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

[win_man]

I tell you hor
I founded a hack to earn 1% cashback for payment to IRAS via AXS.
I also dun know if it’s a loophole or they purposely let me earn that 1%

siao liao you gonna have many PM in your inbox hahaha

 

[win_man]

Actually I also got put money at Chocolate 1.
Nao I also learnt the lesson riao: never place money wif non-SDIC insured institutions, no matter how attractive the returns are, cos you see nao. Wah, you scream, cry, go bang table there’s just no way to get back your money when you need it the most.
when sh\t like that happens, 你听了真的会怕的.

Now IRAS support tax payment via Credit Card at AXS? I don't remember this line was there last year. Confirm not there as i had to use CardUp to try out.

"You can use your credit card to pay your tax on AXS e-Station or AXS m-Station. Please note that there is a payment limit of $20,000.00."

https://www.iras.gov.sg/quick-links/payments

 

[Carnesir]

Stamp duty for 2m condo easily 60-80k. If can pay by axs, even if 0.4miles per dollar that is 32k miles.

chocolate finance willingly drop into this hole and yet accusing others of gaming the system?

this company has some issues.

 

[AndroidComa]

Max every month only $1k can earn miles at 2mpd, after 0.4mpd.

Another bs and lie he is saying blaming customers for using axs to overpay taxes and receive refunds for the overpayment then withdrawing, causing the withdrawal volume to spike.

I think most customers withdrew their money due to his first lie of axs cutting off using cf card, which many found it unethical and disgusting. Not due to people gaming the system for miles.

And he not commenting on his first lie then blaming customers just proved how unethical his company is.

20k max only 9200 miles
pay everyday meh?

 

[mikezuper]

simiz gaming the miles reward system?? chiu put there chiu should jolly well expect peepurz to chiongz for it!!!

somemore it ish juz $1k / person / mth... like that also called gaming the system?? $1k worth of miles also cannotch gib?? then might as well notch reward in the 1st place!!!!

He should sack the person who came up with it or approved it

Oh wait .. that could be the CEO himself …

 

[uselessbum]

That's just conflating issues. Miles or no miles reward system, customers should always have the option of withdrawing at will, barring technical difficulties.

Imagine if a bank were to restrict withdrawal just because a bunch of customers decided to leave due to them lowering interest rates. Where got such thing one? On the contrary, it could damage confidence even further and result in even larger withdrawals once it has resumed. Remember the US bank liquidity crisis? They also tried to restrict withdrawals which just led to it escalating.

Not being able to withdraw indicates a much larger and deeper issue, IMO. That the money is tied up in some other things that are not so liquid and potentially high risk. It also potentially indicates that they have very low liquidity buffer to begin with.

I find it rather hard to believe that a bunch of customers withdrawing can lead to this, unless it is the overwhelming majority of their customers doing so. In which case, the pertinent question should be whether cancelling the rewards programme for AXS is a good idea since the survival of its business practically hinges entirely on it drawing in and keeping customers? If miles reward for AXS is your only gimmick, then of course people will start leaving in droves when you remove it?

Chocolate Finance knew its miles programme would not be sustainable based on AXS transactions alone, but had hoped that the gains from other transactions would "subsidise" the miles it was sponsoring.

It's also disingenuous of them to blame it on "gaming" when they knew from the start that there was such a possibility and they very well accepted it as a risk of doing business.

 

[MrAwesomeX]

Hopefully their system can come buck to normal and can use AXS

Let Those miles users hold them hostage forever

 

[Anghtj]

Your csb damn outstanding

yesterday morning already cannot withdraw so you post withdraw. Yesterday already move funds to buy shares. Today you suddenly move to gxs

troll also abit of skill

I withdraw from chocolate finance but they haven’t return me the money. I will move the money to GXS. I got $50,000 cash to buy shares.

 

[alex22]

Stamp duty for 2m condo easily 60-80k. If can pay by axs, even if 0.4miles per dollar that is 32k miles.

chocolate finance willingly drop into this hole and yet accusing others of gaming the system?

this company has some issues.

The math checks out correctly.
Daily the card can charge 20k in steps of 5k
Stamp duty i hope can pay over 4 consecutive days!

 

[hctawsgs]

Lesson learnt is never trust people from the insurance industry.

 

[KakiMeow]

wahahah muz be ...

... lich pple pay $10,000 on AXS

get 20,000 miles LMAO

 

[Phongchi]

Kokolate bank. What are u expecting?

 

[AndroidComa]

wahahah muz be ...

... lich pple pay $10,000 on AXS

get 20,000 miles LMAO

cap @ 1k for that 2mpd
the rest 0.4 mpd

 

[carey]

Stamp duty for 2m condo easily 60-80k. If can pay by axs, even if 0.4miles per dollar that is 32k miles.

chocolate finance willingly drop into this hole and yet accusing others of gaming the system?

this company has some issues.

Means they never do their modeling correctly

 

[Phongchi]

Good ma. We showing them Sinkaporeans is truly poisonous shrimp ma. Kokolate want to earn our money but kana poisoned.

 

[Yuripa]

Not bad

Gain peng investors managed to game the system and cause disruption to financial institution

Guess we all learn from this event

Win win for everyone

 

[Spectre007]

Tiagong overpay income tax then get refund from garment via paynow lol.

fwah like that game the system sibeh satki leh lol

 

[Meteor84]

choco CEO wasnt advised that sinkies are the most gian png gian sai ppl in the world. give them some benefits they will think of all the diff ways to get freebies.

 

[angkukuehboy]

Amdk come sg raise funding earn big bucks song song song. Live in his own world of expats playing rugby.

 

[amazingone]

That's just conflating issues. Miles or no miles reward system, customers should always have the option of withdrawing at will, barring technical difficulties.

Imagine if a bank were to restrict withdrawal just because a bunch of customers decided to leave due to them lowering interest rates. Where got such thing one?

Not being able to withdraw indicates a much larger and deeper issue, IMO. That the money is tied up in some other things that are not so liquid and potentially high risk. It also potentially indicates that they have very low liquidity buffer to begin with.

I find it rather hard to believe that a bunch of customers withdrawing can lead to this, unless it is the overwhelming majority of their customers doing so. In which case, the pertinent question should be whether cancelling the rewards programme is a good idea since the survival of its business practically hinges entirely on it drawing in and keeping customers? If miles reward is your only gimmick, then of course people will start leaving in droves when you remove it?



It's also disingenuous of them to blame it on "gaming" when they knew from the start that there was such a possibility and they very well accepted it as a risk of doing business.

Chocolate isn't a bank to begin with, it's a fund management finance firm.

Bank will have SDIC insurance.