₦airaland Forum

Do I need to open account with stanbic first

heavenisreal18:
Do I need to open account with stanbic first

everything is done online...

uwaifou:
Stanbic is does that a lot, something told me to try first bank plc and my bidding went tru on the 22nd

At what rate did you get the primary auction done, please?

koreanlord:
everything is done online...

Is the reference letter compulsory
How many months /tenur
Will I automatically get full interest

koreanlord:
First bank and stanbic customers

Did your bid go through in the last primary market auction?

Yes stanbic at 21.3 percent

freeman67:
Stanbic IBTC has just introduced a DIY platform (a website called blunest(dot)stanbicibtcassetmanagement(dot)com) where you can invest in Mutual Funds, TB, CP, local and foreign bonds when and where available. You guys should look out for it.

Well better late than never. But this something almost every other firm has been operating since

Hi esteemed forumites.
I need help from those that know.
Zenith bank subscribed me for 340+ days Tbills at the rate of about 19+ % . I had chosen 22% rate in the form with instructions that any thing less should not be accepted to me, but the did everything without consulting me.
So I applied that the investment be cancelled.and the have kept back 309k as penalty, according to the Operations Head. Principal amount was 10m and 1703000 had been credited as upfront.
How do I handle this, as 300k is too much for me to lose like that.
Thanks

Bennycollins:
Hi esteemed forumites.
I need help from those that know.
Zenith bank subscribed me for 340+ days Tbills at the rate of about 19+ % . I had chosen 22% rate in the form with instructions that any thing less should not be accepted to me, but the did everything without consulting me.
So I applied that the investment be cancelled.and the have kept back 309k as penalty, according to the Operations Head. Principal amount was 10m and 1703000 had been credited as upfront.
How do I handle this, as 300k is too much for me to lose like that.
Thanks

Terrible experience, would have done the calculation before going ahead.

Meanwhile, for investment less than 50m you can't decide the rate, you go with the bank rate.

Sorry for your loses, assume that's part of your investment class fees.

Bennycollins:
Hi esteemed forumites.
I need help from those that know.
Zenith bank subscribed me for 340+ days Tbills at the rate of about 19+ % . I had chosen 22% rate in the form with instructions that any thing less should not be accepted to me, but the did everything without consulting me.
So I applied that the investment be cancelled.and the have kept back 309k as penalty, according to the Operations Head. Principal amount was 10m and 1703000 had been credited as upfront.
How do I handle this, as 300k is too much for me to lose like that.
Thanks

RayRay06677:
Terrible experience, would have done the calculation before going ahead.

Meanwhile, for investment less than 50m you can't decide the rate, you go with the bank rate.

Sorry for your loses, assume that's part of your investment class fees.

340+ days should be secondary market. Even with N50m, a customer cannot decide the rate in a secondary market. A customer with N50m can only decide a rate in a primary action. The secondary market rate is always made known before the transaction is done.

Bennycollins:
Hi esteemed forumites.
I need help from those that know.
Zenith bank subscribed me for 340+ days Tbills at the rate of about 19+ % . I had chosen 22% rate in the form with instructions that any thing less should not be accepted to me, but the did everything without consulting me.
So I applied that the investment be cancelled.and the have kept back 309k as penalty, according to the Operations Head. Principal amount was 10m and 1703000 had been credited as upfront.
How do I handle this, as 300k is too much for me to lose like that.
Thanks

Sorry for your experience. What they invested for you is the secondary market.

I feel they should have contacted you before investing in the secondary market.

Odunharry:
Sorry for your experience. What they invested for you is the secondary market.

I feel they should have contacted you before investing in the secondary market.

Exactly

NL1960:
340+ days should be secondary market. Even with N50m, a customer cannot decide the rate in a secondary market. A customer with N50m can only decide a rate in a primary action. The secondary market rate is always made known before the transaction is done.

That's the point. They claimed information on available rates is not available at the branches, very strange from my experience with other banks.
But I left clear instructions, when submitting the form.

I put in for United Capital treasury bill at the primary market last auction. I was told it failed due to CBN rate. Up till now, they're yet to refund my money and next week is another auction. They disappointed me. I'll send another mail and copy CBN tomorrow if I don't get the fund today.

Allboiz:
I put in for United Capital treasury bill at the primary market last auction. I was told it failed due to CBN rate. Up till now, they're yet to refund my money and next week is another auction. They disappointed me. I'll send another mail and copy CBN tomorrow if I don't get the fund today.

Sorry for your experience. Did you give them a rate? Call their customercare or email or visit their office

freeman67:
I don't know why they designed it that way. However, it's simple Just calculate it yourself and remove what's to be the upfront.

Personally I like it that way. It's a form of reinvestment of interest with the investment and it will make you get exact yield.

Yes, so this means the 20.5% discounted rate shown on the website will have a true yield of approximately 25%.


Also, everything is calculated automatically on the website once you input the amount you are investing. However, I noticed their management fees/charges is on the high side (compared to other banks like UBA I've used for TBILLS before.)

Odunharry:
Sorry for your experience. Did you give them a rate? Call their customercare or email or visit their office

No
They chose for me

I've been in touch with them but they keep posting me that they'd reverse it

I guess they've used the money

Bennycollins:
Hi esteemed forumites.
I need help from those that know.
Zenith bank subscribed me for 340+ days Tbills at the rate of about 19+ % . I had chosen 22% rate in the form with instructions that any thing less should not be accepted to me, but the did everything without consulting me.
So I applied that the investment be cancelled.and the have kept back 309k as penalty, according to the Operations Head. Principal amount was 10m and 1703000 had been credited as upfront.
How do I handle this, as 300k is too much for me to lose like that.
Thanks

What was given to you was secondary market. From interest quoted they also removed 10%WHT. I ran away from zenith because of that 10%WHT. I hope you'd be able to get back the 300k they charged as penalty

Youngzedd:
Which top commercial is good for TBill?


First Bank want me to visit the branch which I don't have the time.

I did with my bank, I am in Diapora.

all I did was email my account officer.

I just sent a written instruction and it was done the same day.

Your account officer will communicate the time for which you must send in your instructions, handwritten instructions via email.

What could have gone wrong?

So I have two accounts, I decided to do TB with one bank and I contacted my account officer, after back n forth with sending the instructions, he was confirming the receipt of my email all along, but when I finally sent an instruction to go ahead with the tb transactions, he said he never received my email. I checked my email metadata and it was confirmed he received and read the email. Why do you all think he doesn't want to help me do the tbill investment?

I have moved the funds from the account to another one and the account officer helped me the same day I showed interest, she sent the rate and i sent my instructions and it was done. Till now, I am wondering why the other bank guy denied seeing my email and never burdened.

Can someone hint me?

Kindheartedd:
I did with my bank, I am in Diapora.

all I did was email my account officer.

I just sent a written instruction and it was done the same day.

Your account officer will communicate the time for which you must send in your instructions, handwritten instructions via email.

Which bank do you use please?

Kindheartedd:
What could have gone wrong?

So I have two accounts, I decided to do TB with one bank and I contacted my account officer, after back n forth with sending the instructions, he was confirming the receipt of my email all along, but when I finally sent an instruction to go ahead with the tb transactions, he said he never received my email. I checked my email metadata and it was confirmed he received and read the email. Why do you all think he doesn't want to help me do the tbill investment?

I have moved the funds from the account to another one and the account officer helped me the same day I showed interest, she sent the rate and i sent my instructions and it was done. Till now, I am wondering why the other bank guy denied seeing my email and never burdened.

Can someone hint me?

You have done the best thing which is moving your fund.

Kindheartedd:
What could have gone wrong?

So I have two accounts, I decided to do TB with one bank and I contacted my account officer, after back n forth with sending the instructions, he was confirming the receipt of my email all along, but when I finally sent an instruction to go ahead with the tb transactions, he said he never received my email. I checked my email metadata and it was confirmed he received and read the email. Why do you all think he doesn't want to help me do the tbill investment?

I have moved the funds from the account to another one and the account officer helped me the same day I showed interest, she sent the rate and i sent my instructions and it was done. Till now, I am wondering why the other bank guy denied seeing my email and never burdened.

Can someone hint me?

Like someone said above, you have done the right thing. Thank God you have 2 accounts, the initiative and swiftness to do that.

The problem actually is that some accounts officers need your money always to remain in your account for them to meet personal targets set for them by the bank. They also prefer that you should do a fixed/term deposit with them too instead of moving the money to TB. So when it comes to TB, they try to frustrate your efforts so that the money can remain there.

freeman67:
Like someone said above, you have done the right thing. Thank God you have 2 accounts, the initiative and swiftness to do that.

The problem actually is that some accounts officers need your money always to remain in your account for them to meet personal targets set for them by the bank. They also prefer that you should do a fixed/term deposit with them too instead of moving the money to TB. So when it comes to TB, they try to frustrate your efforts so that the money can remain there.

I am experiencing this over three weeks now,the next thing account officer said was I should fix it They are intentionally frustrating people effort They should be reported to CBN

Hello house. Please how safe is Precise Lighting Limited Series 1 (181 Days) commercial paper?

heavenisreal18:
I am experiencing this over three weeks now,the next thing account officer said was I should fix it They are intentionally frustrating people effort They should be reported to CBN

Open another account and move your funds. I am also changing my account officer who will put a hard one on him as I will be leaving a negative review for him. I hate negative energy from anyone who is supposed to provide me a service as they are they to provide a service and they will be paid at the end of the month.

I do my best to provide the best service ot my customers, so I hate to experience anything less.

freeman67:
Like someone said above, you have done the right thing. Thank God you have 2 accounts, the initiative and swiftness to do that.

The problem actually is that some accounts officers need your money always to remain in your account for them to meet personal targets set for them by the bank. They also prefer that you should do a fixed/term deposit with them too instead of moving the money to TB. So when it comes to TB, they try to frustrate your efforts so that the money can remain there.

Thanks. But does fixed deposit provide more interest?

Seriously, I am just learning about all these things now, I usually just leave money in my account without investing it. That's crazy.

vanvickie:
Which bank do you use please?

gtbank

Kindheartedd:
gtbank

Sigh 😔 Once I saw your message I was willing to bet my dollar it was GT.

It's amazing - sadly so - how GT just dey fall hand.

Because of the exact scenario you painted, I stopped using them for TB. I just got tired of thier nonsense. Mind you this a bank I used for over 15yrs now, and they were certainly not like this.

I really don't know if it's thier current crop of account officers or they still reeling from effects of the last upgrade. 😔

Allboiz:
I put in for United Capital treasury bill at the primary market last auction. I was told it failed due to CBN rate. Up till now, they're yet to refund my money and next week is another auction. They disappointed me. I'll send another mail and copy CBN tomorrow if I don't get the fund today.

I had to copy CBN in my mail today and they started calling me. My money is back. Very wicked people using our money for their needs.

Kindheartedd:
Thanks. But does fixed deposit provide more interest?

Seriously, I am just learning about all these things now, I usually just leave money in my account without investing it. That's crazy.

Nope. It just benefits them (The banks) more. They will not give the rate that TB will give you. Also, whatever rate given to you by the bank must be taxed by them.

With Fixed Deposits, your money is stable with the banks to do their business within that tenure so they prefer it to TB.

koreanlord:
It is low risk and you do it all by yourself...

Click on the link in my signature to get started... It's easy and straightforward

The MMF rate is at 21.68% today

FBN quest is 22.60% :-