just2endowed:


253days ands 253 days different rate

realjidejamal:
Here is the terms and conditions stated in the proof of payment given to me.

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realjidejamal:
Here is the terms and conditions stated in the proof of payment given to me.

emmanuelewumi:


Why Union Bank? I also saw withholding tax on the offer letter.
I think your bank scammed you.

Premature termination of Treasury Bills can be done in order to diversify into other juicy investment and not for emergencies..

Instead of investing N1 million and terminate under 2 weeks, don't you think it would have been better if you invested a lesser amount so that you can have funds to take care of emergencies or you have different sources of income if you must invest all the available funds at your disposal.

realjidejamal:




Sorry to bore you with my long epistle it's just crazy

realjidejamal:




I understand you bro. You are right about that though but it wasn't planned. This is my 3rd investment with Union Bank. I did 750k in match this year for 183days and it matured October 6th so I added more funds to it and reinvest it for 176days incase i am in need of cast early next year while I still have 306days and 333days with them that's will mature by July and August respectively. I still have the 50k out of the interest paid into my account last week. This need is just Emmergency and it's whole lot that's why I'm consideriig terminating. You have a valid point and I was thinking about it before I invest but I never knew this will happen in just 6days of investing. It's so sad and I'm mad at myself as we speak. I went to the bank today and the guy was surprised and said what you just did last week, but wetin I go do now. He told me to come early tomorrow morning. They deducted #253 for the withholding tax. What do you think the condition is saying pertaining to what I stand to loose?

And also why I chose Union Bank was mainly because I have been banking with them for years and this is also not my first tb. I have been trying to get a valid Id to get open an account with Stanbic and First, I got my temporary driver license just last week and I was at stanbic on Tuesday to open a new one after none of my Id is working, but they guy told me they can't and if they used it to open an account for me the limit will be 100k and I told him I'm opening this account mainly because of tb so he urge me to go and get international passport which I know will cost me another 20k after spending 18k on a new driver license. So I decided to settle for my bank since the rate is still reasonable a lil. That's my story oo. I will go tomorrow sha cos I went there late today.

Sorry to bore you with my long epistle it's just crazy

dotcomnamename:


In that case if that is what the bank told you, then 25% of N68,000 is N17,000. Which means if you terminate your investment before maturity date you will only earn N17,000 as profit excluding your capital. I stand to be corrected by other TB gurus! All the best!

yemioke:
please somebody help, if i invest 2m at the rate 16%, for 365days, what will be my ROI.

realjidejamal:




I understand you bro. You are right about that though but it wasn't planned. This is my 3rd investment with Union Bank. I did 750k in match this year for 183days and it matured October 6th so I added more funds to it and reinvest it for 176days incase i am in need of cast early next year while I still have 306days and 333days with them that's will mature by July and August respectively. I still have the 50k out of the interest paid into my account last week. This need is just Emmergency and it's whole lot that's why I'm consideriig terminating. You have a valid point and I was thinking about it before I invest but I never knew this will happen in just 6days of investing. It's so sad and I'm mad at myself as we speak. I went to the bank today and the guy was surprised and said what you just did last week, but wetin I go do now. He told me to come early tomorrow morning. They deducted #253 for the withholding tax. What do you think the condition is saying pertaining to what I stand to loose?

And also why I chose Union Bank was mainly because I have been banking with them for years and this is also not my first tb. I have been trying to get a valid Id to get open an account with Stanbic and First, I got my temporary driver license just last week and I was at stanbic on Tuesday to open a new one after none of my Id is working, but they guy told me they can't and if they used it to open an account for me the limit will be 100k and I told him I'm opening this account mainly because of tb so he urge me to go and get international passport which I know will cost me another 20k after spending 18k on a new driver license. So I decided to settle for my bank since the rate is still reasonable a lil. That's my story oo. I will go tomorrow sha cos I went there late today.

Sorry to bore you with my long epistle it's just crazy

beyolah:



What would be the cost of liquidating the one of July or August [i.e if the amount is up to what you need] ?
Compare and see which you prefer.

TONY56:



I really understand your plight.
I have responded that what is written in the agreement is that you will lose 25% of the interest you already collected which is 25% of the N68,000 that was paid to you upfront. i.e only N17,000.

You will also have to pay back the interest you earned for the 176-6days which you were paid believing that you won't terminate it until maturity and that is: N68,000×170/176 = N65,681.81

Apart from that, they will also deduct little sundry charges which I think won't be up to N10,000

Balance that will be paid to you out of your N980,000 = N{980,000- 17,000-65,681.81-(let's say 10,000)-253 (withholding tax} = about N887,065.

You are therefore likely to lose about N92,253 or there about for terminating it after 6days.

BUT your net loss is actually N92,253 - N68,000(which was paid to you upfront)= N24,253

TONY56:



I really understand your plight.
I have responded that what is written in the agreement is that you will lose 25% of the interest you already collected which is 25% of the N68,000 that was paid to you upfront. i.e only N17,000.

You will also have to pay back the interest you earned for the 176-6days which you were paid believing that you won't terminate it until maturity and that is: N68,000×170/176 = N65,681.81

Apart from that, they will also deduct little sundry charges which I think won't be up to N10,000

Balance that will be paid to you out of your N980,000 = N{980,000- 17,000-65,681.81-(let's say 10,000)-253 (withholding tax} = about N887,065.

You are therefore likely to lose about N92,253 or there about for terminating it after 6days.

BUT your net loss is actually N92,253 - N68,000(which was paid to you upfront)= N24,253

RealityShot:

65,681.81 from where?

he got 68,000 interest..
they say 25% FLAT CHARGE on INTEREST EARNED.

No LOSS here.

realjidejamal:


You are right on the bolded point above. Banks can be a lil cunning sometimes. I won't know what really hit me until I got the credit alert. How I wish!

I also think they should take only 25% on interest earned, since it was stated as the flat charge. But other charges is what I don't know. Aaargh

Can't even sleep cos I have turned to a mathematician doing stupid calculations, but sadly I still have to terminate it, or go for my other options if that is wise enough.

I can still take the 17k but what if?

Thank you sir!

RealityShot:

65,681.81 from where?

he got 68,000 interest..
they say 25% FLAT CHARGE on INTEREST EARNED.

No LOSS here.

freeman67:


If this your TB is sold back @ the same 14% bought you will not loose money..
Look @ it this way.. You said the upfront given to you is still in your account...So wen sold and added your money will be complete.
The penal charge is 25% of the interest...forget about the total days of 176 you apply you have just invested for 6-7 so interest should be calculated base on that not on the whole 176 day.

Infact you should av some small change on top except the commission, transaction charge, VAT on commission & withholding tax consume am.

However, if your bank decides to sell to other customers or buy from you @ a rate more than was sold to you like say 15-16% then you may loose some amount.

emmanuelewumi:


He can't have small change, the interest he would have earned for the 6 days can never be up to 15k. The bank will prorate and debit whatever he earned based on the fact that they believed the investment will run till maturity from what they will pay him.

If not anybody will invest a million for 364 days at 16%. Earning 160k and then terminate after 6 days and lose just 40k which happens to be the 25% of the upfront interest.

feelamong:
TREASURY BILL AUCTION 1/11/2017


91 DAYS ----13.1%

182 DAYS -----15.20%

364 DAYS -----15.6%

emmanuelewumi:
Just got 56 days at 16% from First Bank.

Investnow2017:


Oga Emma, just one question. In case one has up to N50m and one needs to participate in the next auction, and you think you can get a better rate, with whom can one negotiate? With your bank?

realjidejamal:




I understand you bro. You are right about that though but it wasn't planned. This is my 3rd investment with Union Bank. I did 750k in match this year for 183days and it matured October 6th so I added more funds to it and reinvest it for 176days incase i am in need of cast early next year while I still have 306days and 333days with them that's will mature by July and August respectively. I still have the 50k out of the interest paid into my account last week. This need is just Emmergency and it's whole lot that's why I'm consideriig terminating. You have a valid point and I was thinking about it before I invest but I never knew this will happen in just 6days of investing. It's so sad and I'm mad at myself as we speak. I went to the bank today and the guy was surprised and said what you just did last week, but wetin I go do now. He told me to come early tomorrow morning. They deducted #253 for the withholding tax. What do you think the condition is saying pertaining to what I stand to loose?

And also why I chose Union Bank was mainly because I have been banking with them for years and this is also not my first tb. I have been trying to get a valid Id to get open an account with Stanbic and First, I got my temporary driver license just last week and I was at stanbic on Tuesday to open a new one after none of my Id is working, but they guy told me they can't and if they used it to open an account for me the limit will be 100k and I told him I'm opening this account mainly because of tb so he urge me to go and get international passport which I know will cost me another 20k after spending 18k on a new driver license. So I decided to settle for my bank since the rate is still reasonable a lil. That's my story oo. I will go tomorrow sha cos I went there late today.

Sorry to bore you with my long epistle it's just crazy

emmanuelewumi:


He will lose, apart from the fine. He would also lose the interest earned which would prorated for the 7 days he invested rather than the initial 170 days or thereabout which he signed for.

His bank also charged him withholding tax on Treasury Bills, apart from Union Bank, which other Bank does that? Maybe I am missing something.

feelamong:
TREASURY BILL AUCTION 1/11/2017


91 DAYS ----13.1%

182 DAYS -----15.20%

364 DAYS -----15.6%