Moomoo cash plus

[speedsonic]

comparison to an FD is ludicrous, as you already knew what instrument an FD is in the first place.

dont defend brokers, is silly if you've never in the industry.

 

[sglandscape]

comparison to an FD is ludicrous, as you already knew what instrument an FD is in the first place.

dont defend brokers, is silly if you've never in the industry.

Bonus interest is bonus interest and I blame moomoo for the problem they created themselves. I go in with eyes open, and worse case scenario I know I'll earn the underlying fund return.

Guarantee provided by moomoo is a bonus at best, because they could choose not to honour it or cannot afford to honour it. I care about what happens about my principal more and what it can earn (3.6-3.8% based on underlying) than the 6.8% guarantee.

 

[jovinachoi]

Then good use lor. I used to do that until later coupons don't allow me liao. Moomoo marketing team quite smart. Once they see you with them with alot monies means safe liao. So to attract new customers they dish out more offers. Of cuz I can withdraw to let them lure me back but some investment they really do better lah. E.g US fractional fees cheap. Webull stop giving me after use them one year. 50 cents fee for $5 trade who so stupid take up?

Agree. They see me keep withdrawing money so they give me $10 coupon for net cash deposit > $3k. Why not? Going to put $10k into cash plus fund using the 3 day 15% coupon.

 

[torrent06]

abit unfair it seems for those planning to subscribe, since is supposed to be until was it early Jul?

they're abit sketchy, dont deny. if you withdrew a large amt in between, you'll be denied interest like as if you never deposited. is a matter of whether you really have this amt of time.

It is always within a company’s right to terminate or end a promotion early. I suspect it is probably revising the terms and launching as a separate promotion.

Your second point is not true as the fund’s regular returns will be applicable, just not eligible for the extra yield. The return is not interest since this is not a bank account. Most short term FDs don’t give interest if you withdraw early so in that sense, the money market fund is more flexible.

 

[speedsonic]

But now, not only I miss out on the new 40 days 6.8%, it seems I will lose out on the 6.8% for the original 40 days as well, because I need to pay off a BT loan, cannot fullfil 50k incremental until end of 17th Jul.

was also not informed beforehand for earlier ones, you cannot use it to apply other things.

there are other brokerage firms to apply Fullerton that don't need go thru this distress.

 

[speedsonic]

No need to waste your time with CS and all the half past six explanations.

Just go MAS homepage to file your complain on the basis that the retroactive changes to the T&C is in breach of the MAS fair dealing guidelines, and take them to Fidrec for adjudication.

With all five outcomes not being met, the outcome is obvious.

What a joke this is..

 

[linusz]

i tot moomoo reverted to original TnC? what remains the issue?

 

[sglandscape]

i tot moomoo reverted to original TnC? what remains the issue?

Yup, don't know what's the issue after that 1-2 days of confusion. If anything it was bad communication when they wanted to change the promo going forward, but turns out those who already joined earlier thought they were impacted and created a major confusion and backlash.

 

[revhappy]

Yup, don't know what's the issue after that 1-2 days of confusion. If anything it was bad communication when they wanted to change the promo going forward, but turns out those who already joined earlier thought they were impacted and created a major confusion and backlash.

As per the changed T&C existing customers were impacted. Then they reverted the changes and went back to earlier T&C. Now hopefully the existing customers can get their coupon quickly.

I still haven't received my coupon. I ping them, after the revert of T&C and they told me to wait patiently for 7 days.

It is 4 days up, 3 more days of patience. In the past I got the coupon the very next day after the banner said 0 days to rewards.

So we are already impacted, hopefully we don't lose money.

 

[sglandscape]

As per the changed T&C existing customers were impacted. Then they reverted the changes and went back to earlier T&C. Now hopefully the existing customers can get their coupon quickly.

I still haven't received my coupon. I ping them, after the revert of T&C and they told me to wait patiently for 7 days.

It is 4 days up, 3 more days of patience. In the past I got the coupon the very next day after the banner said 0 days to rewards.

So we are already impacted, hopefully we don't lose money.

I suspect they messed up during the tnc change, when it was only meant for new subscribers. So far got it +7 working days after it ended, no surprises. That's when it's safe to withdraw.

 

[kkcheng77]

I can't find the current promo banner that expires on 1st July. Is it no more despite the recent confusion and fixes?

 

[revhappy]

Need to be a bit careful

https://techcrunch.com/2024/05/25/w...-mess-and-10-million-consumers-could-be-hurt/

 

[yslvlys]

Need to be a bit careful

https://techcrunch.com/2024/05/25/w...-mess-and-10-million-consumers-could-be-hurt/

I'm sure MAS ensures customer assets are ring fenced by custodians from broker assets right..?

 

[Emmalinzm]

i tot moomoo reverted to original TnC? what remains the issue?

Interestingly this change in a small time frame caused a bit of a ruffle with some members here.
Like you mentioned the TnC reverted, should be a case close but maybe the CS from Moomoo have not answered all of the queries. Hope this resolves soon!

I'm sure MAS ensures customer assets are ring fenced by custodians from broker assets right..?

Isnt Moomoo already registered with MAS? surely this counts for something but I can understand if most are anxious with large sums involved. Im sure it will be fine.

 

[sglandscape]

I'm sure MAS ensures customer assets are ring fenced by custodians from broker assets right..?

Yup this is mandatory. Also why the new digibanks here cannot do custodian services at the start until they become a real bank.

 

[revhappy]

I'm sure MAS ensures customer assets are ring fenced by custodians from broker assets right..?

You remind me of the meme.

Girl asking boy:I'm sure MAS ensures customer assets are ring fenced by custodians from broker assets right?

Boy:

Girl: ...Right?

 

[FrontierX]

Still remember in the previous promotion I wanted to withdraw all my monies and executed the withdrawal within app.

And the withdrawal was delayed because I did not pick up a call by their customer service to perform a supposed ‘KYC’.

What they wanted to do was to tempt me with a $10 voucher to keep my funds within moomoo.

imagine if i was overseas and could not pick up the call as i changed SIM card or whatnots and my money would have been stuck for no apparent reason

 

[torrent06]

Still remember in the previous promotion I wanted to withdraw all my monies and executed the withdrawal within app.

And the withdrawal was delayed because I did not pick up a call by their customer service to perform a supposed ‘KYC’.

What they wanted to do was to tempt me with a $10 voucher to keep my funds within moomoo.

imagine if i was overseas and could not pick up the call as i changed SIM card or whatnots and my money would have been stuck for no apparent reason

While it is true that they sometimes offer such coupons (it doesn’t happen every time), it is actually a routine step for them to call when withdrawing large sums (I was not given the offer to cancel in exchange for a cash coupon then). At that time they did ask me if I wanted to skip this step in future and I believe it would be recorded.

 

[limjohnny]

As per the changed T&C existing customers were impacted. Then they reverted the changes and went back to earlier T&C. Now hopefully the existing customers can get their coupon quickly.

I still haven't received my coupon. I ping them, after the revert of T&C and they told me to wait patiently for 7 days.

It is 4 days up, 3 more days of patience. In the past I got the coupon the very next day after the banner said 0 days to rewards.

So we are already impacted, hopefully we don't lose money.

I just received the balance 6.8% coupon immediately after the countdown become 0 days. Going to withdraw before 12pm tomorrow. If withdraw this morning before 12pm will lose the weekend earning.

 

[yslvlys]

I just received the balance 6.8% coupon immediately after the countdown become 0 days. Going to withdraw before 12pm tomorrow. If withdraw this morning before 12pm will lose the weekend earning.

Huh really? When u withdraw today shd not affect what is rightfully already earned over the weekend..