₦airaland Forum

NL1960:
I have never downloaded the statement.

When you first made this complaint, i decided to track mine. So on the morning of January 31, 2024, i took a screen shot of my dashboard and did a mental calculation of the daily interest and the likely figure to be credited. On February 1, i checked again. What was credited was higher than the amount when i took the screen shot which means the one day interest of January 31 was added. Did not bother to start tracking to decimal places because the rate used daily is not always specified.

It's better you download your statements from the web and keep. It may come in handy whenever you have the time to check.

Even though daily interest is not always specified amount added monthly is specified. That amount should tally to the previous amount you had if summed up or a reason should be provided for why it doesn't add up in the statement.

I just had to add the screenshot for avoidance of doubt but I will take them down now.

NL1960:
How did you track this?. Interest is posted on the first day after end of month. If you check your statement during the day of the end of month, one day interest is not yet calculated.

Before, I used to open my app almost everyday except the days I extremely busy. I did that through December and noticed that the interest that was displayed throughout was debited but not credited. My balance was reduced. Thus, I complained to them and they rebuffed my complaint with the claim of mistakenly posting interest to all MMF accounts twice for December so they had to deduct it. Which was false, because I was very sure of what I was saying. That period, I wanted to make a deposit and had to observe to see that all was normal from their December - January end of the year balancing before I deposited to avoid issues.

Also, I noticed that after my complaint they made adjustments to statements on the app. Before, every end of the month, it will be indicated that your interest was debited with the - red sign and credited with green + sign for people that choose reinvestments of interests. Immediately after the complained I noticed that all the debit was removed and the last debit was corrected to credit.
Thus, I insisted on what I believe/observe then they asked me to bring a proof but I couldn't because the one I had was in their hands and they have altered it. So I deliberately decided to start keeping statements.

After the back and forth, I downloaded the Statements for my accounts from Inception from their website reflecting my balance on the 31 of December 2023.

On the 1st of February I open the app and discovered the interest for January has been credited. So, I downloaded the statement again, I wrote out my balance from 31 December 2023, added the amount I deposited and the amount they posted/claimed that they credited as interest. The was no indication that they debited any and it didn't add. I did it with my other account and I discovered it same. The money taken might be significant because the money is small but I hate being scammed by those I entrust funds to.

You can check the attached screenshots for confirmation.

chukzyfcbb:
The thing is the rates swing easily in MMF.
Yes it's 19% now, next two months it could drop to 15% and subsequently to 12% affecting the total profit

Whereas an investor in tbills will lock it down for the year

Apart from that, in TBill you are very sure of the final/quoted rate and charges are clearly spelt out. In some MMF what they claim to add is actually not the case. They take advantage of people not monitoring to post fictitious interest and credit your account with a lesser sum.

I noticed this last December and decided to start keeping statements to follow up and after this January, I can confirm to you that the interest amount they (especially Stanbic) always to post is not complete.

IYGEAL:
GSK don stain our white finish

I'm just curious though; I got my long awaited alert this morning but it's incomplete, say about half of what it would have been (I'm aware it's about 15.xx naira).

Did those who got paid get theirs paid in installments or should I be concerned?

Yes, I just got paid and it was complete.

Are you sure it's not through different brokers you bought the shares? If it is, then maybe it's credited according to how you got it.

If you register for CSCS access, check to be sure your number of shares is exactly what you know/believe it is. If you don't have the access, first thing tomorrow morning request for your broker to send you your CSCS statement before GSK is later deleted from your account.

It might also be that you are being credited in batches according to how to got it.

NL1960:
@freeman67.

Were you able to resolve this issue and also how was that of this January ending?. Mine was credited for January ending.

No, it wasn't. They insisted they have added it. So, I had to let that one go for my own peace of mind.


Like I said earlier, I have decided to start downloading and keeping my statements. I did that for end of December and for January after it's been added. I discovered the profit/interest they posted or claimed to add is not complete.

I used Asset Management Companies. The 2 others are FBNQUEST and United Capital. I have never had any discrepancy with the interests posted and added by these other except Stanbic.

Stanbic used to be my best/favourite of them all... I was on the verge of moving my pension from my present PFA before I discovered this. So, I now know I should not try that.

I operate 2 MMF accounts with them. The 2 have these discrepancies of figures not adding up in their favour.

The "would you try" na for people wey never try am before na. I have actually tried all and nothing is weird about them.

manwomanok:
Thank you for your reply, for clarity shake, are those three 10 years going to expire in 10 years or different years as stated

since it re-issues, are we going to get the stated yield (rate) as a new buyer

Thank you

Those 10 years will expire as stated all of them have already started counting since the first auction. The 1 for 2027 is already remaining just 3 years.

manwomanok:
pls explain reason for the different rate when all are on 10 years period

3 were originally 10 years and 1 15 years. The 3 of the 10 years were issued at different times and different auctions. The outcome/rates arrived at for those 3 auctions are different.

Streetinvestor2:
Oga Emma abeg explains this as simple as possible
If I decide to go for the first offer. Does it mean I will be paid 16% plus and to be liquidated by 2027 which is next 3yrs though I am seeing 10 yr re opening. And this applies to the remaining offer

First, the 16% there is the already set coupon price/biannual interest price. However, your yield could be more or less depending on what is decided at that auction.

Yes 2027 is 3 years from now. Since it's 10yr bond, it means the bond was first auction in 2017. The word reopening there signifies that it's not fresh. It has been existing.

Yes that applies to all of them where you see reopening.

DonationWorld:
Thanks for your response, I just want to know, has there been any case of a company defaulting on commercial papers in Nigeria, I have done some online research but have not found any

This seems to be their first CP issue. As you can see, it's series 1 and 2. However, they are not the only one involved in arranging the CP. There are about 3 other firms assisting them as arrangers so I presume due diligence must have been done.

Bongadu:
I've tried to be friends but she won't agree

Sending her money , she refuses


Buying gifts for my daughter, she says no

You don't need for her to agree to it at first na. There is a problem that is yet to be solved. Which being friends is another issue entirely as they may even be another man there now. Look for how to heal the hurt first.

You can only say she refused if you got her number and send what you wish to send and she send it back.

You don't have to ask her before buying gifts for your daughter na. You know her age. Try and start visiting your daughter. When going, buy what you desire to buy for her and leave it there. Even if they chase you away. With time, the hurt will fade away and you will reconcile with them.

Bongadu:
I impregnated my ex girlfriend when I was young and relocated because at time I was young and stupid, I gave her money for abortion but she disagreed on removing it , so I had no choice but to flee as I was irresponsible and poor
My ex girlfriend put to bed months after I left and raised the child living with her parents
I relocated back last year December , I'm trying to get back with my daughter but my ex won't let me be near me even I want to take responsibility and care for my daughter
She's getting me frustrated, I'm thinking of suing her for not letting me be a presence in my daughter's life

Suing her is not the right way to go considering that you ran away when you were supposed to stand. Just try and appeal to her conscience more than you have done. If possible start visiting her parents house if you haven't done that. You can intimate your own people and begin to go with them too. Make sure the elder you will go with is wise. No go fight there ooo. It won't be easy at first but eventually when they see your seriousness, they will have a change of heart. It will be better if you guys can peacefully resolve it as she will still be the mother to your daughter.

One bad thing with crime is that the more the perpetrators succeeds, the more confident they'll become to do more as their mind will be telling them they have outsmarted everybody but eventually that will lead them to their doom.

There is nothing important that they use the money for other than buying more guns, drugs and blasting on women. Then when caught at the end, they'll be begging like sissy. Cowards!!! if they are so sure of themselves why didn't they attack their victims without arms?

Yes it is trackable but the tracking details should not be for public consumption. Let the professionals handle it.

emmasoft:
I'm sure they would have resumed fully because the Lagos office is fully operational and customers who need to visit the physical office can walk in and be attended to.

Will try and check them whenever I am chanced. Thank you.

ponkitibobo:
Dear nairalanders, i need your sincere advice on this issue. I am the overall manager of a company. My boss ( the owner) uses divide and rule system. He likes people snitching on others. He has adviced me as the manager to adopt same system to get information about what's happening.

My concern now is that he doesn't probe me to speak about others but he probes others to speak about me. So far so good no scandal has been reported against me. I live above board with the fear of God to the best of my ability.

Each time he will tell me the workers said i dont take suggestions, i am harsh with them when they suggest. I know this is a lie on the part of the workers.

This is where i need your advice: should i confront my boss and ask why he is doing that. Why is he using them against me and not me against them.

This attitude is frustrating me. He is always confronting me with their very sentimental and subjective opinions. Meanwhile non is able to say any serious evil against. I know if they see they will definitely tell him . But non as at today.

Should i quit the job or just ignore

How are you sure that what he is telling you is not a ploy to get you to talk about other staff too. Moreover, no one is 100% perfect. If you check the complaint and see that you are stiff with your decisions, then you try to make it a little flexible. That's all.

emmasoft:
@freeman67, this is well-detailed feedback. I wish you could visit the physical office.

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.

I never have them because I know how to exhaust the old one before opening a new one. It easier with bathing as the sponge will help you hold while using.

emmasoft:
@freeman67, apologies for all the inconvenience. I know you are very objective when it comes posting stuffs here. Actually, from my end, everything seems okay. The reinvestment of interest was done 31st of December, I guess the issue is in some accounts and not general.

However, I will escalate as much as possible though it's a bit difficult because I can't be specific since some of the information I need to be specific can't be shared in a thread like this.

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:
Boss what is happening am a novice I want to start investing in mmf but am scare now what is happening now people are complaining about stanbic do stanbic defraud them am lost here

The complaint should not deter you. It's a way of giving feedback about services or situations we are not very pleased with the hope that they'll effect some change for better service delivery. That said, if they don't change. There are always alternatives so it should not stop from doing what you plan to do.

Akerewe:
Av bn trading with Stanbic bank but recently I don't understand them again. The last time they lost their FGN bond bid in December nd dey couldn't buy FGN bond for me in the secondary market by posting me for a week after I choose the tenor I want from available list sent to me nd I even fund my stockbroking account. My account officer number is switch off since December 15th 2023 till now nd I can only bid tru him in the primary market nd yet they didn't change him for me after several calls and mails.

Is there any alternative or chance with this meristem? What's are the dos and don't with meristem? How secured are they? Pls walk me through this meristem stuff.

If it's for secondary market, you can just download Standard Chartered Bank mobile app. Theirs is a DIY process if the app is well and completely setup. You only challenge might be getting the rate you want.

bfn1:
FBNQuest stands out for consistent dividend payments with a user-friendly app, in my opinion.

On the contrary, Stanbic has a history of payment failures. I've personally experienced this 2 or 3 times, with instances of dividend reinvestment without instruction.

They sent out an email last week, apologising and promising payment by January 8th (yesterday) which they still have not done as at the moment of making this post.

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 separate like FBNQUEST and United Capital. Then pay it out/reinvest it monthly if that what you desire.

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

This is the number I called 0 1 2 8 0 5 5 9 5, it's a landline and it's like MTN customer service where sometimes you will call and wait while they play you their commercial till it's picked. You can use it if you wish but I am not sure any serious explanation will come out of it. Just start keeping records ooo

freeman67:
My reinvestment instructions has been from day one and all through 2023 it was reinvest without me asking. It means I will have to contact their customer service then.

Thank you.

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.

https://www.nairaland.com/7961151/total-war-against-name-checkers

I am happy to inform the house on the above. Henceforth, whoever intentionally or unintentionally do in because it's already in their blood will be banned.

I appreciate Seun for this. It will at least preserve the sanity of the thread.

JEmma1:
Has everyone used Optimus app by afrinves, I’m just download it but yet to be approved

I once downloaded it before now but wasn't using before the phone was stolen. So last December they called and was asking when I will start using it. I told them it's this year. So maybe I will consider it later.

emmasoft:
No mind GTCO Asset Mgt. They think say banking and asset mgt na the same. Instead of them to keep good hands and strategies from IONE them they do over sabi see where it landed them.

For Stanbic, I think the instruction to reinvest has not been effected because reinvestment of interest was done on 31/12/2023 for investors who already have reinvestment of interest running. The delay in bank credit is mostly likely between the custodian bank and the registrar since your in-house account has already been deducted.

My reinvestment instructions has been from day one and all through 2023 it was reinvest without me asking. It means I will have to contact their customer service then.

Thank you.

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.

Died protecting Critical National Assets. A National Hero in deed, he deserved to be honoured. May his soul rest in peace. May God grant his family, friends the NSCDC the strength to bear his loss. Amen

OFunke24:
I feel so tired of being a first daughter. It feels my life is full of running errands and doing things for everyone but myself. I feel like a servant. I don't know who I am or my what I want to do in life. Im at home all day doing nothing but serving others. I feel so sad and tired of it whenever I remember I will still have to do it all again tomorrow not knowing when this will all end.

I see my siblings moving forward in life and I only have a Highschool certificate. My father didnt train me in school and frustrated all my mother's attempts to further my education. Yet all my siblings were put in school. I don't even have the time or mental space to run a business.

I want to leave and be on my own. I want to be able to hear myself. I want to wake up in the morning not thinking of what others will eat or errands that need to be ran. I don't want to think of lunch or dinner or worry about anyone else but myself. I don't even want to hear my name because it is always followed by one request or the other.

This holiday season I kept on thinking about how much I didn't want any family or guests to come visit because it would only mean more work for me. I would be the one living in the kitchen running around like a maid. It makes me feel so ashamed and less than. When people at home remember my running around they then start with the praises "Oh what would we do without you?", "Our second mother." "So hard working, what a strong girl." I don't want any of those praises. They make me feel worse because I don't do any of this by choice. I don't care for compliments for something I have no option but to do. Would any of them still say good things about me if I decided I was tired of living like this, of being at their beck and call? I want to be left alone. Because of these feelings I don't have any desire to have children. The thought of living like this again taking care of children makes me sad and I feel tired at the thought. I feel drained physically, emotionally and mentally. Sometimes I wonder if this is how it feels for all children and if I am just not cut out for this.

In Nigerian settings, it's a normal thing. This happens always especially if your siblings are still little but as they grow older, you should be taking a rest from some errand duties and delegating them. It's not as if it will end anyway. The responsibilities like looking out for everyone and even sponsoring some stuff in situations where parents are incapable and have the means will still be there but the errand stuff should and in some instances even be eliminated totally.

That said, what doesn't seem to be normal is your dad not making any attempts to send you to school and trying to twart all your mum's effort. If you have the guts, that's what you should discuss with him and your mum. It doesn't seem right. That shouldn't be the case except if he is suspecting your mum about something that has to do with you. So try and discuss that with both of them to at least get some facts before taking your final decision.

kolour:
Hi,

Has anyone noticed stamp duty charge upon credit to your stockbroking account?

Yes ooo. It has been like that with Morgan since like last year I think.

Blinkingbae:
Someone used my referral link on stanbic mutual fund to register but am not seeing it as part of my referral list. What could be the issue?

Na their way be ooo. That referral link na for decoration.

emmasoft:
Sometimes it's system glitch. It will still reflect if the link was used, you will noticed that your points would have increased.

Nooo. Stanbic IBTC Asset Management Limited is fund of that. Except for you guys that are working with them directly. I remember opening an account opening an account for a relation and putting my referral code in 2022. Credited the account with 1M and it became operational. Up till now, after 1 year it has not reflect even after sending them several reminders.

officialJP:
i wanted to go into wears business but the economy is not favourable

It's good to go for what you can and know how to do but in order of priority, food comes before cloths. So, you are likely to get more patronage from selling food items than clothing except if the area you choose is saturated with same kinds of business or your prices are excessive.