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

[EdenHazard]

Sorry if it is not the right time to say this but...

"If it too good to be true, it probably is."

Where got so good you park money then get 3% returns doing nothing one... if banks do this I can understand since they use your money to lend to start ups, consumers, as loan to others,.etc.. but this chocolate I don't know how they use your money to grow.

But this isn't even a bank but a private company. I would worry.

Aiya they put in money market fund. Then cream off a bit...

 

[fire]

$1 billion lost just like that?
Because of influenza mouth?
Anybody took loans? No need pay liao?

Don't think the influencers are that good

most likely chocolate over-committed, over-advertised and cater too little fund for withdrawal above their expectation. Once there's an hiccup in someone's withdrawal, news spread and the kiasi tidal wave comes

 

[leonaheidern]

Not wrong as hyping it up like seth and others may create unwanted contagion effects of financial runs on other banks/firms.

to be honest you don't want to be caught holding any bag even if they can pay you back eventually 10 days or so later .

most people doing t+x days trades do the same buy and run thing.


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[The_Davis]

if it serves to increase G's coffers and it hits those finfluencers gao lat by slapping them with 80% revenue made from finfluencing content must be submitted to gahmen, so that finfluencers will genuinely give advice not based on sponsorship or self-interest but truly for the good of the public; and this law is passed, I will canvass 500,000 votes for PAP ah!!!!!!!

You know 500k people first or not?

 

[Visor9999]

they can’t back up the underlying investments!!!!!

It’s too risky for the sake of 3.3%, fix d is guaranteed. In this case, MAS should just takeover the chocolate finance and return investors money without waiting 10 days

 

[RinoaX]

to be honest you don't want to be caught holding any bag even if they can pay you back eventually 10 days or so later .

most people doing t+x days trades do the same buy and run thing.


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Oh definitely. It's a delicate and self-fulfilling cycle.

I think MAS should come down hard on fininfluenzas.

Unlicensed people just shooting off their mouths without any consequences is really sickening.

 

[speedsonic]

I feel it's such a pity that this company is like getting witch hunted. I hope it survives.

I like the company's card services, no FX fees and comes with miles rewards. but it's sad that its existing customer base which has expanded massively in the past month doesn't quite understand what it is offering.

I only topped up 1k to pair with my spending but I understand it's like those roboadvisor firms where they take our money to go invest. Why do people expect they can earn money and still enjoy liquidity? I avoid putting more money in because 3.3% returns is just okay returns for the investment returns. But if you compare it to youtrip, revolut etc, getting to earn interest when you park amount into it, getting miles and 0% FX is really fantastic.

Just two cents of my thoughts.

Why are current customers getting thrown into or involved in this card stuff when it is not even a part of the assessment? If I had wanted to use it like a revolut I would have placed a much smaller amt too.

 

[lovemyself123]

I feel it's such a pity that this company is like getting witch hunted. I hope it survives.

I like the company's card services, no FX fees and comes with miles rewards. but it's sad that its existing customer base which has expanded massively in the past month doesn't quite understand what it is offering.

I only topped up 1k to pair with my spending but I understand it's like those roboadvisor firms where they take our money to go invest. Why do people expect they can earn money and still enjoy liquidity? I avoid putting more money in because 3.3% returns is just okay returns for the investment returns. But if you compare it to youtrip, revolut etc, getting to earn interest when you park amount into it, getting miles and 0% FX is really fantastic.

Just two cents of my thoughts.

maybe in the first place the so called "good offerings" are unsustainable?

imagine even if they have 1 billion of cash, they are earnings spread of money market fund ~4% minus the 3.3% guaranteed interest rate

that is only 7mil profits per year where got enough?
need to pay rent, pay employees, pay business expenses, pay marketing etc u know

 

[AndroidComa]

maybe in the first place the so called "good offerings" are unsustainable?
imagine even if they have 1 billion of cash, they are earnings spread of money market fund ~4% minus the 3.3% guaranteed interest rate
that is only 7mil profits per year where got enough?
need to pay rent, pay employees, pay business expenses, pay marketing etc u know

u estimate too much Liao cos above 20k is 3% and above 50k is not guaranteed to have positive returns

 

[Visor9999]

Oh definitely. It's a delicate and self-fulfilling cycle.

I think MAS should come down hard on fininfluenzas.

Unlicensed people just shooting off their mouths without any consequences is really sickening.

Rather than blaming the influencers since many of them no ethics in the first place, they will make any videos for views. Govt should ensure these investment companies hold enough liquidity in the first place. Or end up another case of Lehman bros

 

[RinoaX]

Rather than blaming the influencers since many of them no ethics in the first place, they will make any videos for views. Govt should ensure these investment companies hold enough liquidity in the first place. Or end up another case of Lehman bros

There will never be a financial institution that holds enough money for everyone to withdraw at once.

 

[Warocks]

i rmb my money gone in hodlnuat

i received massive amount of email on the court order till now my money still not back

i write off liao

 

[AndroidComa]

Why are current customers getting thrown into or involved in this card stuff when it is not even a part of the assessment? If I had wanted to use it like a revolut I would have placed a much smaller amt too.

precisely! I don't even hold their card yet I Kenna the same as those who game the system with debit card

 

[Edixfan]

All of the depositors will get back their money. But I’m not sure whether the company can survive after this episode.
Money is a very sensitive topic. When Seth announced he is withdrawing all his money and Kelvin add oil on top of fire, what would you do as a depositor? Of course err on the side of caution right?
It’s like a crowded room. Someone shouts fire, all run to the exit right? Who cares whether there really is fire?
When you watch Seth’s video, will you focus on the content or the headline? All you can internalize is that he withdraws all his money. And you will follow cos you don’t want to be the last person out.
And once you are out of the room and you realise there is no fire, will you still go back in? This is what will happen to CF. It’s gone case for them, due to the irresponsible headline of the influencers video

 

[Acetone]

to be honest you don't want to be caught holding any bag even if they can pay you back eventually 10 days or so later .

most people doing t+x days trades do the same buy and run thing.


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I wonder why they even put 10 days… at max should be 3 days only to settle and pay out…

You put 10 days, you just spook the hell out of the investors nia… they must be wondering if you really put their monies into the purported funds or trying to buy time.

 

[wulu1_69]

u estimate too much Liao cos above 20k is 3% and above 50k is not guaranteed to have positive returns

True, above 50k can get negative returns higher than the daily interest earned ... Not worth

 

[AndroidComa]

All of the depositors will get back their money. But I’m not sure whether the company can survive after this episode.
Money is a very sensitive topic. When Seth announced he is withdrawing all his money and Kelvin add oil on top of fire, what would you do as a depositor? Of course err on the side of caution right?
It’s like a crowded room. Someone shouts fire, all run to the exit right? Who cares whether there really is fire?
When you watch Seth’s video, will you focus on the content or the headline? All you can internalize is that he withdraws all his money. And you will follow cos you don’t want to be the last person out.
And once you are out of the room and you realise there is no fire, will you still go back in? This is what will happen to CF. It’s gone case for them, due to the irresponsible headline of the influencers video

cannot say entirely is the influencers

cf CEO also said they could have communicated better

did they hire interns as their PR managers? CEO not first day in Singapore apparently he don't know much about Singaporean mentality .... still MIW ask us to integrate with new FT?

 

[CantStopWhining]

Why are current customers getting thrown into or involved in this card stuff when it is not even a part of the assessment? If I had wanted to use it like a revolut I would have placed a much smaller amt too.

I might be wrong, but from how I see it, it's likely the customers that just joined after the announcement of the heymax and axs reward program. I'm one of them.

When the axs rewards program stopped, they started to withdraw as signs of weakness in the company. Then came the horde of withdrawal. 3.3% isn't that fantastic returns in the first place...

I mean we shouldn't expect going to endowus, stashaway or Syfe and ask them to liquidate your cash management investment instantly right..?

 

[tech90]

Wa since I made the post at 8 am this morning till now I no mood to work.

Is literally my life savings.

If cannot salvage then how?

How much is that? Worst case maybe principal got some P&L hit

 

[AndroidComa]

I wonder why they even put 10 days… at max should be 3 days only to settle and pay out…

they wanna play punk and somehow still benefit from this episode?

they now open 100 Mari bank account each one hold 100k earn a few 2.5% daily interest first