Omg tried to withdraw money from chocolate finance cannot immediate withdrawal. Say need up to 10 working days to withdraw

[SimpleToo]

Seems they really having cash flow issues, now that debit card also cannot use.

It seem like Reddit thread got teach how to withdraw using grabpay….

 

[eauyong]

yalor, actually i aslo very scare, what maribank, trust bank..etc... all these name doesnt instill confidence... hahaha

Both maribank and trust bank are Deposit Insurance (sdic) scheme members.

 

[luffix7]

Wah this post from mm very alarming.

hmmm heng i nv use their debit card for anything

 

[mynickname]

Regulated by the MAS under a CMS license, but not covered under SDIC as it is not a bank:

"Chocolate Finance is not covered by the Singapore Deposit Insurance Corporation (SDIC) because we are not a bank. Banks have SDIC protection because if the bank fails, your money is at risk. Chocolate operates differently. Your funds with Chocolate Finance are held separately by trusted custodians, HSBC and State Street, under the management of our fund managers, and are ringfenced in the event that anything happens to Chocolate."

Aka new age fund distributors

 

[Litmuss]

U guys got above SGD$100 K in chocolate, trust, maribank individually meh?

If not, why so kan cheong?

 

[yellowduck]

Got registered office

maybe some hdb flat address? or post box...

 

[Rosanjinz]

i got significant amount inside lei!

 

[Acetone]

This kind of FI, if they lose trust with the investors, they can prepare to close shop liao….

 

[Rosanjinz]

They say in their own website

https://www.chocolatefinance.com/#Benefits

Your funds with Chocolate Finance are held separately by trusted custodians, HSBC and State Street, under the management of our fund managers, and are ringfenced in the event that anything happens to Chocolate.

 

[Deathzz]

Don't anyhow trigger panic leh. Investment fund all trying to 1 shot cash out, they need to mass dump sell units in the market.

 

[AndroidComa]

It seem like Reddit got someone tell how to withdraw using grabpay….

i dun have their debit card! gg!

 

[hyperfuse]

i dun have their debit card! gg!

no use. its not working now. u can apply debit card instantly on their app but no use. cant top up grab pay already.

 

[AndroidComa]

They shouldn't have allowed instant withdrawals in the first place lah.

Even platforms like Endowus take 3-5 business days to disperse your money if you redeem money invested into MMFs.

they wanted to push out a series of products, therefore their structure must allow instant withdrawals, else how they push out debit card?

 

[Acetone]

no use. its not working now. u can apply debit card instantly on their app but no use. cant top up grab pay already.

Wah… I wonder if this will hit mainstream news or not

 

[AndroidComa]

i got significant amount inside lei!

wah anything above 50K might get -ve returns
u dump everything inside ar?

 

[win_man]

Tried to withdraw $20,016 and it says withdrawals more than $20K in a single day take 3 to 10 days. It is normal or TS spread fear?

 

[yellowduck]

U guys got above SGD$100 K in chocolate, trust, maribank individually meh?

If not, why so kan cheong?

why not? many here income 20-30k per mth hor...

 

[dr34mc4st3r]

all payments on their debit card is now blocked. Gg

 

[tJ3333]

I cannot access their website properly, only can see their chatbot, nothing else can be seen.

 

[Lchlch]

Which bank is this? Simi is chocolate finance?

Yeah, I also dnt know...