Moomoo cash plus

[Sambuca78]

You got your daily returns still. The base rate so as to speak.

Quite smelly like that leh, the countdown is till 5 July now bo tin tin extend to 16 July!

 

[revhappy]

We all should send in complaints to Moomoo, new tnc should only apply to new joiners from 20 May, should not be retrospective as customers already have plans to use the money when promo matures!

And we are not even notified until you posted here!

Very bad move by Moomoo !

I will send to their whatsapp!

Promo extension shouldn't impact existing users. The promo starts is when you deposit and promo end is when the 20/40/60 days is over, you get the coupon and you can withdraw. You can even deposit on 31st of May and the promo end for you will be beyond the campaign end date.

The only impact is that we cannot participate in the next promo until 17th Jul, so need to wait with subpar returns until start of next promo.

I thought you knew this already, I am surprised by your post.

Edit: Or wait, are you just being sarcastic?

 

[Jun666]

personally i'm fine with cash coupon will delayed for 2 months
What I feel is completely unreasonable is that now you need to maintain the deposit in your account

 

[royalmix]

No lah, cash coupon is never delayed by 2 months. From my previous experience, cash coupon is paid on within 2 days of the end of your 20/40/60 days.

I knew/suspected you are blur! Pls go read clause #13 which I posted earlier!

 

[revhappy]

You obviously have not joined the latest promo or already exited, so you will not understand the current situation! It has major implications on existing customers in the promo!

Which bank change their tnc halfway thru the promo? They always give customers notice of change at least 1 mth!

This change by moomoo is in the midst of the promo, obviously not professional or ethical to affect customers in the midst of the promo, totally unprepared with no consideration of customers' financial plan/implications! It is a breach of contractual agreement, a promise to allow customers to withdraw at end of commitment (ie 20/40/60) changed to at end of event which they can extend anytime they like!

Anyway, it is none of your business if you are not in it now! It should only affect future contracts and future customers only!

Wait: You are referring to promo extension which is normal! I am referring to clause # 13 which is a major change in contractual agreement!

Thanks, I just read the clause 13.

Existing investors in the promo are not affected lah, we fall in scenario 1. We can withdraw our funds immediately and I beleive we will get the coupon immediately too. I am invested and tomorrow is my end of 40 days, so I will update you guys.

Can you tell me exactly which scenario people are impacted? And exactly how they are impacted? Please give me some examples.

From what I read only people in scenario 2 are those whose 20/40/60 days end after 17th Jul. If you promo ends after 17th Jul then only you need to maintain your funds.

If you are in scenario 1 you don't need to maintain funds until 17th Jul.

 

[Jun666]

Thanks, I just read the clause 13.

Existing investors in the promo are not affected lah, we fall in scenario 1. We can withdraw our funds immediately and I beleive we will get the coupon immediately too. I am invested and tomorrow is my end of 40 days, so I will update you guys.

Can you tell me exactly which scenario people are impacted? And exactly how they are impacted? Please give me some examples.

From what I read only people in scenario 2 are those whose 20/40/60 days end after 17th Jul. If you promo ends after 17th Jul then only you need to maintain your funds.

If you are in scenario 1 you don't need to maintain funds until 17th Jul.

this update impact all clients
confirmed with CSO today

 

[revhappy]

@royalmix you are right. Apologies, I spoke too fast. Moomoo changed the T&C in between for existing customers also, this is indeed sad and they will lose a lot of goodwill because do this.

 

[revhappy]

So, basically, I have 80K fresh funds invested and enjoyed the promo for 40 days. Now I can withdraw only 30k after the completion of 40 days and the remaining 50k need to wait until 17th Jul, if I want the coupon

 

[Jun666]

or you can try withdraw 80k and then deposit back 50k just one day before 17th july; see if they will fall for the trick

 

[sohguanh]

Quite smelly like that leh, the countdown is till 5 July now bo tin tin extend to 16 July!

Smelly can don't play. Moomoo never use a gun and point at your head ask you play with them

 

[sohguanh]

Ppl who complain who are existing user I can understand. That is why many many times I post in forum never all in. If never all in this sudden change in TnC while painful not so painful. Spread your monies around don't concentrate. Don't be greedy is all I want to say.

 

[revhappy]

Has anybody received the coupon for the curent promotion period?

 

[1l92041H]

I want them to change the tnc, I just wrote another stronger complain!

They are regulated by MAS, worst case I complain to MAS if they dun take action!

I am ok with future events, not the current one!

its ppl like u that ensure firms like moomoo don't bully or take advantage of us

think all of us should write in to MAS if they don't action on your complaint

 

[Jun666]

feel like they are very desperate to keep investors money

 

[revhappy]

This tnc change obviously imply!

But was good to "punish" those who "whistleblow", they would be more affected (in future) than those who dun complain! That was my first reaction when I read clause #13!

My plan was to move the funds out today(40 days completed) to my wife's account and enjoy another 40 days of 6.8%.

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.

I think I will just withdraw everything today and deposit it the other moomoo account and start again for the next 40 days and then just appeal to them to give me the coupon. I will just tell them I didnt read the T&C and they cannot change T&C in between and I will threaten to complain to MAS, lol.

@Jun666 what is your plan?

 

[yiron]

my 40days 6.8 matured today and moomoo change the promo rule yesterday.
now the reward will be issued after 16/7/2024 and also you cannot make any withdrawal before they issue the coupon

Very poor form for Moomoo to retroactively alter the T&C with a more onerous qualifying criterion (maintain net deposit till at least 16 Jul, rather than just until end of holding period), especially without explicitly notifying those who currently participating.

 

[devion]

There is no proper communications from Moo Moo on this changes, so with this we can argue to them that existing clients were not informed on the changes & can dispute with Moo Moo if they did not honor the original agreement stated in their TnC.
This change is basically locking in our funds in even after our original holding period is done, else you lose out the additional bonus interest to hit 6.8%.

 

[yslvlys]

Disgusting that they change the terms like this.! Effectively the holding period is longer by at least 3-4 weeks, with only half to 75% of the holding period earning 6.8% p.a!

 

[royalmix]

My plan was to move the funds out today(40 days completed) to my wife's account and enjoy another 40 days of 6.8%.

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.

I think I will just withdraw everything today and deposit it the other moomoo account and start again for the next 40 days and then just appeal to them to give me the coupon. I will just tell them I didnt read the T&C and they cannot change T&C in between and I will threaten to complain to MAS, lol.

@Jun666 what is your plan?

You have no choice because of your BT Loan?

Read this clause: 2. Moomoo SG reserves the right to: (i) amend these Campaign/Promotion Terms and Conditions at any time without prior notice to you, and (ii) change, withdraw or terminate any offer or reward without disclosing the reason and without making compensation or remuneration. Any adjustments or decisions made by Moomoo SG in connection with this Campaign/Promotion shall be binding on all participants.

But this is a major change and many customers will risk losing the rewards if unaware and that's when "big trouble" comes to moomoo!

I will not risk being "ban" by Moomoo lol (just noticed there is a "ban" clause), no matter how unhappy I am. My EIR is still good

We just have to register our unhappiness with them!

 

[devion]

Lesson learnt here is if you would participate in future promo event, then do not do it early. Do so such that your holding period is very close to the end of the event date, so you do not get your money locked in by too much from your holding period.
Now with this change, it is no longer flexible & its similar to a fixed deposit.
EIR is still not too bad though, but it is no longer at 6.8% nett.