₦airaland Forum

VeeInsider:
Good evening, everyone. I would like to inquire about the number of withdrawals permitted per month for Stanbic Mutual Funds. Many savings accounts limit withdrawals to three per month to maintain interest; I am curious if a similar restriction applies to Money Market Funds.

No, MMF is not treated like cash in the bank. It's not a savings account, its an investment.

You are only penalised if you withdraw within 30 days of your deposit, in that case you pay 20% of the accrued interest on your withdrawal.

Rhyah:
Anyone experienced this with FBN Quest before?

Redemption alert came from fund manager since afternoon but up till this night, funds are yet to drop into account.
Could something have gone wrong?

You have to be patient. MMF account is not like the regular bank account where everything is instant. If not for competition and advancement, the withdrawal process on the form I signed when opening account between 3 to 5 working days. This, that you got a withdrawal alert from the Fund Manager does not mean it has also been posted immediately.

It will still take a while because, after that withdrawal, they will still have to post it to your bank account. Which is another process that could require another approval and is also network dependent. The good thing is that that debit by the fund manager shows your withdrawal request was successful and will be paid to your account.

emmasoft:
No, MMF is not treated like cash in the bank. It's not a savings account, its an investment.

You are only penalised if you withdraw within 30 days of your deposit, in that case you pay 20% of the accrued interest on your withdrawal.

Good afternoon @Emmasoft, do you have an idea how to invest in the Stanbic IBTC dollar asset. Do I need to open a dollar account or I can just pay into my naira wallet and they convert to dollar.

Lindaa97:
Good afternoon @Emmasoft, do you have an idea how to invest in the Stanbic IBTC dollar asset. Do I need to open a dollar account or I can just pay into my naira wallet and they convert to dollar.

Good afternoon @Lindaa97. Sincerely I prefer Norrenberger when it comes to dollar fund beacuse of better rate and the fact that they accept naira and do conversion to dollar at the point of investment.

Yes, for Stanbic dollar fund, you need to have the dollar and also have a dom account.

You can chat me up.

NL1960:
The branch staff will even start convincing you to open a Fixed Deposit instead.

Exactly how they convinced my mum.. And all my discussion about MMF didnt fly again.

Alright. Thank you very much for your reply.

emmasoft:
No, MMF is not treated like cash in the bank. It's not a savings account, its an investment.

You are only penalised if you withdraw within 30 days of your deposit, in that case you pay 20% of the accrued interest on your withdrawal.

emmasoft:
The experience you are having is because you opted for your accrued interest to be paid to your bank account.

The reduction is not just accrued interest in March, its for January to March. Watch out you will receive a credit alert of that same amount deducted into your registered bank account.

Those who opted for reinvestment of interest have since have their accrued interest reinvested on the 31st of March.

If you wish to change your option, send a mail to customer care that going forward you wish your accrued interest to be reinvested. It will be effected.

This is applicable to all fund managers. However, Stanbic does reinvestment of interest monthly while others quarterly but all managers pay interest quarterly stanbic inclusive.

I think it was a miscalculation on my part, I didn't opt for my accrued interest to be paid into my account

Lindaa97:
Good afternoon @Emmasoft, do you have an idea how to invest in the Stanbic IBTC dollar asset. Do I need to open a dollar account or I can just pay into my naira wallet and they convert to dollar.

Hopefully you are very much aware with Stanbic IBTC dollar asset, your capital is not preserved, unlike in MMF

temi4fash:
Exactly how they convinced my mum.. And all my discussion about MMF didnt fly again.

The banker needs your cash deposit in a fixed account for her to meet their deposit target. I have a friend who tries to ask me for a deposit. Each time she does, I show her what MMF and t-bills are returning. How can I forgo that for a single-digit ROI?

Care4:
The banker needs your cash deposit in a fixed account for her to meet their deposit target. I have a friend who tries to ask me for a deposit. Each time she does, I show her what MMF and t-bills are returning. How can I forgo that for a single-digit ROI?

Maybe that's why my limit increase request is stalled. They've cited network issues for close to 2months now…even after filling several forms then. Something I did in GT on my own in less than 5min without filling any form. I feel the bank arm is dragging the group down sort of…

emmasoft:
Going to the banking hall to open MMF account is not the best choice. They can take as long as they want. MMF is not first priority in the banking hall.

Banking and asset management are two different thing irrespective of the fact that both are in the same holding company.

Going to the banking hall doesn't have an advantage over those who decide to open account with the link.

The best is to deal with the asset management arm directly and that you can do by filling the online form.
When you use the online form, your account opens within 24hrs on a working day.

Click the first link on my signature to open an MMF account with Stanbic.

thank you for the reply please how to fill the online form I’m first time

Larash:
thank you for the reply please how to fill the online form I’m first time

It's simple. Click the first link on my signature, then scroll to money market fund and click Buy Now. a form will come up continue to fill.

Chat me if you need further guide on this.

emmasoft:
It's simple. Click the first link on my signature, then scroll to money market fund and click Buy Now. a form will come up continue to fill.

Chat me if you need further guide on this.

I’m finding it difficult to upload the documents

Larash:
I’m finding it difficult to upload the documents

Check the size of the files you are trying to upload, it's most likely that the files are too large. Reduce it and try it again.
It can also be a poor network.

Neurotika:
Maybe that's why my limit increase request is stalled. They've cited network issues for close to 2months now…even after filling several forms then. Something I did in GT on my own in less than 5min without filling any form. I feel the bank arm is dragging the group down sort of…

Increasing limits with Stanbic has always been tedious. Even if there is network, they will give you one contract form full of lengthy and scary terms and conditions to sign. The form will also require a witness to sign too so will need to go along with or announce to other people that you want to increase your limit.

I am not sure, can't remember now but it's someone told me not quite long ago that it can now be done on their app but am have not checked it out.

freeman67:
Increasing limits with Stanbic has always been tedious. Even if there is network, they will give you one contract form full of lengthy and scary terms and conditions to sign. The form will also require a witness to sign too so will need to go along with or announce to other people that you want to increase your limit.

I am not sure, can't remember now but it's someone told me not quite long ago that it can now be done on their app but am have not checked it out.

Honestly it’s annoying. Well, based on my current experience, you still can't raise limits to the maximum via the app. You must fill those plenty forms in their branch. Even at that no guarantee it’ll be treated….Their obsession with outdated KYC protocols is something else

freeman67:
Increasing limits with Stanbic has always been tedious. Even if there is network, they will give you one contract form full of lengthy and scary terms and conditions to sign. The form will also require a witness to sign too so will need to go along with or announce to other people that you want to increase your limit.

I am not sure, can't remember now but it's someone told me not quite long ago that it can now be done on their app but am have not checked it out.

Did mine on the app and there was no problem at all

egojeny1:
Did mine on their app and there was no problem at all

To 25m?

Neurotika:
To 25m?

No, to 5m

egojeny1:
No, to 5m

Ok…I was referring to the maximum limit

Neurotika:
Ok…I was referring to the maximum limit

Ok

Neurotika:
Honestly it’s annoying. Well, based on my current experience, you still can't raise limits to the maximum via the app. You must fill those plenty forms in their branch. Even at that no guarantee it’ll be treated….Their obsession with outdated KYC protocols is something else

if that's the case, why not Open another account and run them both side by side.

To me, it's even safer that way.

I rather invest 10-Million naira split in 4 or 5 banks, e.g 2 Millio naira in Stanbic IBTC MMF, another 2 Million naira in FBN Quest, yet another 2 Million naira in Norrenberger, and so On. That way, you not having all your eggs in a single basket.

Even if you choose to stay faithful to a single provider e.g Stanbic IBTC MMF, you still could open more than 1 account with them and use that, hence if the Limit on the first account is 2-Million naira, Opening another account (either in banking hall or Online) would mean you either choose a higher limit, or use same limit hence vboth accounts now have a Limit of 4-Million naira instead of just 2-Million naira.

Imagine if you choose to open same account 2 or more times.

bassdow:
if that's the case, why not Open another account and run them both side by side.

To me, it's even safer that way.

I rather invest 10-Million naira split in 4 or 5 banks, e.g 2 Millio naira in Stanbic IBTC MMF, another 2 Million naira in FBN Quest, yet another 2 Million naira in Norrenberger, and so On. That way, you not having all your eggs in a single basket.

Even if you choose to stay faithful to a single provider e.g Stanbic IBTC MMF, you still could open more than 1 account with them and use that, hence if the Limit on the first account is 2-Million naira, Opening another account (either in banking hall or Online) would mean you either choose a higher limit, or use same limit hence vboth accounts now have a Limit of 4-Million naira instead of just 2-Million naira.

Imagine if you choose to open same account 2 or more times.

I was even referring to the transfer limits on savings accounts, not the MMFs themselves. Meanwhile you can’t have more than one savings account with the same bank, regardless of how many MMFs you’ve opened.

The main reason I even requested a limit increase is because once you redeem a large sum into your savings account, moving the funds out becomes an issue due to the current limit.

And as for splitting my capital across different fund managers, well it’s not really my style. I’ve already got two MMFs with same FM, each serving a different purpose. If I ever decide to move my money, I’m taking all at once. Keeping things consolidated just makes oversight easier for me.

Neurotika:
I was even referring to the transfer limits on savings accounts, not the MMFs themselves. Meanwhile you can’t have more than one savings account with the same bank, regardless of how many MMFs you’ve opened.

The main reason I even requested a limit increase is because once you redeem a large sum into your savings account, moving the funds out becomes an issue due to the current limit.

And as for splitting my capital across different fund managers, well it’s not really my style. I’ve already got two MMFs with same FM, each serving a different purpose. If I ever decide to move my money, I’m taking all at once. Keeping things consolidated just makes oversight easier for me.

Why dont you redeem into a non-stanbic account then? Dunno what their limit is but you can do N15m a day on Access bank and N25m on GTbank via the app. You can do more at a branch for either of the two without much hassle.

Preator:
Why dont you redeem into a non-stanbic account then? Dunno what their limit is but you can do N15m a day on Access bank and N25m on GTbank via the app. You can do more at a branch for either of the two without much hassle.

You’re right, redeeming directly to another account is an option. But I prefer moving funds to Stanbic first as a safety step, especially for large amounts. If anything goes wrong, it’s easier to sort it out with them. Besides, my other bank accounts also have the 5m limit. I only recently increased GT’s limit because of the Stanbic issue, so for now, GT is my only option for redemptions above that cap. Thanks.

emmasoft:
Check the size of the files you are trying to upload, it's most likely that the files are too large. Reduce it and try it again.
It can also be a poor network.

In setting up account with stanbic ibtc money market funds does it ask for referral code?

Trying to get my nephew to sign up and he's saying it's asking for referral code
What does that mean

I have a stanbic account so I did mine years ago and then it was a form not the Blu nest app

Please is there any other contact number apart from 0700 0080 0900 for Stanbic IBTC Asset Management? I made a deposit using the card option since April 11 but they're yet to credit the account.

I called them last week and they claimed they're waiting for confirmation from flutterwave. Which kain thing be dis?

Please for withdrawal from a Mutual fund (FBNQuest), am I supposed to write a handwritten application or a mail can suffice?