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

[Edixfan]

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

Don’t motherhood statement here lah. They take your deposits hold in cash meh? Then how they earn a higher return than what they give u? Still must pay salary one leh

 

[speedsonic]

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..?

The qn is not addressed to you but to chocfin, unless you are also one of them.

 

[Visor9999]

Don’t motherhood statement here lah. They take your deposits hold in cash meh? Then how they earn a higher return than what they give u? Still must pay salary one leh

Then why do they need 10 days to get the funds, they can sell the funds and return the money in a few days

 

[tech90]

the guy already explained everything. jus need to wait for withdrawals to come back nia.

for those afraid to click into links. moi post here:

Something he has conveniently left out is if there is a hit to the principal, does the depositor take the hit or does ChocFin take the hit? If the former, how can he market as if it's a HISA? If the latter, good luck to the shareholders.

 

[jiabin88]

I topped up $1... Stuckkkk

top up because u don’t have a bank account to transfer the fund out?

 

[lovemyself123]

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

my condolences...kelwin also promoted hodlnaut at that time

 

[PapaWith3Kids]

Quite ok to use IMO. Sad they ganna from stupid influencer who only works for view counts.

 

[Acetone]

my condolences...kelwin also promoted hodlnaut at that time

HODLnaut really up lorry, this one still got 9 days to prove the monies are there…

 

[Evil_Boss]

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

is there proof the money is in MMF? or they say we have to take their word for it?

 

[lovemyself123]

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

it is their own fault for being shady as a FI

the founder is experienced in this industry should know better

dont think their product is anything that revoluntionary in the first place

 

[letonzy]

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.

yah put 10 days cause more people want to withdraw

 

[airman88]

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?

The founder of CF was formerly founder of Singlife which he sold to Aviva for a handsome sum so he is not a newcomer FT

 

[testart]

Quite ok to use IMO. Sad they ganna from stupid influencer who only works for view counts.

These influencers very powerful hor

Quote Spider-Man uncle
With great power, comes with great responsibility

 

[leonaheidern]

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

DBS also had its Luxor fund in the early 2000s . my mum and me were caught in that cause a bank remiser recommend to us

so to us it's cannot trust bank remiser selling you Anything, ilp or funds

now is this lo

what's the difference except this time got financial influencers and you have the chance to react fast?

you the retail customer die only lo

big bank people and fund people enjoy their nice offices and pantry and retreats first.


Read HWZ Forum Rules!

 

[airman88]

my condolences...kelwin also promoted hodlnaut at that time

I think not ony that JHK Kelvin but that turkey Josh as well; he sold his 3 room HDB flat (which was earning him good passive income) and dumped the sale proceeds in REITs which turned out badly.

So listen to these youtubers with a heapful of salt and don't blindly follow them

 

[leonaheidern]

I think not ony that JHK Kelvin but that turkey Josh as well; he sold his 3 room HDB flat (which was earning him good passive income) and dumped the proceeds in REITs which turned out badly.
So listen to these youtubers with a heapful of salt and don't blindly follow them

follow is follow but need to self monitor and run fast.

I have a few stuff from Josh , archer Daniels and Merck also now red. but just keep I guess

other stuff still ok. that's investment for you will have loss.


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[Weeli85]

So any1 choose "3 to 10 days waiting"? Or wait until instant withdrawed?

 

[Warocks]

follow is follow but need to self monitor and run fast.

I have a few stuff from Josh , archer Daniels and Merck also now red. but just keep I guess

other stuff still ok. that's investment for you will have loss.


Read HWZ Forum Rules!

run fast, last time i put money in sth like that, the website say nice nice say very safe and no margin etc, in the end they take my money go open leverage etc and lost everything it is my hard earned money..

nowadays i only park my money in places like gxs, maribank, trustbank because they are sdic protected

and my investment on philipcapital funds that operated since 1970, and also i will consider moomoo, tiger, ibkr.

no more shady things for me

 

[mynickname]

Something he has conveniently left out is if there is a hit to the principal, does the depositor take the hit or does ChocFin take the hit? If the former, how can he market as if it's a HISA? If the latter, good luck to the shareholders.

It's in the tnc. Can't believe people are still clarifying this point.

 

[Evil_Boss]

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!

dont under estimate how far these cheapskates especially those mile maximers will go just to get another KF mile.