Moomoo cash plus

[Jun666]

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?

similar situation to you, i will withdraw everything and appeal later

 

[revhappy]

You have no choice because of your BT Loan?

I have 80k invested. I have 30k BT loan due 10th Jul. But out of the 80k invested, I had 10k balance before the start of the promo, because it was a new MooMoo account and as per the new user promo rewards I had to keep 10k balance until 15th May.

So 10k was initial balance, 70k incremental fresh deposit. I need to withdraw 30k to payoff BT loan before 10th Jul. So incremental fresh deposit falls to 40k, so I get disqualified from the promo.

So I might as well withdraw everything now and deposit the entire 80k in other MooMoo account and ride it for next 40 days, I can withdraw 30k and still keep 50k incremental funds until 17th Jul and get 40 days promo in the other MooMoo account.

 

[sohguanh]

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.

Lesson learnt is don't be greedy and opt for shorter tenure period lest they change their mind. Earn lesser yes but at least safe from such sudden changes. Yes I escape becuz not participating. Diversification to invest has always been my motto. Next I will add will be don't be greedy.

 

[Sambuca78]

similar situation to you, i will withdraw everything and appeal later

Rubbish reply from their cs via WhatsApp.

"Moomoo has adjusted the awards time to a unified one in order to optimize the customer receiving experience. This move aims to reduce customers' continuous attention to prize time and consultation with customer service, and reduce understanding costs."


Anyone complaining to MAS yet?

 

[always_first_time]

not going to support moomoo anymore. after the promo, i will be leaving my account empty and probably not participating it anymore

 

[sohguanh]

not going to support moomoo anymore. after the promo, i will be leaving my account empty and probably not participating it anymore

Investment always come with risk. Not too long ago Ameritrade also close retail accounts and some readers in this forum post the mess to transfer their holdings over to other brokers.

Remember always diversify never all in. Next is don't be greedy. Keep these two simple concept in mind and your investment journey should be pleasant instead of nightmare.

 

[yslvlys]

All the goodwill they built destroyed in a flash. Who's gonna believe they won't change the terms again. Invest only if you think Fullerton SGD Fund is good, if u get the promo rewards it's a bonus but don't bank on it.

 

[royalmix]

Rubbish reply from their cs via WhatsApp.

"Moomoo has adjusted the awards time to a unified one in order to optimize the customer receiving experience. This move aims to reduce customers' continuous attention to prize time and consultation with customer service, and reduce understanding costs."


Anyone complaining to MAS yet?

This is a valid point, we can see it here too! For their own operational efficiency, yes I agree.

Edit: But this is not the real underlying reason!

 

[always_first_time]

Investment always come with risk. Not too long ago Ameritrade also close retail accounts and some readers in this forum post the mess to transfer their holdings over to other brokers.

Remember always diversify never all in. Next is don't be greedy. Keep these two simple concept in mind and your investment journey should be pleasant instead of nightmare.

curious about the statement "always diversify never all in". do you spread your investment across multiple brokers?

 

[always_first_time]

This is a valid point, we can see it here too! For their own operational efficiency, yes I agree.

operational efficiency gained but reputation destroyed

 

[always_first_time]

not long ago i posted here about the fund redemption where the amount posted was delayed - passed the promised time due to some issues on their side.

customer officer said will call me the next day but in the end, no1 called.

getting bad

 

[sohguanh]

curious about the statement "always diversify never all in". do you spread your investment across multiple brokers?

Yes indeed. Poems moomoo webull Endowus FSM Syfe StashAway dollarDex various banks etc. Unfortunately wife only can have one as Spore law mandate.

 

[yslvlys]

CSO replied, so long I maintain my net deposits on 16/7, I will get my reward.

I am waiting for my special reward

As I am not materially affected by this change in tnc, I close my case.

Good luck to the rest of you!

What's the special reward? I am told to cancel withdrawal and maintain for 1 month but not told what the reward. And then I'm not sure by then would Moomoo change the terms again to delay the reward..

 

[yslvlys]

I will share once I confirm cos it is not clear, but looks very attractive!

You withdraw and they ask you to cancel? I also got it, first time! cash coupon will be credited 30 days later, waiting, this one sure get if you complete the tasks.

You should ask them what's the reward. I ask, good offer I take

The weird thing is mine was informed thru the app, with no means to reply to ask what is the reward. 1st time they offer $20 which I rejected. This is 2nd time. Why u say sure get? Sekali 30 days later terms change?

 

[rob1977]

There has also been updates to rewards distribution as of 20/05/2024. Kindly refer to FAQ 13.



13. When will the cash reward from 6.8%p.a. be issued?
The cash reward will be issued according to the following scenarios:
Scenario 1
If your activity period (20/40/60 day) has ended before 16/7/2024 9:59pm SGT, the reward will be issued within 14 working days after 16/7/2024 9:59PM SGT.
Scenario 2
If your activity period (20/40/60 day) is ending after 16/7/2024 9:59PM SGT, the reward will be issued within 7 working days after the end of the countdown timer on the event landing page.
During the event period (1/4/2024. 10:00PM SGT to 16/7/2024, 9:59PM SGT), please maintain the net deposit asset in account (any asset type including stocks/ funds/ cash etc). Otherwise the reward eligibility may not be fulfilled even if you have completed the holding period of 20/40/60 day.

tat means even if u have reached the matured date of 20/40/60 days, u still need to hold this till 16/7 ??

 

[temasek888]

“Reporting of Regulatory Breaches or Misconduct”

(www.mas.gov.sg/consumerfeedback-form/)

I will be making a report to MAS on this.

This is a serious breach of MAS fair dealing guidelines.

 

[wenguang]

tat means even if u have reached the matured date of 20/40/60 days, u still need to hold this till 16/7 ??

Ya, think so

 

[rob1977]

Ya, think so

yes, just online chat with cs and need to hold till 16/7 regardless of 20/40/60, if redeem/withdraw after 20/40/60 then u won't get the reward!!

 

[yslvlys]

I chat with whatsapp!

With the whatsapp as evidence, sure get lol

unless you did not complete the tasks properly!

Dont understand why with WhatsApp evidence they can't change the terms? You confirm no reference to some other terms which may give them the right to change?
Anyway I think the change to current 6.8 promo shd be one-off but still unfair / unethical.

 

[royalmix]

Dont understand why with WhatsApp evidence they can't change the terms? You confirm no reference to some other terms which may give them the right to change?
Anyway I think the change to current 6.8 promo shd be one-off but still unfair / unethical.

If you dun trust, then dun deal with them! Manage your own risk!

I managed my risk well, so this change in tnc does not materially affect me!

Good luck to you!