope this is clear. Don't allow any useless bank steal your money especially when they don't know how to liquidate the treasury bill early but foolishly go sell it off in secondary market at a discounted price.

In any case, go back to your bank and sit down with the operations manager or whoever gave you that cock and bull story and demand for your money or tell them you'll report the matter to CBN, EFCC and DMO and take them to court.

Odunharry:
Next wednesday is treasury bill primary market auction.

Kindly reach out to your bank early and give a clear instruction.

You can reach out to me also lets open an investment account with you and bid for you.
09070058289(WhatsApp/Call)

drealj:
Exactly. Sometimes I wonder if Nowadays banker even go to school

uwaifou:
Pls does anyone knows the cost implications of stopping treasury bills after ten 10 months?

I invested one million /365 days tenor.

How much will it cost if am stopping it after 10 months?, interest was 24.3% when i bought

Adewunmibaba:

How does this stuffs work?

Fynebouy:
Hello please can anyone help me. My partner invested in TB through firstbank. Asked that the interest be paid upfront and reinvested. The receipt from FBN states only the original sum and nothing abour the interest or its reinvestment. She has been trying to get information on this interest but nothing is yielding. How should she address this with the bank?

Grateful for someone to provide clarity please

Fynebouy:
Hello please can anyone help me. My partner invested in TB through firstbank. Asked that the interest be paid upfront and reinvested. The receipt from FBN states only the original sum and nothing abour the interest or its reinvestment. She has been trying to get information on this interest but nothing is yielding. How should she address this with the bank?

Grateful for someone to provide clarity please

Joyful365:


You're not supposed to lose anything apart from 30% of accrued interest and any transaction fee charged by the bank.

Using 19% and 10,000,000 for 340 days;

U would have been debited around N8,100,000 while + or - N1,900,000 is your upfront interest payment.

around 5588 will accrue daily for 340 days to make around 1,900,000 and at the end of one year, 10,000,000 is supposed to be paid back to you.

Since you cancelled the transaction early (within 24 hours), around 8,090,000 is what should be returned back to you, taking cognizance of whatever transaction or processing fee charged by your bank because no interest has accrued on the investment.

30% of accrued interest is charged if you liquidate your treasury bill before 30 days minimum holding period.

In your 10,000,000 treasury bill amount with 8,100,000 deducted and around 1,900,000 paid as interest for 340 days, the daily interest is around 5588.

If you hold for 5 days and decided to cancel the treasury bill, 27,941 will be the accrued interest... 30% of 27,941 will be deducted as penalty charge... The rest will be added back to your 8,100,000 and credited to you. Bank will remove their processing fee.

I hope this is clear. Don't allow any useless bank steal your money especially when they don't know how to liquidate the treasury bill early but foolishly go sell it off in secondary market at a discounted price.

In any case, go back to your bank and sit down with the operations manager or whoever gave you that cock and bull story and demand for your money or tell them you'll report the matter to CBN, EFCC and DMO and take them to court.

Fynebouy:
Hello please can anyone help me. My partner invested in TB through firstbank. Asked that the interest be paid upfront and reinvested. The receipt from FBN states only the original sum and nothing abour the interest or its reinvestment. She has been trying to get information on this interest but nothing is yielding. How should she address this with the bank?

Grateful for someone to provide clarity
please

RayRay06677:


You cannot pay upfront and reinvest same interest.

When was this instruction given, if failed bid, it will remain unchanged.

The masters can add more insight

freeman67:


I think that's where the issue is.

What is obtainable that I know of is to ask them to reinvest the interest with principal at the initial point of subscription. However telling them to reinvest upfront after it's paid will mean them investing the principal in the primary market and maybe reinvest the interest in secondary market or in the next auction.

That said, I have always adviced like @enque said above that whenever one is in doubt, the best thing to do is to request for the certificate/proof of investment. Which is what carries all the terms of your contract with them. Infact even if you are not in doubt, you need to have it. So he should ask for it.

freeman67:


Like someone said above, you have done the right thing. Thank God you have 2 accounts, the initiative and swiftness to do that.

The problem actually is that some accounts officers need your money always to remain in your account for them to meet personal targets set for them by the bank. They also prefer that you should do a fixed/term deposit with them too instead of moving the money to TB. So when it comes to TB, they try to frustrate your efforts so that the money can remain there.

Fynebouy:
Thank you very much. Actually they did not provide the proof of investment hence the confusion. She will ask for it.

Another question please: is there 30 days TB?

alezzy13:


Well better late than never. But this something almost every other firm has been operating since