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I thought as much..Do they have any right to purchase it on one's behalf as against the rate that was written in the form? He clearly followed the secondary market rate for that day. From the look of things, the ladyvwgo logged it in the computer must have made a mistake.. Let's wait for the certificate first.

Acidosis:
He was charged at the rate of 11-11.3%

He was specifically told it was 13% for 91 days and this was what he filled in the form. No problem. He will get the certificate tomorrow and I will come back here to update the house. I knew about 20k was missing from the balance if he was actually charged 13%....Infact if at the end of the day he was charged at 13%, then this will be serious war with that bank...

Do they have any right to invest at a lower rate when the lady said the rate for that day was 13% and this was what was written in the form?

5,010,654.05 was the Account Balance before the Tbills purchase. If you add the deductions (debit alerts)
as shown in the bank statement after the Tbills purchase, u will notice it is 5,010,654.05...so basically they purchased it at a lower rate.

Like you suggested, let's get the certificate first. I will update the house

freeman67:
@gogedda First of all you have to get your proof/certificate of investment to know the exact rate of investment he was given. They have to be an explanation for that in the proof if not what my own crude calculator is saying is that the what was left for you as upfront is not complete.
Account Balance = 5,010,654.05 - Amount invested 5,000,000 = Balance =10,654.05

Investment amount : 5,000,000 ÷ 100% = 50,000
50,000 x 13% = 650,000
650,000 ÷ 364days = 1785.7143
1785.7143 x 91day =162500
162500 - 300Transactn fee = 162200
162200 - 547.95 Safe Keeping fee = 161652.05

161,652.05 + 10,654.05 expected Initial Balance after deduction of investment face value = N172,306.1

If everything is as explain in your post, this is what I believe should be your balance. So if you check well they should be something you didn't take note of before or something you didn't understand.

Good afternoon house, pls I need candid advice from the Guru in the house about my friend who bought treasury bills at secondary market at13% from Stanbic bank.

Before Tbills purchase
Amount in bank account: 5,010,654.05 (five million, ten thousand)
Face value invested: 5,000,000 (five million)
Tenor: 91 days
Rate: 13%

After T bills purchase transaction:
Amount in bank account:152, 271.85
Tbills amount deducted: 4,857,534.25
Transaction fee: 300
SFKP fee: 547.95

When he approached the bank before he bought the Tbills, he was told that the secondary rate for 91 days was 13% and he filled it in the form and he was dully debited 3 hrs later.

From the look of things above, he is suppose to have more than the above in his bank account as his current balance. From my own calculation, i feel he was charged at a rate lower than what he was told. Pls kindly help out Gurus with the calculation. He is planing on going back to complain at the bank. Correct me if am wrong. Was he really charge a rate of 13% ?

I don't understand Stanbic bank.. I am currently here now, the lady said they need to first of all send a mail to the head office to know if there is secondary market today.. She said something like they haven't concluded on the secondary market rate after the last primary market Auction. Is this correct... I thought there is a way they login to know the secondary market rate from any of their branches..

Can anybody recommend a very good Stanbic branch on the mainland which is very good with this market thing... Thanks

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