₦airaland Forum

t33why:
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

ogeodi:
Please, how many days does it take to redeem funds? It's my first time, and I filled out the redemption form and submitted it on Monday afternoon.

Chidimercy:
Omo is the same with me oh. I filled our form since Monday morning for redemption but until now nothing.

Odunharry:
You can contact them on redemption of your funds .

Chidimercy:
I contacted them, and they are saying the name on the Nepa bill I used as proof of address is not mine. And is a rented apartment.

t33why:
Use your bank statement, signed and stamped

Chidimercy:
My bank statement is old, is my old address that is there. So Cantley change the address to the new one?

t33why:
You can always get your updated statement from your bank app (even signed and stamped from the app for gtbank) but with address different, you might need some other means. How about your NIN slip?

Chidimercy:
My NIN slip was done many years ago, with different address. I recently opened the Mutual fund account with my current address. Even my Stanbic IBTC account have a different address since is old.

Chidimercy:
I contacted them, and they are saying the name on the Nepa bill I used as proof of address is not mine. And is a rented apartment.

Odunharry:
You can contact them on redemption of your funds .

ogeodi:
Pleasei just noticed that my mutual account has been debited but it has not reflected in my personal bank account

Odunharry:
Name on Utility bill shouldnt be an issue. If the address on utility bill and the address you gave them is same , then you should be fine.

Alternatively, if your bank statement carries your current address, kindly present it.

Some companies even accept a valid means of id/Rental receipt that carries your address as proof of residence/address.

emmasoft:
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.

t33why:
Ok, this one pass my power. Maybe chat @emmasoft up, I'm sure he'd give you recommendations. Others would probably chime in too

bassdow:
...you mean DMB as in Deposit Money Bank ?

bassdow:
hahaha. Wonder when the banks would start compensating us for all the free works we doing on their behalf

234ng44uk:
In anything you do, avoid cowrywise. I like fintech, they're supposed to be the new way of doing things. But no, this one is not. Unfortunately, Nairaland has strict rules about language I won't be able rant as I would like. But here's a summary of the way they do business:
You get charged ₦50 to "link" them to your bank account (your registration isn't complete until you do so). There's no evidence of this "linking" with your bank, and there's no advantage of doing this. Then there's a ₦250 processing fee to move fund to your wallet or invest in any of their portfolio. This ₦250 is irrespective of whether the fund is coming from your bank account (including the linked account) or from your wallet. There's a ₦50 fee to withdraw to your bank account. But you cant withdraw to ₦0 balance . . . You get the gist?
More importantly, take their MMF yield with a grain of salt. I invested in ARM MMF with them and ended up getting around 18% yield, against the 20.8% rate they quoted on their platform.

Odunharry:
It should reflect soon. It is possible it is due to bank network or fund is on its way to your account.

234ng44uk:
In anything you do, avoid cowrywise. I like fintech, they're supposed to be the new way of doing things. But no, this one is not. Unfortunately, Nairaland has strict rules about language I won't be able rant as I would like. But here's a summary of the way they do business:
You get charged ₦50 to "link" them to your bank account (your registration isn't complete until you do so). There's no evidence of this "linking" with your bank, and there's no advantage of doing this. Then there's a ₦250 processing fee to move fund to your wallet or invest in any of their portfolio. This ₦250 is irrespective of whether the fund is coming from your bank account (including the linked account) or from your wallet. There's a ₦50 fee to withdraw to your bank account. But you cant withdraw to ₦0 balance . . . You get the gist?
More importantly, take their MMF yield with a grain of salt. I invested in ARM MMF with them and ended up getting around 18% yield, against the 20.8% rate they quoted on their platform.

ogeodi:
It has reflected. Thank you so much for your response.

Preator:
On the fees each mmf determines their fees. It’s a choice to use them. Given the slightly higher rates they offer, I can easily offset the charges. Its also likely to discourage micro transactions.

Preator:
On withdrawing to zero, I haven’t tried that so I cant comment but I havent seen any mmf that doesn’t allow full redemption for your realized gains. In fact the only time I tried their redemption, I saw an option to withdraw every unit I had.

234ng44uk:
Really? You are stating the obvious and going on the defense like someone who has a vested interest. Customer has a right to complain about poor and exploitative services when they see one, they also owe it as a service to warn others not to fall into the same trap. If I say what’s bad about a service, you can counter it with things that are good if there are any. There’s no need to go on the defensive if you truly are neutral. About the unusual fees, it sure looks more like an exploitation than deterring micro transactions. Each of those ₦250 charges is a 1% off your yield on a ₦25,000 deposit, erasing any yield advantage they purportedly have.



You “haven’t tried that, you can’t comment”, but then you’re commenting.

234ng44uk:
In anything you do, avoid cowrywise. I like fintech, they're supposed to be the new way of doing things. But no, this one is not. Unfortunately, Nairaland has strict rules about language I won't be able rant as I would like. But here's a summary of the way they do business:
You get charged ₦50 to "link" them to your bank account (your registration isn't complete until you do so). There's no evidence of this "linking" with your bank, and there's no advantage of doing this. Then there's a ₦250 processing fee to move fund to your wallet or invest in any of their portfolio. This ₦250 is irrespective of whether the fund is coming from your bank account (including the linked account) or from your wallet. There's a ₦50 fee to withdraw to your bank account. But you cant withdraw to ₦0 balance . . . You get the gist?
More importantly, take their MMF yield with a grain of salt. I invested in ARM MMF with them and ended up getting around 18% yield, against the 20.8% rate they quoted on their platform.

heavenisreal18:
I couldn't access Blunest app,login failed try again later. Am I the only one experiencing this

heavenisreal18:
I couldn't access Blunest app,login failed try again later. Am I the only one experiencing this