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

[tellim]

It's the same as uob doesn't allow one credit card to count axs payment as the Amt required to earn high interest

 

[Visor9999]

He's either anyhow smoking or admitting that programmes were poorly designed without understanding the local market.

Just a typical FT mismanaging businesses.

He just giving excuses, sg Govt should arrest him for creating panic in financial market

 

[uselessbum]

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

Bank will have SDIC insurance.

The point is that there is no good reason to do so. Even though it isn't a bank, their customers still have the right to withdraw at will, especially in a situation where benefits to them are being taken away.

 

[harky]

they give me alot of free $$ for a year.. those who put in more alot...

now because of blacksheep ......... u all @#!@!@!

 

[Anghtj]

I don’t trust chocolates finance because they not SDIC guaranteed. They have more than $1 billion fund under management, I believe all will withdraw their money because the interest is very low now, only 3%

 

[the_dog]

Like usually pay stuff on AXS, usually 没有 benefits 的
But this Chocolate was being naise (& stupiak actually). Use their debit kard pay stuff get 2 miles for every $1 used.
Got one group of ppl started paying insuorans ah, edu ah, telco, whatever, utilities in large amounts, to earn 2 miles per dollar.
Chocolate buay tahan, quickly ended the whole debit kard miles thing.
Cos got ppl purposely joined Chocolate (and put in money) to earn 2 miles.
Then since no benefit riao then these ppl started withdrawing everything riao lo.
Actually Chocolate 自找的

precisely. badly thought out strategy, cannot blame customers for taking up what you offer

its like if I decide I want to sell chicken rice at $1 for some promo stunt, don't set any restrictions or controls and underestimate the number of people who buy 20 packs at a go, can I blame them for "gaming the system" ?

 

[Anghtj]

He just giving excuses, sg Govt should arrest him for creating panic in financial market

The government will arrest him if I don’t get back my money by Friday

 

[tauntme]

How to game? Didnt read to much into this as i only use Krisflyer, but i thought it is capped like 2000 miles a month?

 

[Anghtj]

I will make a polis report if I don’t get back my money by Friday

 

[fire]

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

Bank will have SDIC insurance.

Think sdic isn't limited to banks.. insurance companies offering financial products are in there as well. Kokolate should be able to join if they fulfill the requirements

 

[eeLoyH]

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.

Troll just say troll what you type isn’t coherent.

please you already say you withdraw out already and use it to buy shares. At least be consistent with your responses lah. Picha lobang so badly

Withdrawing all my money from chocolate finance now

I withdraw $1 also need 10 days. Luckily i withdraw all my $30k buy Genting shares at 70 cents

I withdraw all money out already, move to GXS for 3%

 

[Acetone]

The government will arrest him if I don’t get back my money by Friday

If by Friday you don’t get your money back, it’s either he’s no longer in SG, or he will tell you need extra 10days to settle redemption, your funds are #safu.

unless it’s the former, police won’t bother…

 

[MrAwesomeX]

they give me alot of free $$ for a year.. those who put in more alot...

now because of blacksheep ......... u all @#!@!@!

Axs mile users to be specific.

 

[amazingone]

Think sdic isn't limited to banks.. insurance companies offering financial products are in there as well. Kokolate should be able to join if they fulfill the requirements

SDIC mentioned full banks and financial firms registered as Finance Companies are required to offer deposit insurance.
https://eservices.mas.gov.sg/fid/institution?sector=Banking&category=Full Bank
https://eservices.mas.gov.sg/fid/institution?sector=Banking&category=Finance Company

Chocolate Finance is registered as Fund Management so no need to join SDIC.
https://eservices.mas.gov.sg/fid/institution/detail/421453-CHOCFIN-PTE-LTD

 

[sacredrays]

How to game? Didnt read to much into this as i only use Krisflyer, but i thought it is capped like 2000 miles a month?

2mpd for first $1k, 0.4mpd thereafter no cap. no category exclusions too.

gian png ppl for example, overpay iras using axs to earn crazy amount of miles, earn 5 digits miles those kind.

 

[sunsetbay]

Lesson learnt is never trust people from the insurance industry.

and never trust those finance influencers/ gurus/ YouTubers~ they only want you to sign up using their affiliate links~

 

[tauntme]

2mpd for first $1k, 0.4mpd thereafter no cap. no category exclusions too.

gian png ppl for example, overpay iras using axs to earn crazy amount of miles, earn 5 digits miles those kind.

Oh makes sense if its 0.4mpd after that. So there must have had a way for them to churn the paid money back. But I look at the axs payee list, all are legit organisations, don't think it's easy. Unless mcst?

 

[sacredrays]

and never trust those finance influencers/ gurus/ YouTubers~ they only want you to sign up using their affiliate links~

i saw a couple of those finfluencers videos about chocolate finance, most of them got put disclaimer that it is not a bank, it's an investment product. then regarding the card, they also gave examples of bills that people can pay via axs to earn miles.

some even said they will personally won't use the investment product, but the card was worth using (at that time) because can pay most bills and earn miles (which lots of miles card exclude).

bottomline is don't be blinded by the returns and read carefully first...

 

[uselessbum]

They also quite hypocrite. They did a rug pull by suddenly removing the rewards overnight. Not even a notification and grace period like what other companies would have done. Yet they are unhappy with a bunch of customers "suddenly" withdrawing due to it? What were they expecting?

 

[sacredrays]

Oh makes sense if its 0.4mpd after that. So there must have had a way for them to churn the paid money back. But I look at the axs payee list, all are legit organisations, don't think it's easy. Unless mcst?

wdym? they didn't lose money directly. it is a debit card after all. users have to fund it first.

what they are making a loss is the amount of miles they had paid out.