₦airaland Forum

emmasoft:
Every new deposit must complete 30 days to enjoy withdrawal without penalty.
As you already know, you can make a withdrawal anytime, only deposit up to 30days enjoy withdrawal without penalty.

For example, if you deposit 10k say, on the 1st of June and another 15k on the 5th of June, then another 20k on the 20th of June

If you wish to withdraw 45k on the 1st of July, you will pay 20% penalty on the accrued interest on 35k, but not on the accrued interest on the 10k, which is up to 30 days. Normally, during the withdrawal, the system will show you the sum that you are paying a penalty on ie, the one not up to 30 days stay in the fund

Thank you for detailed explanation

I have a question regarding my fund manager, FCMB. I opened an account with them on the 10th of this month and am currently testing their Money Market Fund (MMF) with a deposit of 10,000. So far, I love their service and find their rates good. However, I noticed that my KYC (Know Your Customer) is still pending. I'm concerned about topping up my account while the KYC is incomplete. I don’t want any issues to arise with my funds. Abegi make una advice me... Although I have a savings account with them, and it notices the mobile app link with the asset.... Please advice ooooh

Kabawhat:
I have a question regarding my fund manager, FCMB. I opened an account with them on the 10th of this month and am currently testing their Money Market Fund (MMF) with a deposit of 10,000. So far, I love their service and find their rates good. However, I noticed that my KYC (Know Your Customer) is still pending. I'm concerned about topping up my account while the KYC is incomplete. I don’t want any issues to arise with my funds. Abegi make una advice me... Although I have a savings account with them, and it notices the mobile app link with the asset.... Please advice ooooh

Send a mail to customer care to express your concern and send the required documents. However, that should not stop you from topping up your account and also note that your having a bank account with FCMB doesn't have any particular advantage or benefit it attracts.

All customers are treated or pass through the same process irrespective of the bank you use.

Help me o

I made series of redemptions, not intentional though
30,20,20,30
Total 100k

Only 80k was received, I sent a mail to stanbic mutual funds.

Please which other steps should I take?

Good morning house, who else has invested in the ARM Money Market fund via Palmpay? Their interest rate is 20.83%, which other MMF is currently higher?

laurelbae:
Help me o

I made series of redemptions, not intentional though
30,20,20,30
Total 100k

Only 80k was received, I sent a mail to stanbic mutual funds.

Please which other steps should I take?

if you can't be patient enough to get response to the email you sent them, why not give them a phone call. You call during Business days between the hours of 8am to 4pm

cucumbar:
Dry bones shall rise again .

Weep not, child ! 😁😁

Yes grandpa. Pls raise the rates again

bassdow:
You get time to dey check those things. I rarely do have time to check at all.
Well the falling simply means economy don dey better than e dey before. It's expected except you're new in this. High rates means all isn't well with the economy and vice-versa

Ah, I get time check oo, lol, it's our prayer the economy gets better anyway.

bassdow:
if you can't be patient enough to get response to the email you sent them, why not give them a phone call. You call during Business days between the hours of 8am to 4pm

Thank you so much.
Please I need their contact, they replied my mail. But the fund hasn't reflected

laurelbae:
Thank you so much.
Please I need their contact, they replied my mail. But the fund hasn't reflected

Their contact is always in the email. Be mindful of how you trust people online to give sensitive details. What if I give you phone number wey I dey control.

One of their phone number is 07080659000

laurelbae:
Help me o

I made series of redemptions, not intentional though
30,20,20,30
Total 100k

Only 80k was received, I sent a mail to stanbic mutual funds.

Please which other steps should I take?

just be patient, your 20k will come in .

Meristem, ChapelHill (InvestNaija), Cowrywise.

Kaybthaniels:
Good morning house, who else has invested in the ARM Money Market fund via Palmpay? Their interest rate is 20.83%, which other MMF is currently higher?

Pls o
Is any other person seeing a negative balance on their stanbic mmf current returns?

enque:
Pls o
Is any other person seeing a negative balance on their stanbic mmf current returns?

Relax, no issues, end-of-month activities just started. By tomorrow or early morning Monday, everything will be normalized with your August gains reinvested, and interest accruals will continue.

Yeah

I see they've even reconciled my returns for August.
It was just weird seeing a negative, dont ever recall seeing such.

emmasoft:
Relax, no issues, end-of-month activities just started. By tomorrow or early morning Monday, everything will be normalized with your August gains reinvested, and interest accruals will continue.

Meanwhile Emmasoft, I have scores to settle with your SFS people.
Let me just wait till September 2nd fes

enque:
Meanwhile Emmasoft, I have scores to settle with your SFS people.
Let me just wait till September 2nd fes

I don't think there will be issues. Of course, you can always be in touch if there is a need to clarify any of their processes.

emmasoft:
@234ng44uk and other investors, please note that the withdrawal limit on the app is 1 million, on the web portal is 5 million, and using the redemption form is unlimited.

on app is way more.

enque:
Yeah

I see they've even reconciled my returns for August.
It was just weird seeing a negative, dont ever recall seeing such.

Mine was even doubled. Its their usual end of month shenanigans. Everything go reflect well by tomorrow.

My worry is their consistently low rates compared to their peers. It's their large AUM that's making me drag my feet to reducing my change with them. Cowrywise does far better. Just the fear of this tech mmfs

I woke up to mine also doubled 🤣🤣🤣

I cant believe that stanbic still has these end of month recon issues, especially for months with 31 days.
Other MMFs I use never have this issue.

Preator:
Mine was even doubled. Its their usual end of month shenanigans. Everything go reflect well by tomorrow.

My worry is their consistently low rates compared to their peers. It's their large AUM that's making me drag my feet to reducing my change with them. Cowrywise does far better. Just the fear of this tech mmfs

They are very inconsistent with crediting returns which makes it hard to even track the performance, if its still worth holding on to.

Last week, i had to call and send an email after 8days before they rectified it, and since then....another silence.

emmasoft:
I don't think there will be issues. Of course, you can always be in touch if there is a need to clarify any of their processes.

enque:
They are very inconsistent with crediting returns which makes it hard to even track the performance, if its still worth holding on to.

Last week, i had to call and send an email after 8days before they rectified it, and since then....another silence.

Please understand that SFS fixed income is not exactly like MMF. The underlying asset is FGN bonds. The rate is not valued daily, but rest assured, they will always credit all your returns. If you noticed, almost a year now it has been 19.01% unlike MMF, which fluctuates daily.

Anyone investing in Access Bank mutual funds through coronation asset management? I want to know about them

tosinman:
Anyone investing in Access Bank mutual funds through coronation asset management? I want to know about them

What Access bank is doing is more of a fixed deposit. It's not MMF.

MMF is not tenor based, amount to be invested is not capped at a paticular figure, it's an open ended fund, investors can redeem fund anytime after 30 days without penalty and returns doesn't attract WHT. All these are not obtainable in what Access bank is doing.

In the first place MDBs like Access are not fund managers.

Let's be well guided.

Are you sure about this? that's my bank app

emmasoft:
What Access bank is doing is more of a fixed deposit. It's not MMF.

MMF is not tenor based, amount to be invested is not capped at a paticular figure, it's an open ended fund, investors can redeem fund anytime after 30 days without penalty and returns doesn't attract WHT. All these are not obtainable in what Access bank is doing.

In the first place MDBs like Access are not fund managers.

Let's be well guided.

Kaybthaniels:
Good morning house, who else has invested in the ARM Money Market fund via Palmpay? Their interest rate is 20.83%, which other MMF is currently higher?

Try ARM or other asset managers for rate.
If you want something higher fixed deposit investment with licensed and regulated bank , you can chat me

tosinman:
Are you sure about this? that's my bank app

your app has explained and confirmed what I said.

MMF is not done by Access Bank but by Coronation Asset Management. That you see it on your bank app doesn't make it a product from Access Bank. Please understand that Access as a holdco is different from Access Bank Ltd.

If you open Stanbic Bank app, you will also see bluNest, which doesn't mean Stanbic Bank does MMF. It's stanbic Asset management that do MMF.

There is a product that Access Bank offers, which is more like a fixed deposit, not MMF.

Let's always understand the difference - fund managers and MDBs are not the same, even though they could be in the same holdco or group.

Please, how do I contact Stanbic MMF customer service. Is urgent, anyone with there email or phone number should help me.

Chidimercy:
Please, how do I contact Stanbic MMF customer service. Is urgent, anyone with there email or phone number should help me.

It's on their contact us
070000800900

Guys please any new user on fbnquest, how do you carry out a transaction? The edge app is not accessible because of the alphanumeric issue and the portal seem not to be ready for use

Anyone experiencing delays with FBNQuest topups. It's been 2 days gone already and my topup is not reflecting yet.