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

[AndroidComa]

ppl pay income tax 1 time enough for a round trip economy to tokyo liao leh.. imagine what other bills they pay to earn even more miles.

read from reddit some abusers mention that they do 20K a day
actually this is within their instant withdrawal limits also?

so 2000 + (7200) = 9200
can redeem to Tky?
anyways it is as what they wanted/intended right?

 

[tmster]

"Technically 2mpd is capped at first 1k spent, after that it’s an uncapped 0.4mpd for anything > $1k."

recalled there were T&Cs that were imposed..... the above from some posters in reddit sg....
unlimited at 0.4mpd can make chocolate bankrupt ma?



this one also very true and i quote
"using it as Chocolate Finance advertised?
The sheer reason why many people sign up in the first place?
If you don't want people to use it on AXS then don't advertise so.
Thats like DBS offering a fuel rebate card and getting mad that people are using it at petrol stations."

So basically they setup a rewards program that they can't fulfill? If i am reading it correctly, that is really bad.

 

[DragonFire]

What's clear now is this company is a small outfit with very little buffer to handle unexpected events. Not a good look on them.

How is that clear? The buffer you talking about is the instant withdrawal buffer?

 

[sacredrays]

read from reddit some abusers mention that they do 20K a day
actually this is within their instant withdrawal limits also?

so 2000 + (7200) = 9200
can redeem to Tky?
anyways it is as what they wanted/intended right?

the cna article say they didnt expected too much transactions on axs

 

[carey]

takes a few months lor like u say
that person who has to pay 20K income tax a month arh, is paying 240k income tax per year, dun think they will go so crazy to redeem the biz class

You may be surprised - the richer they are, the more ngeow they can be

 

[carey]

No wonder all the bugger ah kow ah neow all flying business class these days.

lower ses-ify business class.

going to pay $5K for full J Class and get them bumped out

He got post a few videos of him and "friend" flying first class and suite hor

 

[AndroidComa]

read from reddit some abusers mention that they do 20K a day
actually this is within their instant withdrawal limits also?

so 2000 + (7200) = 9200
can redeem to Tky?
anyways it is as what they wanted/intended right?

SIA to tokyo economy needs 50K miles leh
biz 104k miles
9200 u need to be paying 200K worth of bills to get 92k miles still can't redeem biz class on SIA return to Tokyo

 

[tmster]

How is that clear? The buffer you talking about is the instant withdrawal buffer?

They disabled axs, blocked instant withdrawal, slow to issue proper statement to calm investors. What more do you need to see that they have very limited cashflow.

 

[harky]

the cna article say they didnt expected too much transactions on axs

i dont even use axs

 

[Cyber_Ghost]

If they can make good all the withdrawals they will survive this most likely as the less faithful edge cases will see their faith restored. It would actually go miles to prove to people who haven't put money in yet that they are managed well enough to weather considerable turmoil.

I doubt ppl will put money in it after this withdrawal delay vs instant withdrawal.

见过鬼怕黑.

 

[sacredrays]

i dont even use axs

others abused it spoil game for u lor

 

[qhong61]

i dont even use axs

My favorite

 

[qhong61]

I doubt ppl will put money in it after this withdrawal delay vs instant withdrawal.

见过鬼怕黑.

Peace of mind more impt

 

[DragonFire]

They disabled axs, blocked instant withdrawal, slow to issue proper statement to calm investors. What more do you need to see that they have very limited cashflow.

All reasonable actions... It is not surprising IMO that they have limited cashflow. Finance houses are not in the practice of keeping vast amounts of liquidity. Look at Lehman. They went bankrupt because of liquidity loss, and not because they were broke (Ok...loss of liquidity is technically broke, but I assume you know what I mean)

This run on them is played up by a mix of their own actions, financial influencer amplification attack (lol). Becomes a self sustaining loop. GG. No matter how deep their buffer it will be overrun.

 

[carey]

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.

Not principal guaranteed

 

[DulanMax]

I doubt ppl will put money in it after this withdrawal delay vs instant withdrawal.

见过鬼怕黑.

Trust already gone

Its GG for them

 

[DragonFire]

I doubt ppl will put money in it after this withdrawal delay vs instant withdrawal.

见过鬼怕黑.

I doubt they will survive this. The markets they are probably vested in are taking a beating too. Double whammy.
As I said though... if they survive this, it means they stronk.

 

[qhong61]

So basically they setup a rewards program that they can't fulfill? If i am reading it correctly, that is really bad.

Just to attract customer

 

[carey]

You put in my bank account is safer

Go put in CPF - safest - so safe until we also cannot withdraw

 

[carey]

Reputation down the drain already..
They can prepare to close shop and start thinking of another bizzare company name.

Honestly, Chocolate attracted the wrong crowd.
Mile chasers really siao one.
Don't underestimate how far they can go!

This is distinctively a Singaporean special trait: cheapskate, gianpng, milk gao gao everything!

Correct - nowadays all these gen Zers hack this hack that