₦airaland Forum

Yem0350:
Better rate
Fast redemption
Good customer care service

thanks so much, i really appreciate...

Please, how is mutual fund interest calculated. I assume it is compounded daily. Since money is involved, assumption is not good enough.

pizardguy:
Unfortunately, I am too busy for irrelevant comments

Better, because we are serious here

Yem0350:
Better rate
Fast redemption
Good customer care service

hello
Please I tried usiing FBN edge but it's rejecting my mail and phone number. what do I do?
Please can you share me a link I can use to view my interests online?

chufor:
hello
Please I tried usiing FBN edge but it's rejecting my mail and phone number. what do I do?
Please can you share me a link I can use to view my interests online?

You need to apply for online access to your portfolio. Send a mail to customer care. You will be assisted accordingly

234ng44uk:
Please, how is mutual fund interest calculated. I assume it is compounded daily. Since money is involved, assumption is not good enough.

Interest is being calculated daily
It is also compounded every quarter (if you selected reinvest) excluding stanbic

Yem0350:
You need to apply for online access to your portfolio. Send a mail to customer care. You will be assisted accordingly

Thanks so much

Yem0350:
Interest is being calculated daily
It is also compounded every quarter (if you selected reinvest) excluding stanbic

Please explain more, I started mmf with 5k on Wednesday

chufor:
Please explain more, I started mmf with 5k on Wednesday

What Yem0350 is saying is this: That 5k you deposit will gain the day interest, then the same 5k will get interest the next day that is how the 5k continue to gain interest each day till 31st of March. then if you pick reinvest interest as an option then by 1st of April all the accumulated interest will be reinvested. let's say the accumulated interest was 1k. it means by 1st April till 30th of June you be getting interest on 6k daily.That is how it continues till the day you wish to liquidate.

freeman67:
Stanbic IBTC normally credit the interest accrued for weekends on Mondays..

Lie! They pay Monday to Friday, skip weekend, pay Monday to Friday and the circle continues.

234ng44uk:
Lie! They pay Monday to Friday, skip weekend, pay Monday to Friday and the circle continues.

Weekends are also included.
If you operate Stanbic, check you balance on Friday 10pm, then check by 10am on Monday.

234ng44uk:
Lie! They pay Monday to Friday, skip weekend, pay Monday to Friday and the circle continues.

You are wrong
Check your account very well as stated above

emmasoft:
What Yem0350 is saying is this: That 5k you deposit will gain the day interest, then the same 5k will get interest the next day that is how the 5k continue to gain interest each day till 31st of March. then if you pick reinvest interest as an option then by 1st of April all the accumulated interest will be reinvested. let's say the accumulated interest was 1k. it means by 1st April till 30th of June you be getting interest on 6k daily.That is how it continues till the day you wish to liquidate.

OK if I get you
Every 3 months all interest made daily will be reinvested ba?


Yem0350--- they resolved everything today---
I Like their swift response
Please do FBN also pay interest accrued on weekends

chufor:
OK if I get you
Every 3 months all interest made daily will be reinvested ba?


Yem0350--- they resolved everything today---
I Like their swift response
Please do FBN also pay interest accrued on weekends

All weekends and public holidays are credited next working day

I have tried very hard not to say anything about the negative vibes I have been getting from investment-one here but the more I tried not the more they push me to want to say something.

After VDF was marketed here, I contacted investment - one and I was given a rep to contact. I contacted the rep and everything went well.. She assisted me where there was need and the subscription was successful. After a while I was sent an Internet login details. I logged in, change my password as required and everything was set but I could not access the VDF through it. I tried sending a mail but no response.

I went to their Abuja office to see a possibility of using the details to access my VDF account (@least to see if it is even growing) but they couldn't do anything. There contacted their lagos office and was told network there isn't good. Then I requested for a statement to my VDF account but they could not give me too.. Again they contacted lagos and Lagos promised that as soon as network is fixed I will get it I said OK and left. Expecting to see it till after a week of not seeing then I contacted the rep that assisted me when opening the account.

She connected me with someone in the department that is responsible but instead of the statement the lady sent me a subscription certificate instead. I complained to her that it is not what I requested for but she still could not give me the statement.

I called the rep that referred me to her again and she apologised. I requested if there is an app or way to see your investment daily but she told me there are still working on that.

I felt uncomfortable with the whole thing... So the next time I was free I dashed to their office to redeem the fund. They gave me a form to fill.. I enquired on how to feel the form and the guy that gave the form explained then I asked if I could mail and he said yes. After filling I was thinking of mailing it then I had the opportunity of going towards their office so I decided to take it there. When I got there I met another person who told me that some info the first man said was not necessary was actually required. (Swift code, correspondent Bank, ABA, no and co.) so I contacted my bank Customers Care and they sent me the info.

The info however came in like 10 different types. So I enquired which one I should use but they didn't have a clue and insisted I still visit my. When I got to the my bank, the bank too didn't know what Investment-one want but they just chose one out of the many corresponding banks given to earlier and printed. Then time was already gone so I left the bank and decided to mail them the redemption form the next day which is yesterday. I mailed it to about the 3 e-mail addresses I got from their office but till this moment I have not gotten any form of acknowledgement.


My concerns are that; investment-one was formerly a GTB subsidiary how come there are this inefficient? I was actually testing them with the minimum amount required what if I had done more...? Even though StanbicIBTC Asset management customer care online response seem to be sluggish there is no day I have gone to their office issues like this are not resolved. Since investment can show me my investment movement record online and in their office how do they expect me to follow/track my investment? How go I know if I am loosing or gaining?

I expect to hear from them soon... Even if they don't acknowledgement my messages all I want is my money in my account let me go and open a dollar mutual fund account with Stanbic.

freeman67:
I have tried very hard not to say anything about the negative vibes I have been getting from investment-one here but the more I tried not the more they push me to want to say something.

After VDF was marketed here, I contacted investment - one and I was given a rep to contact. I contacted the rep and everything went well.. She assisted me where there was need and the subscription was successful. After a while I was sent an Internet login details. I logged in, change my password as required and everything was set but I could not access the VDF through it. I tried sending a mail but no response.

I went to their Abuja office to see a possibility of using the details to access my VDF account (@least to see if it is even growing) but they couldn't do anything. There contacted their lagos office and was told network there isn't good. Then I requested for a statement to my VDF account but they could not give me too.. Again they contacted lagos and Lagos promised that as soon as network is fixed I will get it I said OK and left. Expecting to see it till after a week of not seeing then I contacted the rep that assisted me when opening the account.

She connected me with someone in the department that is responsible but instead of the statement the lady sent me a subscription certificate instead. I complained to her that it is not what I requested for but she still could not give me the statement.

I called the rep that referred me to her again and she apologised. I requested if there is an app or way to see your investment daily but she told me there are still working on that.

I felt uncomfortable with the whole thing... So the next time I was free I dashed to their office to redeem the fund. They gave me a form to fill.. I enquired on how to feel the form and the guy that gave the form explained then I asked if I could mail and he said yes. After filling I was thinking of mailing it then I had the opportunity of going towards their office so I decided to take it there. When I got there I met another person who told me that some info the first man said was not necessary was actually required. (Swift code, correspondent Bank, ABA, no and co.) so I contacted my bank Customers Care and they sent me the info.

The info however came in like 10 different types. So I enquired which one I should use but they didn't have a clue and insisted I still visit my. When I got to the my bank, the bank too didn't know what Investment-one want but they just chose one out of the many corresponding banks given to earlier and printed. Then time was already gone so I left the bank and decided to mail them the redemption form the next day which is yesterday. I mailed it to about the 3 e-mail addresses I got from their office but till this moment I have not gotten any form of acknowledgement.


My concerns are that; investment-one was formerly a GTB subsidiary how come there are this inefficient? I was actually testing them with the minimum amount required what if I had done more...? Even though StanbicIBTC Asset management customer care online response seem to be sluggish there is no day I have gone to their office issues like this are not resolved. Since investment can show me my investment movement record online and in their office how do they expect me to follow/track my investment? How go I know if I am loosing or gaining?

I expect to hear from them soon... Even if they don't acknowledgement my messages all I want is my money in my account let go and open a dollar mutual fund account with Stanbic.

Chai. I am sorry for all this stress man. Thank you for sharing with us.

freeman67:
I expect to hear from them soon... Even if they don't acknowledgement my messages all I want is my money in my account let go and open a dollar mutual fund account with Stanbic.

This one you want to open a dollar fund, you feel our naira is about to misbehave?

Also, I tried opening with Stanbic but their transfer terms didn't make sense at all. Let's assume you want to transfer 1,000 USD with the charges involved, a huge chunk of the annual interest would have gone already.

I will advise you use United Capital, they allow deposits instead of transfers. Though you can ask Stanbic if they allow such, I asked them, they said no though.

Hello... I have interest of investing 500k for 6 month, how much will I get at the end of 6month.. and which mutual fund will you recommend for me.. thank you

GonFreecss1:
This one you want to open a dollar fund, you feel our naira is about to misbehave?

Also, I tried opening with Stanbic but their transfer terms didn't make sense at all. Let's assume you want to transfer 1,000 USD with the charges involved, a hung chunk of the annual interest would have gone already.

I will advise you use United Capital, they allow deposits instead of transfers. Though you can ask Stanbic if they allow such, I asked them, they said no though.

No, not really I just want to diversify my investment because you never can tell which one will stand strong when there is need.

About the transfer charge for Stanbic, I just collected their form waiting for the redemption from Investment-One. However, when I was about to go into VDF the transfer charge looks big then too. I was just advised by a banker to deposit the cash into their account instead of transfer.

Though stanbic gave me an account no without telling me the mode of payment but with this your observation now, when my money is ready I will confirm and if it is only by transfer I will consider United Capital too as you said because even with their SIMMF and SGIF you can't deposit money straight.

freeman67:
No, not really I just want to diversify my investment because you never can tell which one will stand strong when there is need.

About the transfer charge for Stanbic, I just collected their form waiting for the redemption from Investment-One. However, when I was about to go into VDF the transfer charge looks big then too. I was just advised by a banker to deposit the cash into their account instead of transfer.

Though stanbic gave me an account no without telling me the mode of payment but with this your observation now, when my money is ready I will confirm and if it is only by transfer I will consider United Capital too as you said because even with their SIMMF and SGIF you can't deposit money straight.

Yeah. I understand. Please keep us updated, would really want to know if they allowed you deposit instead of transfer. I know the firm holding the money for their Eurobond fund is Standard Chartered Bank, and that bank is as scarce as they come.

If you want to do anything with Stanbic, I feel their SGIF is far better than their SIMMF, especially with past performance.

If you also have any questions on United Capital, do not hesitate to ask.

GonFreecss1:
Yeah. I understand. Please keep us updated, would really want to know if they allowed you deposit instead of transfer. I know the firm holding the money for their Eurobond fund is Standard Chartered Bank, and that bank is as scarce as they come.

If you want to do anything with Stanbic, I feel their SGIF is far better than their SIMMF, especially with past performance.

If you also have any questions on United Capital, do not hesitate to ask.

I have been operating the two (SGIF & SIMMF). Yes with their past performance records SGIF seem better but in recent times and with what I see about it in my account the growth of SIMMF is more steady. It does not fluctuate like SGIF do in relation to its stock mix and it's only the capital that is guaranteed. So for me, I can rely more on SIMMF because any amount posted would not reduce again.

Stanbic doesn't accept cash deposit into the Dollar account. However, you might consider issuing a cheque or transferring to the account. Except for telex charge of 6k, the transfer charge might not be materially different from the charge on USD withdrawal from domiciliary account.

freeman67:
No, not really I just want to diversify my investment because you never can tell which one will stand strong when there is need.

About the transfer charge for Stanbic, I just collected their form waiting for the redemption from Investment-One. However, when I was about to go into VDF the transfer charge looks big then too. I was just advised by a banker to deposit the cash into their account instead of transfer.

Though stanbic gave me an account no without telling me the mode of payment but with this your observation now, when my money is ready I will confirm and if it is only by transfer I will consider United Capital too as you said because even with their SIMMF and SGIF you can't deposit money straight.

IamtrulyBlessed:
Stanbic doesn't accept cash deposit into the Dollar account. However, you might consider issuing a cheque or transferring to the account. Except for telex charge of 6k, the transfer charge might not be materially different from the charge on USD withdrawal from domiciliary account.

OK.. But What's the Telex charge for again?

IamtrulyBlessed:
Stanbic doesn't accept cash deposit into the Dollar account. However, you might consider issuing a cheque or transferring to the account. Except for telex charge of 6k, the transfer charge might not be materially different from the charge on USD withdrawal from domiciliary account.

The reason why dislike the way Stanbic is handling it is if you transferred 1K USD for instance, those charges are equal to and if not more than the annual yield on 1K USD. That doesn't seem fair to me.

freeman67:
OK.. But What's the Telex charge for again?

That Telex charge is quite horrible and I find it surprising transfers within the country are unrealistically high.

It's a charge on USD funds transfer. Guess it's more like the NEFT charge on NGN transactions.

freeman67:
OK.. But What's the Telex charge for again?

Yea, it's quite high and I wasn't really pleased with it, but I think it's an anti money laundering thing. Using a cheque or bank draft might be a cheaper option.

GonFreecss1:
The reason why dislike the way Stanbic is handling it is if you transferred 1K USD for instance, those charges are equal to and if not more than the annual yield on 1K USD. That doesn't seem fair to me.

freeman67:
OK.. But What's the Telex charge for again?

I made a transfer from my GTB dollar domiciliary to another dollar account in same GT bank and charges nearly ran me mad. They charged a ridiculous 0.5% of the amount transferred as "commission" and another 5% of that commission as VAT. So to transfer $20,000 from GTB to GTB they charged $105! How much can you possibly make from your investment when bank has a already taken a chunk of the money to transfer within their own network?
Looking at yield for dollar mutual funds for most assets managers, you should expect 6% per annum, meaning that at least your one month of your investment is gone in transaction charges, another one month of your investment will be lost to when you redeem your investment. You have to leave the fund for 3 months to make any profit at all.

ernie4life:
Exactly. Vgif is the only mf with a guaranteed return benchmarked to SDF rate which is currently 9% and the opportunity to earn 35% of the excess return on the minimum.

Unlike other funds the fund manager(investment one) takes his administrative charge after paying the guaranteed minimum return.

Hello Ernie pls may you clarify the other post you quoted and what you stated here as regards the 9% guaranteed rereturn. Is it daily or per annum

shegonchy:
Hello Ernie pls may you clarify the other post you quoted and what you stated here as regards the 9% guaranteed rereturn. Is it daily or per annum

Per annum