₦airaland Forum

emmasoft:
The UBA account is not the personalized account.

It's the collection account where all investors deposit their funds into and that is the normal traditional way to fund your mutual fund account.
It's always a bank that is not related to the fund manager in any way. This is done for checks and balances and to add more safety to your funds.

Every other methods of funding is just to make the process simpler, convenient and a bit more personalized.

For every fund, the following parties must be involved

1. The fund manager
2. Custodian bank which is the collection account
3. Trustees that also checkmate and make sure money in and out is according to the rules and doesn't contradict the fund's MOU. If you noticed, the collection account always have two names on the account name, the second name is the Trustees'
4. SEC. This is the arm through which government controls the fund.

Note: Be skeptical or run from any fund that don't have the above four parties.

You right. I mentioned 2 accounts but the account I gave is Stanbic IBTC's general collection account which is with UBA. And yes also the personalized account also is with UBA bank.

As per conditions you listed above, issue is most people are more focus on interest rate, than other things. Despite some reporting interest rates above 21%, I still relax with those giving 20%.

Another thing some people are yet to observe is since Stanbic compounds on monthly basis, even if their rate is 20%, it should to some extent be close if not more than those above 20% but doesn't compound monthly

.

bassdow:
You right. I mentioned 2 accounts but the account I gave is Stanbic IBTC's general collection account which is with UBA. And yes also the personalized account also is with UBA bank.

As per conditions you listed above, issue is most people are more focus on interest rate, than other things. Despite some reporting interest rates above 21%, I still relax with those giving 20%.

Another thing some people are yet to observe is since Stanbic compounds on monthly basis, even if their rate is 20%, it should to some extent be close if not more than those above 20% but doesn't compound monthly

does cowry wise compound monthly please?

bharkarh:
does cowry wise compound monthly please?

I'm sorry but I focus only on Financial institutions tied to DepositMoneyBanks of which most finTech apps ain't a part of

madeinnigeria:
what do you guys think about the interest rate decision being made today

why not get started with discussion and allow others step in.

bassdow:
I'm sorry but I focus only on Financial institutions tied to DepositMoneyBanks of which most finTech apps ain't a part of

I actually invest with Stanbic but I’m getting carried away with the interest rate. Lol

bharkarh:
I actually invest with Stanbic but I’m getting carried away with the interest rate. Lol

I am the kinda person who don't mind taking lots of time to make a pick but the moment I pick 1 or 2 or 3; I stay with them and don't jump around any how except I really need to.

If Stanbic IBTC offers 20% and allows monthly compounding, and another offers say 22% but compounds quarterly, I would go with the one that compounds monthly.
Of course, I haven't taken time to really calculate to figure out if the one that Compounds monthly is higher BUT then, some of us are in it for the long run and too busy to leave our daily live to keep changing providers.

Another is the finTech apps seem to offer higher interest rates BUT me no get mind to put money with them. I rather earn small and remain safe than try to earn huge and loose it all

bassdow:
I am the kinda person who don't mind taking lots of time to make a pick but the moment I pick 1 or 2 or 3; I stay with them and don't jump around any how except I really need to.

If Stanbic IBTC offers 20% and allows monthly compounding, and another offers say 22% but compounds quarterly, I would go with the one that compounds monthly.
Of course, I haven't taken time to really calculate to figure out if the one that Compounds monthly is higher BUT then, some of us are in it for the long run and too busy to leave our daily live to keep changing providers.

Another is the finTech apps seem to offer higher interest rates BUT me no get mind to put money with them. I rather earn small and remain safe than try to earn huge and loose it all

well said, I also don’t like to jump around. I recently started thinking about the fintech app ‘cos of the APY and was thinking it compounds monthly. Anyways, thanks

I’ll stick with my Stanbic

Please how long does the money paid to stanbic mmf through the allocated virtual account take to reflect?

ogeodi:
Please how long does the money paid to stanbic mmf through the allocated virtual account take to reflect?

It doesnt take long. An hour or 6 hrs. But it will reflect and u will get a confirmation email upon receival

Okay. Thank you
Its been 2 hours already

playces:
It doesnt take long. An hour or 6 hrs. But it will reflect and u will get a confirmation email upon receival

bassdow:
I'm sorry but I focus only on Financial institutions tied to DepositMoneyBanks of which most finTech apps ain't a part of

please, which deposit money bank is ARM tied to?

Thank you very much

bassdow:
yes Stanbic IBTC uses a UBA account as collection account. The account info MUST be
Bank Name: UBA
Account No:1023413552
Account Name: UBA NOM FIRST TRUSTEES STANBICIBTC MONEY MARKET FUND-COLLECTION A/C

After you fully registered and gotten your eAccount no, you should additional get a customized bank account which you could use instead of the above

I sent to stanbic UBA mutual fund account without my reference 😔
Wahala

Hello House,

I have issue with subscription at Stanbic. I made several subscriptions last week via my virtual wallet, but 2 of this subscriptions were not processed but the money has been deducted from the wallet.
The amount is close to 1 million naira.
I have sent several emails, but they did not respond nor fix the issue.
I am not based in Nigeria, How do you suggest I proceed?

jejet1:
Hello House,

I have issue with subscription at Stanbic. I made several subscriptions last week via my virtual wallet, but 2 of this subscriptions were not processed but the money has been deducted from the wallet.
I have sent several emails, but they did not respond nor fix the issue.
I am not based in Nigeria, How do you suggest I proceed?

Message your family in Nigeria to visit any Stanbic bank in Nigeria

Moreover chat them on their verified Facebook account for swift response

laurelbae:
I sent to stanbic UBA mutual fund account without my reference 😔
Wahala

Send the evidence of transfer to their customer care, this will aid their tracing of your deposit.

emmasoft:
Send the evidence of transfer to their customer care, this will aid their tracing of your deposit.

Ok dear

Unfortunately, I can't send anyone in Nigeria to visit them.
I have contacted via facebook chat, hopefully I get a feedback.
I have thought the introduction of wallet in blunest ia to ease transaction in real time, but I was wrong.
Hopefully, I can resolved it soon.

Firebox123:
Message your family in Nigeria to visit any Stanbic bank in Nigeria

Moreover chat them on their verified Facebook account for swift response

jejet1:
Unfortunately, I can't send anyone in Nigeria to visit them.
I have contacted via facebook chat, hopefully I get a feedback.
I have thought the introduction of wallet in blunest ia to ease transaction in real time, but I was wrong.
Hopefully, I can resolved it soon.

Hope you didn't pay into the wrong bank account

I'll advise you to share screenshot here please so that they can help you out

I paid to my personal virtual wallet account provided by stanbic in the blunest. It was after the money reflected in my wallet account that I made the subscriptions. So the subscription was paid from the wallet.

Firebox123:
Hope you didn't pay into the wrong bank account

I'll advise you to share screenshot here please so that they can help you out

jejet1:
I paid to my personal virtual wallet account provided by stanbic in the blunest. It was after the money reflected in my wallet account that I made the subscriptions. So the subscription was paid from the wallet.

hope the money isn't much

Nigeria bank and fraud

About 900k

Firebox123:
hope the money isn't much

Nigeria bank and fraud

jejet1:
About 900k

call their customer support phone number as soon as possible

jejet1:
I paid to my personal virtual wallet account provided by stanbic in the blunest. It was after the money reflected in my wallet account that I made the subscriptions. So the subscription was paid from the wallet.

This is an internal issue in BluNest since the money was already in your wallet.
You can call them directly as someone suggested.

nickae:
This is an internal issue in BluNest since the money was already in your wallet.
You can call them directly as someone suggested.

I have stopped using Stanbic V3 app with bluenest and redownloaded the older stanbic app.

At first i noticed I don’t get email receipt for my redemption via bluenest unlike when i redeem using the older app. After redeeming through bluenest twice that i had to call them before i received my money, I reverted to the older app: i no like stress.

Harddiskng:
I have stopped using Stanbic V3 app with bluenest and redownloaded the older stanbic app.

At first i noticed I don’t get email receipt for my redemption via bluenest unlike when i redeem using the older app. After redeeming through bluenest twice that i had to call them before i received my money, I reverted to the older app: i no like stress.

From your experience, is it possible to subscribe directly from the old app .I have also had issues using this blunest.How is the redemption on the old app like

Hatrick123:
From your experience, is it possible to subscribe directly from the old app .I have also had issues using this blunest.How is the redemption on the old app like

Please i tried to redeem to remain part of my investment since yesterday around 7am and until now, I am yet to be credited. How long does it take and how do I track the process?

IllRatherNotSay:
Good evening, boss.
1. Bloom offers higher return.
2. Yes, MMF.
3. Bloom return is currently less than 1% compared to the regular.
4. You can move funds to the high yield plan.

Thanks.
Do you think the HY plan is worth it based on your experience? Does it offer capital security like mutual funds? The percentage return looks quite close currently

emmasoft:
Within some hours if you make request before noon on a business day otherwise you get your money on the next business day.

I make request of redemption since yesterday, I am yet to get credited.

Hello all.

This bluenest on the mobile V3 app is giving me headaches.

It isn't binding with my device.

I cant see my wallet account yet, even via the bluenest portal.

Honestly going through with registering on bluenest is a hell of an headache

The issue has been resolved today.
Thank you all.

nickae:
This is an internal issue in BluNest since the money was already in your wallet.
You can call them directly as someone suggested.