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Mutual Funds - Investment (217) - Nairaland

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Re: Mutual Funds by IyawoToBe(f): 6:07pm On Jan 10, 2020
odontoid1:


I share your view my brother. How can they claim there was a mistake? It raises a lot of concerns. What if they subsequently say that most of the accrued interest was a mistake? I did not want to comment more on this further but at least I have seen one person that thinks outside the box who will not just accept whatever they want us to believe.

If, they really think it's a mistake, let them come clean by telling us what and how they calculate/calculated it.


I have asked for my statement for over four days and they have refused to send it to me. They took 30,234 from my principal and then paid me short in my daily yield. I am closing the account on Monday.
Re: Mutual Funds by singletech(m): 6:23pm On Jan 10, 2020
Arm, arm MMF.. Can someone tell me their current rate please.... I am beginning to consider them to stanbic
Re: Mutual Funds by IyawoToBe(f): 6:30pm On Jan 10, 2020
For those defending FBNQuest, ask for your account statement. Or they should show you a breakdown of how much excess they paid into your interest on the 14th of December.

The day someone mentioned here that he got an outrageous excess as yield for the previous day, I quickly logged into my account and noticed there was no strange increase in my accrued interest.

So without any explanation, they took out a whooping 30kplus from my principal on the 6th of January and then paid me short of my expected value for the number of days the accrued interest showed 0.00. I even tried to use 6% as the yield rate but I was still short paid.

Send me my account statement, MBA! They refused to send... Who is being shaddy here?
Re: Mutual Funds by emmanuelewumi(m): 6:34pm On Jan 10, 2020
IyawoToBe:


I have asked for my statement for over four days and they have refused to send it to me. They took 30,234 from my principal and then paid me short in my daily yield. I am closing the account on Monday.

If you are in Lagos please pay them a visit or try and speak with your account officer.


I get my statement of unit holdings every month.
Re: Mutual Funds by IyawoToBe(f): 6:42pm On Jan 10, 2020
emmanuelewumi:


If you are in Lagos please pay them a visit or try and speak with your account officer.


I get my statement of unit holdings every month.

If I want to stop investing with them, can I take out all my money including the few interest from this new quarter?
Re: Mutual Funds by odontoid1: 6:47pm On Jan 10, 2020
singletech:
Arm, arm MMF.. Can someone tell me their current rate please.... I am beginning to consider them to stanbic

You can always check their daily interest rate via this link

https://arminvestmentcenter.com/MutualFunds/Details/1003
Re: Mutual Funds by emmanuelewumi(m): 7:02pm On Jan 10, 2020
IyawoToBe:


If I want to stop investing with them, can I take out all my money including the few interest from this new quarter?



You can
Re: Mutual Funds by reservd(m): 7:10pm On Jan 10, 2020
IyawoToBe:
For those defending FBNQuest, ask for your account statement. Or they should show you a breakdown of how much excess they paid into your interest on the 14th of December.

The day someone mentioned here that he got an outrageous excess as yield for the previous day, I quickly logged into my account and noticed there was no strange increase in my accrued interest.

So without any explanation, they took out a whooping 30kplus from my principal on the 6th of January and then paid me short of my expected value for the number of days the accrued interest showed 0.00. I even tried to use 6% as the yield rate but I was still short paid.

Send me my account statement, MBA! They refused to send... Who is being shaddy here?
Strange cos I didn't ask for my account statement yet I was sent, infact twice by 2 different representives when I complained about the deductions to verify my claims. It is well
Re: Mutual Funds by IyawoToBe(f): 10:25pm On Jan 10, 2020
reservd:

Strange cos I didn't ask for my account statement yet I was sent, infact twice by 2 different representives when I complained about the deductions to verify my claims. It is well
Can you please provide the numbers you called. Apparently, my account officers are USELESS!!! I'm moving my money on Monday if I don't get to the root of this.
Re: Mutual Funds by singletech(m): 10:30pm On Jan 10, 2020
odontoid1:


You can always check their daily interest rate via this link

https://arminvestmentcenter.com/MutualFunds/Details/1003
Thanks bro
Re: Mutual Funds by seyisanya(m): 11:21pm On Jan 10, 2020
IyawoToBe:


I have asked for my statement for over four days and they have refused to send it to me. They took 30,234 from my principal and then paid me short in my daily yield. I am closing the account on Monday.
Imagine! And they're not even replying emails, what nonsense!!

1 Like

Re: Mutual Funds by seyisanya(m): 11:25pm On Jan 10, 2020
emmanuelewumi:


If you are in Lagos please pay them a visit or try and speak with your account officer.


I get my statement of unit holdings every month.

How, sir? Do you send a request for this every month?
Re: Mutual Funds by reservd(m): 2:33am On Jan 11, 2020
IyawoToBe:
Can you please provide the numbers you called. Apparently, my account officers are USELESS!!! I'm moving my money on Monday if I don't get to the root of this.
I sent a message to them on twitter indicating my email address and phone number, someone called me and was keeping in touch , I tried to call back but nobody picked since I don't know the extension number of the one handling my case. I mailed customer care too and copied my relationship manager, we exchanged up to 10 mails. So surprised at ur complaints

1 Like

Re: Mutual Funds by emmanuelewumi(m): 2:42am On Jan 11, 2020
seyisanya:


How, sir? Do you send a request for this every month?

Yes, I also send a mail to them to get my statement 24 hours after paying into their account to make sure payment have been unitized. But FSDH Asset Management automatically send to me every month
Re: Mutual Funds by emmanuelewumi(m): 2:48am On Jan 11, 2020
IyawoToBe:


If I want to stop investing with them, can I take out all my money including the few interest from this new quarter?

We have only spent 10 days in the current quarter,your interest will be very meagre.

I hope you have been your interest last week for the quarter which ended on 31st December 2019
Re: Mutual Funds by michaelogunleye(m): 11:44pm On Jan 11, 2020
Today shows stanbic mmf rate at 7.7, the rate keeps dropping are there any better rates out there

1 Like

Re: Mutual Funds by benedictuyi(m): 11:58pm On Jan 11, 2020
michaelogunleye:
Today shows stanbic mmf rate at 7.7, the rate keeps dropping are there any better rates out there
Piggybank offers as high as 15% when using their safelock
Re: Mutual Funds by yak(m): 1:10am On Jan 12, 2020
coolangel54:
Diversify your investment this year by investing in digital agriculture. You sponsor a farm for a specific period and receive a with mouth watery ROI. See my signature for details

God just sent u to post this!!
I have bn battling with this decision since December 30. As soon as I saw this, I was convinced it's the way to go now

1 Like

Re: Mutual Funds by aremiya: 9:04am On Jan 12, 2020
Here is been my experience so far, I invested my fund in both first bank edge and stanbic ibtc. Before then I had went through all the post on nairaland to really understand what is like, of which I had strong reservations about fbn edge based on comments I still went ahead anyways. But all the time it takes forever for them to always top up my account after sending the details of transaction and they wont respond not untill I send several emails and recently I have tried to redeem part of my fund precisely December 28 the account was debited and up until now I have not recieved the fund in my account. So I decided to try same with stanbic ibtc, I redeemed around 12pm and also recieved my fund same day. Uptill now I have not gotten any tangible response from fbn edge, they are not responding to my calls too. It sad that this is happening I didn't really need the money I only followed some body advice on this forum that suggest we should try and make withdrawal jus to be sure evrything is kool so that u don't get stuck when you actually need it. Probably some body is benefiting from this at fbn edge, my advice don't do fbn edge. They are not ready for this. Put ur fund some were else

5 Likes

Re: Mutual Funds by emmanuelewumi(m): 9:14am On Jan 12, 2020
aremiya:
Here is been my experience so far, I invested my fund in both first bank edge and stanbic ibtc. Before then I had went through all the post on nairaland to really understand what is like, of which I had strong reservations about fbn edge based on comments I still went ahead anyways. But all the time it takes forever for them to always top up my account after sending the details of transaction and they wont respond not untill I send several emails and recently I have tried to redeem part of my fund precisely December 28 the account was debited and up until now I have not recieved the fund in my account. So I decided to try same with stanbic ibtc, I redeemed around 12pm and also recieved my fund same day. Uptill now I have not gotten any tangible response from fbn edge, they are not responding to my calls too. It sad that this is happening I didn't really need the money I only followed some body advice on this forum that suggest we should try and make withdrawal jus to be sure evrything is kool so that u don't get stuck when you actually need it. Probably some body is benefiting from this at fbn edge, my advice don't do fbn edge. They are not ready for this. Put ur fund some were else

I got paid same day when I filled my redemption form, sometimes in December 2019.

4 Likes

Re: Mutual Funds by chubbyG(m): 1:37pm On Jan 12, 2020
Have you guys heard about Anchoria Asset Management.
They're very reliable and safe.
Mutual funds rate is between 10-12% per annum
If you're interested send me a dm.
Re: Mutual Funds by OgogoroFreak(m): 2:35pm On Jan 12, 2020
faoogoke:


Your submission is rather strange. How could they make mistake with regards payment of interest. I thought the whole process is automated. If it is automated then its garbage in garbage out. These applications don't make mistake. I stand to be corrected though and of course this is Nigeria.
What if they garbage in a mistake?
Re: Mutual Funds by isangjohnson: 7:58pm On Jan 12, 2020
Please do FBNQuest and FSDH have any office in Ikeja?
Re: Mutual Funds by emmanuelewumi(m): 7:59pm On Jan 12, 2020
isangjohnson:
Please do FBNQuest and FSDH have any office in Ikeja?


Lagos island
Re: Mutual Funds by isangjohnson: 8:15pm On Jan 12, 2020
Please which of the two is in Island and where exactly in Island?
In other word, they do not have office in Ikeja?
Re: Mutual Funds by emmanuelewumi(m): 8:27pm On Jan 12, 2020
isangjohnson:
Please which of the two is in Island and where exactly in Island?
In other word, they do not have office in Ikeja?

Marina and Obalende
Re: Mutual Funds by Boyhood: 10:50pm On Jan 12, 2020
Kereokwu:


The page has issues on mmf interests not paid correctly, delayed response to emails, arm mmf. Maybe it's not the right page.

Pls house/forum I really need urgent reply to my earlier questions:

Wow I want to say a big thank you all the contributors here, so much too learn. God bless you all richly in Jesus name Amen.
Well I have decided to try mmf using fbn quest since tb is too low, now here are my questions:
a1. Will my capital be preserved just like tb?
2. What are the tenure(tb has 30d, 60days etc)
3. Can I pull out my funds anytime it matures
4. Any charges?
b. Now for fg savings bonds what is the minimum tenure?
2. Can I get it at any commercial bank?
What are the rates now?
For someone who is learning stock and decides to buy 50k of( E.g uacn or Access), is the person
a share holder or what is the difference.
C. What is FS
questions.
Thanks

Let me answer the "a" part of your questions pertaining MMF
1. Yes your capital is preserved just like Tbills. When you check the factsheets some part ( in %age) of the MMF funds are invested in Tbills that's why when rates go down in Tbills it affects MMF too.
2.MMF, accured interest are recorded/paid on daily basis and its compounded quarterly that's if you choose to reinvest it or you can have it withdrawen to your bank account.
3.you can pull out your funds anytime you so wish.. but if you do so within the first 30day, it may attract a charge/fine.
4.NO charges except you decide to withdraw before the first 30days elapse which attract a fine of 20% of your accured interest
Yes FBNquest have an office in maitama, Abuja.
But their head office is in Lagos.

1 Like

Re: Mutual Funds by isangjohnson: 6:40am On Jan 13, 2020
Please I need fbnquest website.
Re: Mutual Funds by Boyhood: 6:43am On Jan 13, 2020
isangjohnson:
Please I need fbnquest website.
https://fbnquest.com
Re: Mutual Funds by coolangel54(f): 9:03am On Jan 13, 2020
The rate at which MMF interest is dropping baffles me and I had a second thought... Digital agriculture. Did my investigation online via a thread on nairaland designed specifically for it and oh yes, I have diversified. I can't come and kill myself this 2020 as I want everywhere to stew for me.
[/b]Please, check my signature for my referral code to register with Farm Funds Africa[b].
yak:


God just sent u to post this!!
I have bn battling with this decision since December 30. As soon as I saw this, I was convinced it's the way to go now
Re: Mutual Funds by Kereokwu(f): 2:34pm On Jan 13, 2020
Thanks so much, God bless you.
I appreciate your response.

quote author=Boyhood post=85744751]

Let me answer the "a" part of your questions pertaining MMF
1. Yes your capital is preserved just like Tbills. When you check the factsheets some part ( in %age) of the MMF funds are invested in Tbills that's why when rates go down in Tbills it affects MMF too.
2.MMF, accured interest are recorded/paid on daily basis and its compounded quarterly that's if you choose to reinvest it or you can have it withdrawen to your bank account.
3.you can pull out your funds anytime you so wish.. but if you do so within the first 30day, it may attract a charge/fine.
4.NO charges except you decide to withdraw before the first 30days elapse which attract a fine of 20% of your accured interest
Yes FBNquest have an office in maitama, Abuja.
But their head office is in Lagos.[/quote]
Re: Mutual Funds by faoogoke(m): 4:13pm On Jan 13, 2020
I just opened a Money Market Fund and Stock Trading account with United Capital

The process was smooth in that you must submit all required document and you dont need to step into their office to do all that.

I did it all online

My account dash board is impressive.

The rates are displayed for each of the products. I can make all kind of requests

I am impressed. I hope I will continue to be impressed.

1 Like

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