₦airaland Forum

FRANKLYex:
All their computation are in this way. I'm sick of it myself. This is my ARM computation and I have always referenced the previous day deposit for the current day earning, yet the average earning is 20%

0ubenji:
have you queried them about this directly? If yes, what was their response?

0ubenji:
I'll confirm from them tomorrow. Those ARM guys are apparently posting gross interest rates daily in their app.

Norrenberger actually has very minute variation from the interest you earn as against the interest rate they post for the given day. However, not always. Their interest rate is almost always as claimed.

0ubenji:
ideally, it's on interest accrued, not capital but you haven't mentioned the FM you're in business with, so the ones who have been using them can confirm for you. Alternatively, you can simply ask the FM themselves.

IllRatherNotSay:
High yield investment.

IllRatherNotSay:
Yes.
Their response: " "

IllRatherNotSay:
Where do you find Norrenberger's rates?

IllRatherNotSay:
Exactly. Funds managers should be anything but shady. Exiting ASAP.

0ubenji:
I've called my relationship manager and asked her directly if these daily rates are gross or net. She asserted they're net. I pressed further, promising to hold her to her word if the interest I accrue by the end of today doesn't agree with the acclaimed rate. Then she backtracked and appealed for me to await her response later today.

Then she quickly chipped in casually that even if it's 20 point this or that, it's among the highest, blah blah. I interjected and made it clear that I'm not interested in that sales pitch, but I prefer to know for sure if that's some convenient error or marketing gimmick. I wouldn't be comfortable trusting such a fund manager with a significant amount of money. I cherish transparency.

FRANKLYex:
All their computation are in this way. I'm sick of it myself. This is my ARM computation and I have always referenced the previous day deposit for the current day earning, yet the average earning is 20%

Allboiz:
Gurus in the house.... Is the 1.5% management fee on money market fund on the capital or interest accrued?

0ubenji:
their own guys did not even know about it until I told them.
https://dailyyieldapi.norrenberger.com/money-market
It's blank page but with a slider at the top.

The rates for the previous day is usual updated at about any time past midday and from my tracking progress, only the MMF rates is updated. The others you see there stays the me daily.

bassdow:
All expenses, deductions, and penalties, are always on Accrued Interest

0ubenji:
sorry to bother you a second time on this. I actually cannot find that product in their app. I've particularly taken time to comb through for this to no avail. Their only product with YTD returns over 22% is "cowrywise investment portfolio"
I've tried to reach their customer care to guide me on this but no recieve response.

0ubenji:
sorry to bother you a second time on this. I actually cannot find that product in their app. I've particularly taken time to comb through for this to no avail. Their only product with YTD returns over 22% is "cowrywise investment portfolio"
I've tried to reach their customer care to guide me on this but no recieve response.

0ubenji:
Perhaps you intended to attach something that failed?

0ubenji:
their own guys did not even know about it until I told them.
https://dailyyieldapi.norrenberger.com/money-market
It's mostly a blank page but with a slider at the top.

The rates for the previous day is usually updated at about any time past midday and from my tracking progress, only the MMF rates is updated. The others you see there stays the same daily.

0ubenji:
I've called my relationship manager and asked her directly if these daily rates are gross or net. She asserted they're net. I pressed further, promising to hold her to her word if the interest I accrue by the end of today doesn't agree with the acclaimed rate. Then she backtracked and appealed for me to await her response later today.

Then she quickly chipped in casually that even if it's 20 point this or that, it's among the highest, blah blah. I interjected and made it clear that I'm not interested in that sales pitch, but I prefer to know for sure if that's some convenient error or marketing gimmick. I wouldn't be comfortable trusting such a fund manager with a significant amount of money. I cherish transparency.

IllRatherNotSay:
Dear ****, we apologize for the delay in our reply. Please be informed that the yield published is a 30-day rolling effective annual yield and not the daily yield.

0ubenji:
So, I can now confirm ARM are corporate con artists. I purposely set up the MMF fund with N1,000 to do clear-cut calculations with its first interest payment, and lo! And behold, it was 18.615% as against the acclaimed 22.16% for the given day.

I, however, suspect that this shortchanging is applied based on account tiers. That is, someone with a higher investment capital could probably get 20% for yesterday, but nobody is getting the acclaimed rates they post on their website for sure.

I deduced this because the ARM staff I spoke with today, who's yet to get back to me as promised and most likely never will unless I call her again, particularly requested to know what tier level my account was on. That sold them out.

FRANKLYex:
I still do not get that bold part

FRANKLYex:
No, yesterday return was like that at my end too. I wouldn't know what would have warrant such a sharp drop

IllRatherNotSay:
Thanks again for taking the time to investigate the matter further. I hope they do the right thing in the end. Normally, any deduction should be done at the time of maturity so everyone can be on the same page. They are shady.

IllRatherNotSay:
1. You can chat with them on the app.
2. You can contact your relationship manager.
3. You can call 0700 02697 99473.
4. You can send an email to support@cowrywise.com.
I use the chat option most times.

0ubenji:
I need to keep ARM at arms length.

0ubenji:
Thanks, I already got same info from them eventually. I'd rather go with Cowrywise and FBNquest (not sure yet). I'm dealing with Norrenberger too. I need to keep ARM at arms length.

Allboiz:
FBNquest is accurate and transparent. I've have some funds there.

Any idea on how to easily move large funds from one FM to another FM. I want to move from UCap to FBNquest completely.

0ubenji:
I was at 90% onboarding with them and had to stop when they started making weird demands. Why da heck would you need my employment letter. Lol

Are you pretty sure the amount you are getting tallies with their daily rate updates?