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

[Asphodeli]

What worked: Our HeyMax Miles partnership was designed to be groundbreaking, offering 2 miles per dollar on all spending (even typically excluded categories) —rewarding customers while deepening engagement. It worked brilliantly for customer acquisition. However, bill payments, especially through AXS, surged far beyond expectations, making the programme unsustainable.

i dun understand, what make this unsustainable? too many ppl use debit card to pay? or what?
maybe he can come out to explain why this is unsustainable?



To keep the programme going, we worked with AXS to disable Chocolate Card acceptance instead of blocking all bill payments entirely. This ensured the programme's goal of balanced rewards while keeping 2 miles per dollar on all other spend.

also this, tell AXS to disable chocolate card instead of blocking all bill payments?
seriously? AXS entire biz is pay bills Chocolate can ask them block all bill payments?

Because some people like MileLion use the ChocFin card to pay for wu eh boh eh high price items like insurance, bills, etc. on AXS to clock miles lor, which most other cards dont award miles for AXS payments

 

[Equivocal2011]

he also talk cock say what timing is impt
things were brewing the entire day he only posted at 5pm and on his personal linkedin page?
did he lose control over his CF webpage?

His own web developers invested , tio stun and left the company
No one skilled enough left to update website.
Joking...

 

[soulblader_89]

chiu pattern liao

 

[KakiMeow]

in case chiu all dunno...

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.

The major banks provide very low interest rates but they are insured by SDIC. If I need money immediately, I have access to them immediately. Very liquid money will have very low returns as there is not much banks can do with the money to generate returns.

Your money is invested into a portfolio of fixed-income funds carefully selected to optimise risk-adjusted returns based on factors like duration, yield to maturity, credit quality and currency.

This allows the portfolio to target a return of 3.3% p.a. for the first S$20k and 3% p.a. on any amount thereafter

So Chocolate finance is not a savings account, but an investment product that invests in fixed income funds.
It is not a money market fund either.

Chocolate Finance is not a Money Market Fund. It is a managed account operated by ChocFin Pte. Ltd, licensed by the Monetary Authority of Singapore (CMS101452). The Chocolate Finance managed account, however, does invest in short-duration fixed-income funds and money market funds.

Source:

 

[AndroidComa]

Because some people like MileLion use the ChocFin card to pay for wu eh boh eh high price items like insurance, bills, etc. on AXS to clock miles lor, which most other cards dont award miles for AXS payments

tbh not everyone pays insurance every single month, i dun think every single CF client has nicely got insurance bill to pay all in the same month...
and there are customers like me who dun care about miles but only go for cashback
and their penetration rate is also not 100%
how much can they lose by running this 2mpd thing?
how much did this negative sentiment cause them in terms of eroded customer's confidence?
for 1 i know i will not be using them if i manage to all my funds withdrawn (about 70K in total)


trust, is a funny thing, we go in blindly trusting that they are sound and well managed, but stupid actions that does not even affect most of us, will crush the trust fully....


i hope it is worth it Walter! i hope the amount u saved from nerfing the 2mpd from your debit card and then blaming AXS at the same time DBS system underwent maintenance was totally worth it!

 

[mryongtan]

But got so many influencers endorsed them lei

they're either sponsored or paid.

 

[CrunchTime]

tbh not everyone pays insurance every single month, i dun think every single CF client has nicely got insurance bill to pay all in the same month...
and there are customers like me who dun care about miles but only go for cashback
and their penetration rate is also not 100%
how much can they lose by running this 2mpd thing?
how much did this negative sentiment cause them in terms of eroded customer's confidence?
for 1 i know i will not be using them if i manage to all my funds withdrawn (about 70K in total)


trust, is a funny thing, we go in blindly trusting that they are sound and well managed, but stupid actions that does not even affect most of us, will crush the trust fully....


i hope it is worth it Walter! i hope the amount u saved from nerfing the 2mpd from your debit card and then blaming AXS at the same time DBS system underwent maintenance was totally worth it!

No wonder you so invested in this the whole day …. Your 70k is at stake.

 

[Deathzz]

tbh not everyone pays insurance every single month, i dun think every single CF client has nicely got insurance bill to pay all in the same month...
and there are customers like me who dun care about miles but only go for cashback
and their penetration rate is also not 100%
how much can they lose by running this 2mpd thing?
how much did this negative sentiment cause them in terms of eroded customer's confidence?
for 1 i know i will not be using them if i manage to all my funds withdrawn (about 70K in total)


trust, is a funny thing, we go in blindly trusting that they are sound and well managed, but stupid actions that does not even affect most of us, will crush the trust fully....


i hope it is worth it Walter! i hope the amount u saved from nerfing the 2mpd from your debit card and then blaming AXS at the same time DBS system underwent maintenance was totally worth it!

Imagine 20k income tax per mth. Can earn 40k miles. Few months can exchange business class wor. How to tahan? 2miles per dollar is alot for paying bills without actual spend. Even CC most card pay 1.X miles for normal spend nia

 

[blurredprint]

No wor
The lesson learnt ish dun put money wif non-SDIC insured institutions no matter how gd the returns are.

Haiyo no need so hardup for SDIC rahhh, even the SDIC also has certain cap. Most liquid money market funds also non-SDIC insured but still viable to park some funds there...

I have a great difficulty with this guarantee.

If the bank shuts down and destroys its records, how do you prove that you have some holdings in it?

Walau ehhh...safest is cold hard cash if one is that worried. Bank servers not sth to be destroyed so easily and SDIC itself also reports to MAS, in this lifetime you will much much likelier see friends lose money from SGX stocks than see SDIC insurance get activated for local banks.

 

[testingabc]

Hmm say is small matter and at first still try to say AXS ? Well this is not how you build trust and confidence for a finance entity IMO

 

[Lasogette]

The influencers got take sponsorship to make video ask pple to put money in or not? Now asking pple take out. Will kanna sue bo?

 

[Edixfan]

Hope the influencers don’t use sensational headlines on their videos to induce panic again. Not sure if CF will sue. I think their deposit base will get hit quite badly after this

 

[Lasogette]

Money inside Singapore pools app I think safest. Lol

 

[Rosanjinz]

I got a lot need to withdraw lei almost 6 figure

 

[xcodes]

what is Chocolate Finance ... sorry me sua ku on this ...

 

[Rosanjinz]

Tomorrow i will go down their office and knock at it since my office nearby!!

 

[Acetone]

I got a lot need to withdraw lei almost 6 figure

If what the ceo said is true, you will get your money back after settlement (T+2). Please update us if you receive all ur $$

 

[Weeli85]

Does any1 choose "waiting 3 to 10 days" or wait until the direct withdrawal is OK?

 

[Belle69]

Just beware. There is always a reason to be almost free or very low cost. Beware counter part risk. 2008 was once shown us the risk are real. Your stocks are no held by SGX. Low cost does not mean low risk.

I never use them. Coz I don't trade often. Just be safe. Cannot afford to risk multi million portfolio.

My long term portfolio is with Poems.

Daily trading is Webull and Moomoo

 

[sacredrays]

Tomorrow i will go down their office and knock at it since my office nearby!!

take photo/ video upload let us see pls