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

[testart]

Interesting how the bold marketing claims they proudly made at the start have now come back to haunt them.

 

[qhong61]

Speed is their middle name!

Mr Chocolate Speed Finance

“How quickly can I access my cash with Chocolate Finance, and what is the withdrawal processing time?

You can withdraw your money anytime. Most withdrawals are instant (speed is our middle name ):
• For withdrawals up to S$20k (or multiple withdrawals adding up to S$20k within any 1 given day) – You will receive your money instantly!”

Now what happened

 

[qhong61]

heng only got small amount inside

How small

 

[Glectrix]

Now what happened

They changed their middle name only, nothing serious

 

[rtkgamer]

with the current bearish market, i wonder how CF able to sell off their positions with profits

 

[FireEmblem]

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.

Of course it is the "depositors".

These depositor think they have free lunch, 3.3% interest and liquidity at the same time.

Sorry hor they dun understand they are doing an investment, not a deposit as it has being made clear as hell since day 1 cf is not a bank

You do an investment will have risk and if the risk materialized, dun come kpkb.

 

[white_prince]

Of course it is the "depositors".

These depositor think they have free lunch, 3.3% interest and liquidity at the same time.

Sorry hor they dun understand they are doing an investment, not a deposit as it has being made clear as hell since day 1 cf is not a bank

You do an investment will have risk and if the risk materialized, dun come kpkb.

And, some still think CF is SDIC insured and is a bank woah lol…just because it has a license by MAS to do investment, doesnt mean they follow instructions given nor they being regulated like a bank does…not sure how they are being audited internally and externally, and how strong is their risk management.
Anyone also can write like dragon and tiger on their website.

 

[tinwhistle83]

That is... Really crazy... So extreme. 100k * 0.4 miles is 40k miles... Does it make sense to go to that extreme...

Like IRAS wouldn't flag you for suspicious txn

amount so big likely not income tax since new year for filing income tax just started. unless they want to prepay and later iras refund them the excess. was a loophole quite a few years back where people pay more than what they are billed and wait for refund. by right, iras may have closed this loophole. remember that people then were earning the difference in cashback etc since credit card company will not claw back the cashback as refund was made in cash

 

[dexboi]

they gonna face their next burdensome challenge later this week:
-> when returns are less than withdrawn amt.

tonight's market is ultra bearish. good luck to CF man.
they better be prepared to answer all the illiterate financial sinkies who throw money blindly just to chase miles. lol

 

[Acetone]

with the current bearish market, i wonder how CF able to sell off their positions with profits

Sure take loss … that’s why I’m wondering who will absorb the loss.

 

[PapaWith3Kids]

so you u choose which option now? Wait 10 days or pending for instant withdrawal to solve?

I still unsure which to choose...

I see my 1k inside abit uneasy

I waited for the few days. Hope they do a good PR recovery stunt to gain market confidence.

 

[Acetone]

I waited for the few days. Hope they do a good PR recovery stunt to gain market confidence.

How long you waited ? Have they return your cash yet?

 

[Forever84]

And, some still think CF is SDIC insured and is a bank woah lol…just because it has a license by MAS to do investment, doesnt mean they follow instructions given nor they being regulated like a bank does…not sure how they are being audited internally and externally, and how strong is their risk management.
Anyone also can write like dragon and tiger on their website.

This is why financial influencers are a hazard in society. Lot of people hear this on YouTube and TikTok and many of them they not qualified to give advice. They don’t even know the product that is invested into just think interest damn good zzzx

 

[PapaWith3Kids]

How long you waited ? Have they return your cash yet?

I just triggered yesterday. Have not received it yet. Will update again.

 

[Asphodeli]

Sure take loss … that’s why I’m wondering who will absorb the loss.

For those above 20k might see some losses ba...

 

[Shion]

believe many have lost faith in them and will withdraw from them completely

 

[s0crates]

This is why financial influencers are a hazard in society. Lot of people hear this on YouTube and TikTok and many of them they not qualified to give advice. They don’t even know the product that is invested into just think interest damn good zzzx

So many bloody FAs out there licensed to give advice but still get financial terms wrong and misrepresent, and you think being licensed is the solution to things?

Please la. I can say the popular financial YouTubers are more knowledgeable than 99% of the joker FAs out there. MAS can come out and go after FAs or the FIs advertising through Finfluencers but they didn't.

The existing framework can work very well if MAS bothers to go after people for misrepresenting financial products. Finfluencers are not even the main problem. FAs are a bigger vermin.

 

[PapaWith3Kids]

believe many have lost faith in them and will withdraw from them completely

You put a lot in? For the 3%?

 

[letonzy]

they gonna face their next burdensome challenge later this week:
-> when returns are less than withdrawn amt.

tonight's market is ultra bearish. good luck to CF man.
they better be prepared to answer all the illiterate financial sinkies who throw money blindly just to chase miles. lol

if their funds are invested into mmf and short term bond as per what cf what shown on their website.
the impact will be minimal.

during poor market condition. money could flow into mmf

 

[Asphodeli]

mile chasers in the Mlion are crazy one, their annual income level is a dream for many others lol

and this is why your mpd rate is dropping over the years because of these people lol