Diamond Bank (Now Access Bank)

Did anyone notice there was no payment yesterday?
Or is it just my account?

Emmasoft and ponzihater any hint?

skydiver01:
The jump in the TB auction stop rate today highlights the risks now perceived by investors over the current election results

I don't think so .Highten risk of Naira securities that can be printed via ways and means of the CBN. The return of the old Naira + supreme court judgement + MPR 18 + massive withdrawal is responsible for the spike in rate . 900bn -1 trillion is back to outside the system cheap funds are not readily available for bank and co to place bid .until an equilibrum is reach.

skydiver01:
Mine dropped on 21 March 2023 (FGN Bond 2036) 18 March was a Saturday. Stanbic must be telling porkies or playing games. Send them an email telling them to pay your money immediately and threaten to report them to the CBN and DMO.

The 2036 coupon payment later dropped this morning, thanks u nd everyone for your insight!

igbizen:
Did anyone notice there was no payment yesterday?
Or is it just my account?

Emmasoft and ponzihater any hint?

Please which payment are you referring to?
If it's the daily accrued interest it will be done.
You already earned it.

I am happy to go along with the variables/factors you reference. It makes sense. Thank you

ahiboilandgas:
I don't think so .Highten risk of Naira securities that can be printed via ways and means of the CBN. The return of the old Naira + supreme court judgement + MPR 18 + massive withdrawal is responsible for the spike in rate . 900bn -1 trillion is back to outside the system cheap funds are not readily available for bank and co to place bid .until an equilibrum is reach.

Hey guys I purchased treasury bills of 364-day tenor and got paid a rate (9%) which is lower than the rate at the auction (14.74%)

What could be the reason? Is this normal?

Emeca:
Hey guys I purchased treasury bills of 364-day tenor and got paid a rate (9%) which is lower than the rate at the auction (14.74%)

What could be the reason? Is this normal?

it a bid an auction you got what your bided for ! Look at the bid range from 8 to 14.5 most cheap funds from pension tend to bid low ! Next time you can place your bids if your funds is above 50m if not your have to study the trends. Once their is inflow from faac ,capital budgets or bond repayment the system will be liquid and rate will be low .If non rate will be high .

Akerewe:


Good day Oga Emmanuel, pls am experiencing delay in payment of my fgn bond coupon payment for 2036 March 18 nd av contacted cscs, cscs sent me proof from cbn nd I forwarded it to Stanbic bank yet they said they are working on it nd it's almost month end.
Am I the only one experiencing this, or what could be the issue? Ur advice will be highly appreciated sir

I got paid this morning.


This week is very good.

FGN 2050 bond coupon was paid on Monday.


United Capital dividend was paid on Tuesday

While FGN 2036 bond coupon was paid today.


Just less than a week delay, you dey hala like.

I get tenants wey dey owe me for more than 6 months.


Reason why I no too like am because the income is not predictable and you can't make plans with an unpredictable income

Emeca:
Hey guys I purchased treasury bills of 364-day tenor and got paid a rate (9%) which is lower than the rate at the auction (14.74%)

What could be the reason? Is this normal?

From ChatGPT

It is not unusual to receive a rate lower than the auction rate when purchasing Treasury bills, and there could be several reasons for this.

One possible reason is that the auction rate represents the highest rate at which investors are willing to buy the bills, but not all successful bidders will receive that rate. The actual rate paid to individual investors is determined by a competitive bidding process, where the highest bidders receive the bills at the auction rate, and lower bidders receive the bills at their bid rate.

Another possible reason is that the rate you received may be based on a different pricing mechanism than the auction rate. For example, the auction rate may be based on a yield-to-maturity calculation, while the rate you received may be a discount rate....

emmanuelewumi:




I got paid this morning.


This week is very good.

FGN 2050 bond coupon was paid on Monday.


United Capital dividend was paid on Tuesday

While FGN 2036 bond coupon was paid today.


Just less than a week delay, you dey hala like.

I get tenants wey dey owe me for more than 6 months.


Reason why I no too like am because the income is not predictable and you can't make plans with an unpredictable income

Wow! It's indeed great week oo 😂😂 Oga, because money must be made. The delay is somehow because am experiencing dis type of delay for the first time. It's usually automatic payment. Thanks for the insight, Boss!

Hello house,good morning.
Sorry I came with a little deviant but I'm just looking for a solution to this extortion.
Bank charges!!!At the end of every month,I just dey panic cos I don't know what they're going to take .
I know there should be cheaper packages where businesses shouldn't pay above a certain threshold, can anyone point out to some of them here?
I've spoken to my bankers and they seem not to either know(quality of staff in banking keeps declining unfortunately) or the ones that do wants the status quo to remain the same so their organisation can keep making money.Tiring tbh..
Bank is UBA,na to tear down that account remain if this continues,let's see who loses.
Other banks keep coming to me and literally asking me to have accounts with them and promise zero charges and zero collateral loan with cheaper rates(I don't do Nigerian bs 30% loan,not now not ever),I've not because it's hard to move multitude of people to other accounts as a business,not because I'm loyal to this extortionate bank.
Them dey even get mind charge VAT,fuckers playing all over my account ffs!
Cc emmanuelewumi ,ahiboilandgas

Allschoolsinfo:
Oh boy, see pumping!

Time to pull from MMF to TB

SeaTrade:
Hello house,good morning.
Sorry I came with a little deviant but I'm just looking for a solution to this extortion.
Bank charges!!!At the end of every month,I just dey panic cos I don't know what they're going to take .
I know there should be cheaper packages where businesses shouldn't pay above a certain threshold, can anyone point out to some of them here?
I've spoken to my bankers and they seem not to either know(quality of staff in banking keeps declining unfortunately) or the ones that do wants the status quo to remain the same so their organisation can keep making money.Tiring tbh..
Bank is UBA,na to tear down that account remain if this continues,let's see who loses.
Other banks keep coming to me and literally asking me to have accounts with them and promise zero charges and zero collateral loan with cheaper rates(I don't do Nigerian bs 30% loan,not now not ever),I've not because it's hard to move multitude of people to other accounts as a business,not because I'm loyal to this extortionate bank.

You run a business and use a current account.
Per the banker's tariff published by CBN the current account maintenance fee is ₦1 per mille (₦1,000)
You can download/print your account statement and confirm if you're being charged over the tariff. If you are, then you can take it up with the bank.
Also note that the tariff (₦1/mille) is negotiable and negotiation is to be initiated by the customer.
Realistically in every negotiation you need either leverage or a good relationship to triumph. I wish you good luck.

Them dey even get mind charge VAT,fuckers playing all over my account ffs!

VAT is a tax and goes to the government, not the bank. It's a statutory requirement and the bank will be fined if they do not remit taxes.
No matter the amount you're charged you'd still have to pay taxes

rookidmart:

You run a business and use a current account.
Per the banker's tariff published by CBN the current account maintenance fee is ₦1 per mille (₦1,000)
You can download/print your account statement and confirm if you're being charged over the tariff. If you are, then you can take it up with the bank.
Also note that the tariff (₦1/mille) is negotiable and negotiation is to be initiated by the customer.
Realistically in every negotiation you need either leverage or a good relationship to triumph. I wish you good luck.

VAT is a tax and goes to the government, not the bank. It's a statutory requirement and the bank will be fined if they do not remit taxes.
No matter the amount you're charged you'd still have to pay taxes

Thanks bro,I appreciate.

rookidmart:

You run a business and use a current account.
Per the banker's tariff published by CBN the current account maintenance fee is ₦1 per mille (₦1,000)
You can download/print your account statement and confirm if you're being charged over the tariff. If you are, then you can take it up with the bank.
Also note that the tariff (₦1/mille) is negotiable and negotiation is to be initiated by the customer.
Realistically in every negotiation you need either leverage or a good relationship to triumph. I wish you good luck.

VAT is a tax and goes to the government, not the bank. It's a statutory requirement and the bank will be fined if they do not remit taxes.
No matter the amount you're charged you'd still have to pay taxes

If after calculating this way and it doesn't not add up or you are not satisfied, you can try and discuss it with them and if you don't get any resolution from there. You can mail CBN through cpd@cbn.gov.ng explaining your situation and efforts done to resolve it. I believe they will intervene.

Good luck.

emmanuelewumi:




I got paid this morning.


This week is very good.

FGN 2050 bond coupon was paid on Monday.


United Capital dividend was paid on Tuesday

While FGN 2036 bond coupon was paid today.


Just less than a week delay, you dey hala like.

I get tenants wey dey owe me for more than 6 months.


Reason why I no too like am because the income is not predictable and you can't make plans with an unpredictable income

Peace of mind is better than developing high blood pressure following tenants wahala

Rizin:


Time to pull from MMF to TB

YES if you have 50M to bid yourself, else NO.

MMF is still doing above the minimum range of bids for even the 364 days tenor for the Treasury Bills.

Keep an eye on that range if you know you have the financial muscle to bid for yourself. Otherwise you will end up with a lower rate than the MMF as you can see from someone who got 9% in the recent auction. Although TB rates are discounted and not the true yield, I will prefer you still observe the space.

As long as you have below 50M, you are simply going with prevailing rates of your OGA AT THE TOP who is doing the bidding for you. So try and be your own oga with 50M to have total control

SeaTrade:
Hello house,good morning.
Sorry I came with a little deviant but I'm just looking for a solution to this extortion.
Bank charges!!!At the end of every month,I just dey panic cos I don't know what they're going to take .
I know there should be cheaper packages where businesses shouldn't pay above a certain threshold, can anyone point out to some of them here?
I've spoken to my bankers and they seem not to either know(quality of staff in banking keeps declining unfortunately) or the ones that do wants the status quo to remain the same so their organisation can keep making money.Tiring tbh..
Bank is UBA,na to tear down that account remain if this continues,let's see who loses.
Other banks keep coming to me and literally asking me to have accounts with them and promise zero charges and zero collateral loan with cheaper rates(I don't do Nigerian bs 30% loan,not now not ever),I've not because it's hard to move multitude of people to other accounts as a business,not because I'm loyal to this extortionate bank.
Them dey even get mind charge VAT,fuckers playing all over my account ffs!
Cc emmanuelewumi ,ahiboilandgas

Account maintenance, that is another name for COT.


It is based on the volume of transaction on the account. Just count as part of your business running cost.


It should be about N5 per N1000, I hope I am correct

unite4real:

Peace of mind is better than developing high blood pressure following tenants wahala

Gbam 💯

Access Bank FGN Bond custodian charge 0.1% of the face value as commission. Please what does CSCS/stock broker charge for keeping the bonds?

emmanuelewumi:




Account maintenance, that is another name for COT.


It is based on the volume of transaction on the account. Just count as part of your business running cost.


It should be about N5 per N1000, I hope I am correct

N1 per N1000.

rookidmart:

You run a business and use a current account.
Per the banker's tariff published by CBN the current account maintenance fee is ₦1 per mille (₦1,000)
You can download/print your account statement and confirm if you're being charged over the tariff. If you are, then you can take it up with the bank.
Also note that the tariff (₦1/mille) is negotiable and negotiation is to be initiated by the customer.
Realistically in every negotiation you need either leverage or a good relationship to triumph. I wish you good luck.

VAT is a tax and goes to the government, not the bank. It's a statutory requirement and the bank will be fined if they do not remit taxes.
No matter the amount you're charged you'd still have to pay taxes

I think it is N5 per mille but can be negotiated to a downward to N1 per million if you do multi billion turnover on the account.


Please correct me if I am wrong

SeaTrade:
N1 per N1000.

That means they have reduced it. COT was N5 per mille back in the days

Or N5000 per N1 million transaction

That means I should start monitoring my bank charges

emmanuelewumi:




That means they have reduced it. COT was N5 per mille back in the days

Or N5000 per N1 million transaction

No longer COT,its been scrapped as I found out today.
So they now do N1/N1000 transaction.

SeaTrade:
No longer COT[b],its been scrapped as I found out today.[/b]
So they now do N1/N1000 transaction.

Sanusi scrapped it but Emefiele brought it back as Account Maintenance charge. It is like what they did with Stamp Duty. Stamp Duty was siply renamed as Electronic Levy.

emmanuelewumi:



I think it is N5 per mille but can be negotiated to a downward to N1 per million if you do multi billion turnover on the account.


Please correct me if I am wrong

CAMF has always been ₦1 per mille (₦1,000)
Perhaps you're mistaking it for Commission on Turnover (COT), which was phased out in ~2016/17.

rookidmart:

CAMF has always been ₦1 per mille (₦1,000)
Perhaps you're mistaking it for Commission on Turnover (COT), which was phased out in ~2016/17.

Thank you jare.


Dem just dey debit my account at the end of the month, never bothered to calculate the rates

NL1960:


Sanusi scrapped it but Emefiele brought it back as Account Maintenance charge. It is like what they did with Stamp Duty. Stamp Duty was siply renamed as Electronic Levy.

I think they're different ooo,with COT being way higher than account maintenance.
But in my opinion,even this account maintenance of a thing too should be scrapped ,
All these extortionate policies just makes banks lazy and not do what they're suppose to do for national development.
I mean ,why should work hard and undergo the painstaking process of finding credible people to sell loans to while i can just relax and debit money from hardworking existing businesses and invest people's deposits and the money i borrow from CBN in government bonds and securities?
Na all these loopholes banks dey exploit weh dey hold this nation economy.

SeaTrade:
I think they're different ooo,with COT being way higher than account maintenance.
But in my opinion,even this account maintenance of a thing too should be scrapped ,
All these extortionate policies just makes banks lazy and not do what they're suppose to do for national development.
I mean ,why should work hard and undergo the painstaking process of finding credible people to sell loans to while i can just relax and debit money from hardworking existing businesses and invest people's deposits and the money i borrow from CBN in government bonds and securities?
Na all these loopholes banks dey exploit weh dey hold this nation economy.

They are not. It was COT at ₦5 per mille (₦1,000). Sanusi Lamido Sanusi as CBN Governor reduced it to ₦1 per mille (₦1,000) and then totally scrapped it. When Emefiele came in, he re-introduce it as Account Maintenance at ₦1 per mille (₦1,000).

It should actually be scrapped just like what Sanusi did. An Account Maintenance charge if there is to be any should be a fixed amount charge on an account and not an amount on every debit made made on the current account. Since it is on every debit, then it should be called 'Transaction Maintenance' so that the deceit will no longer be hidden.

emmanuelewumi:




I got paid this morning.


This week is very good.

FGN 2050 bond coupon was paid on Monday.


United Capital dividend was paid on Tuesday

While FGN 2036 bond coupon was paid today.


Just less than a week delay, you dey hala like.

I get tenants wey dey owe me for more than 6 months.


Reason why I no too like am because the income is not predictable and you can't make plans with an unpredictable income

What methods do you use to get your money?