₦airaland Forum

freeman67:
Been a while I have visited the office branch. I opened the my MMF accounts from SIAML branch office in Abuja but the last time I wanted to do a transaction there immediately after COVID there was no body to attend to me. I ask by the bank staff to call instead.

freeman67:
Thanks for your response and readiness to solve our problems here always. You know I first made a post last week to see if it was a general thing or peculiar to me. Where you advised that it could be a lag with the them and the bank or something.

After that, I waited till the end of that week yet didn't hear from them. So on Monday this week, I called them to find out why and also to complain why the fund I sent was credited to a different account.

It was then they told me that they have already reinvested the interest, but the figures showing didn't add up. It was short of the deductions they made. So I insisted, then they claimed that they mistakenly added interest twice on 31st to all their MMF accounts and had to deduct all MMF accounts. That also is not correct because I monitored my account always and did that daily from 23rd to 31st because I wanted to top up and don't want to make the deposit and be stressed before it will be credited because of their end of year activities. Usually at the end of the month, on the app you will see the (Negative Red) deductions and reinvest interest of same amount for us that chose reinvestment and for others it will only be deductions because it's credited to their bank accounts. So, if it was true that they mistakenly credited accounts, you would have seen the credit twice and one debit and your balance will add up.

In this case, it didn't. All the while, from December 31st I only saw debit from my MMF accounts and noticed a reduction of same from my balance as against what it was earlier. I thought it was just a normal glitch that it would later be resolved and the reinvestments made.

All that while, my accounts were same that way till I complained on Monday then on Wednesday I opened my app and discovered the debit was corrected to credit without a corresponding increase in the balance and also adjustments were made to the app whereby no display of interest deductions before credit as it were again. Infact all previous monthly interest deduction before credit that used to be displayed was wiped out. So if everything was fine, why all the measures? They just discovered that lots of people don't have time to be monitoring investment accounts that's why they did it.

For some of us saying the web is more reliable than app, that's is not true. The app is more transparent, because on the app will see your daily increase at a glance if you have the time but on the web, everything is just lumped up so you can never get any serious clarifications from there.

When I insisted on being short changed they said that I should provide evidence unfortunately I didn't download the statement or keep screenshots because I wasn't thinking situation like this will come up.

So from now, I will try as much as I can to be keeping statements and screenshots weekly or at least monthly.

Mrluv:
what is sfs?

Oritna94:
Please I am new to this. I don't know which one to join. It seems SFS has a good enough review on their app in playstore. Which do you suggest I join?

enque:
Freeman67

I had this same issue with stanbic. I checked my balance on 31st night and then on checking again in January, I saw a totally different figure.
Downloaded the statement from the app, but it didn't contain the balances so it was hard to reconcile the figures. I had to log in to web to get a more detailed statement before I got clarity.

for now, I'm keeping a close eye on the account.
Doesn't even help that the app doesn't allow screenshots.

simplebb:
This is serious.
I’m yet to be paid till now also

Please can you provide the number I can call them on also.

FBN quest has paid since 2nd of January


What’s happening with Stanbic please ? @emmasoft

freeman67:
Good afternoon House, if you are using Stanbic IBTC Asset Management be sure to regularly keep your records and Statements of account, please. I log in to my app almost every day and I see what happens there always. I checked daily throughout the holiday period because I wanted to add to my subscription but I did not generate and keep the statements.

I discovered my that the interest on my MMF account was debited in on 31 December 2023 but not credited to my account or reinvested. I sent them a mail in that regard but they did not reply so I had to call them.

They picked my call and couldn't tell me anything tangible than it was they credited me twice and this had to debit me. When I informed her that same happened in my other MMF account, she said it happened to all their MMF account. I instead mine was not correct from my observation and she asked for the proof/evidence that I don't have.


Also, last week made a deposit that was to be credited to my MMF account last week, the money was credited to my GIF account instead. That was their mistake not mine. Instead of them to just say sorry and rectify the problem, the kept lying and insisting that I made the payment to GIF collection account that was they credited it there. However, the transaction receipt is with me. On the receipt, my MMF account number is clearly stated in the Narration space and I rightly sent the money to MMF collection account. Mistakes are normal but why would you lie and insist on something you are not sure about instead of just rectifying the mistake.

I used to enjoy their services but now, I don't understand what is happening with them now again. This year, I will be downloading my statement at least monthly to avoid all these stories.

KCnaira:



Good day all,
I have tried to follow this thread from a few pages back and i feel good finally adding my comment here with such passionate, legitimate money making investors such as yourselves.

After reading up, i wanted to start with Stanbic, FBN and Norrenberger in order of priority. With recent concerns about Stanbic i may just switch to Meristem.. My intentions are to do dollar investments only with the best bi-annual ROI available..

Ladies and Gentlemen @emmasoft et al
Kindly point me to the best ones to start for someone looking to spread just around 2k dolls??!!


special regards to the creatoer of this thread and emmasoft doing good job as well as other contributors.

freeman67:
First of all I was using Stanbic IBTC alone before I had to start using United Capital and FBNQUEST. The last two are more transparent in with their interest pattern.

Stanbic has always maintained a kind complicated and deceptive interest pattern that customers will never understand. Before they will say it was daily. Later, they say it's monthly. Yet, it is not separate from the the principal. If you want to be transparent why not put interest space and principal space separately like FBNQUEST and United Capital. Then pay it out/reinvest it monthly if that what you desire.

Accrued interest in Stanbic MMF can be seen as you login to the app. It's separate from your capital. At the end of every month interest is reinvested or the accrued interest is paid to your bank account at the end of each quarter if you opt of interest payment into your bank account.

KayOn1:
Still can't see it on Ngx disclosure board so it's probably not out there yet for "us".
How manage? Time we all have to start asking the right questions to the decision makers & demanding the right things be done!!!

* There has to be a standardization on Rights issue announcements, my opinion.*
Not one company backdating when their qualification date is, one saying for them qualification date is ahead & yet another ....

progressing:
Pls Ogas in the house
How does an existing shareholder participate in a 'right issue'

Thanks

KayOn1:
They submitted application on Jan 5th with qualification date also being January 5th?

bestbiz17:
As a beginner that wants to know the NGX market, where do I learn from, what resources do I need to get, and most importantly how to stay updated. Because your discussions is looking like magic to me. (Lol) . Your responses will be appreciated. Thanks

KayOn1:
How can the platform of a broker be down at this point?

@ Emmasoft
What are the requirement to get a license & ...

KayOn1:
How can the platform of a broker be down at this point?

@ Emmasoft
What are the requirement to get a license & ...

funkyprof:
Good evening house,

Please I was wondering, what are the best apps for trading on the NSE and NASD?

I am a newbie and just started following this thread keenly and would appreciate any help in understanding how the stock market and how to make informed decisions in trading.

freeman67:
GTCO Assets Management no be am na... They worst part is that they are not even willing to improve. Customer feedback for them is just something to be trashed.


Na wa for Stanbic ooo. They deducted my December Interest/Profit From my MMF since 3 days ago and up till now, it's not be added/reinvested as I instructed or even paid to my account if they override the instruction.

shizzy7:
Hello, Is the 9% rate for 90days per annum? I.e 90/365*9% or for the quarter.

Oyeleye101:
I was told to fill an indemnity form. Anyone filled that form before? And does it have any bad consequences?
I'm worried because I just wanted to change account details and they asking me to fill indemnity form

DonationWorld:
Same problem I have with them, plus their staff and IT service is grossly incompetent, to withdraw your money will become a problem and the customer service will not pick calls, they will allow your credit run out

I am using SFS Funds but their rate is too low (11%)

enque:
Gtco claims that their mmf is at 13.51% as at Jan 2nd.
My issue with them was no app to monitor investments

Skudi:
Pls how does gtco mmf work and if I invest 800k how much will I get after a year?

emmasoft:
Yes. Normally within the first week of a new quarter all accounts are balanced with reinvestment and interest payment concluded while the accrued interest is posted.

Just be patiently the needful will be done. There is nothing to worry about.

DonationWorld:
Will SFS Funds pay Quaterly Dividends this January? I am asking because they are not showing any signs of remitting money

enque:
They will before the end of the week..abi? @emmasoft

Mpeace:
This greenwich registrars are just so effective. I tried mandating my glaxo shares for edividend, and filled the form. Upon submission, they informed me that they had already mandated it using my cscs account.

Allboiz:
Good day everyone

I invested 25k in ucap equity fund last Thursday to test the waters since the interest rate for their equity fund is 44.53%.

I opened the account today and saw 24800, which is loss.

Would you advise I withdraw my remaining fund or be patient?

Godspeed0:
too poor i was expecting something like 100k risking 1 million for 9k is not encouraging

Godspeed0:
you mean i would get 9k every month

Mrluv:
how much would i get at the of the month id invest 1 million in mmf

JEmma1:
Please what the interest on dollar funds, I’m considering starting one, and what’s the administration fees like ?