Houstency:
@Gurus in the house..
If you instructed your bank to bid for 365-days (1-year) tenor on your behalf, and instead they bidded for 182-days (6 -months) tenor without your consent, can one take legal action against them if upon request to terminate the investment they do not return the original amount invested??

Please, anyone with idea and experience on Treasury Bills should kindly help with suggestions on how to tackle such scenario. Thanks in anticipation

I suggest that you contact their customer service centre and register your complaint. Going forward, make copies of your application letter/executed form.

Before you take any action, request for a new copy of the form that you filled and read the "fine prints" very well. Banks tend to prepare themselves well for scenarios like these. You might have signed away your rights!

By the way, which bank is this?

cc: freeman67

Houstency:
@Freeman.. thanks plenty.. Showed their agreement letter with my lawyer, and he did say I had a good case. But planning on meeting up with the head office on Monday for clarifications, before taking action.

Most times Lawyers will only push you to a direction they'll benefit. Have u seen a Lawyer making refund of fees charged after loosing a case? You will only hear things like law school is not free.

40manlappy:

I suggest that you contact their customer service centre and register your complaint. Going forward, make copies of your application letter/executed form.
Before you take any action, request for a new copy of the form that you filled and read the "fine prints" very well. Banks tend to prepare themselves well for scenarios like these. You might have signed away your rights!
By the way, which bank is this?
cc: freeman67

Thanks @40manIappy I even forgot to add this for him.

eweolapropertie:
Pls House Bid for last auction on and was debit on 13/12/2016 a day before the auction date. CBN rate for 91 days is 14.00% in which I bidded for 13.5% . Till now Ecobank has not paid me upfront. Pls any experience fom ecobank customer in the past?
Thank

I think you should contact them directly o. Send a mail to ENGcontactcentre@ecobank.com or call 0700 500 0000. I trust all your answers will be responded to.

Agbaletu:


Zenith bank will not stop cheating their customer. I will transfer my money to another bank when my TB matures in January 2017.

but, you can give ur rate...

lancee:



Wicked bank they keep ripping pple off

Got frustrated by them..not until I went with my own rate..

40manlappy:


I suggest that you contact their customer service centre and register your complaint. Going forward, make copies of your application letter/executed form.

Before you take any action, request for a new copy of the form that you filled and read the "fine prints" very well. Banks tend to prepare themselves well for scenarios like these. You might have signed away your rights!

By the way, which bank is this?

cc: freeman67

Thanks done that. Gave the copy to my lawyer, and he read through and did told me I had a good case but pending when I contact the customer care tomorrow. To get detailed explanations. And get possible full returns or I take action l, if they give me less than I invested for their negligence. Bank is Stanbic IBTC.

@Freeman67... Well said, but the lawyer is my brother. Just weighing all options incase the bank decides to play games. Thanks

This is not a legal action matter if you have complained, given them time and they haven't carried out any speedy action.

I had a similar issue as yours where their incompetent staff placed a bid against my will. All Nigerian banks have incompetent staff and I must say Stanbic IBTC is one of those banks with the least of such fools.

All you need to do is forward a letter to their main customer service email, follow it up with a phone call to the sane department and unleash all your anger in that email if you don't get a favorable response within 48 hours I will refund you the money.

Houstency:
@Gurus in the house..
If you instructed your bank to bid for 365-days (1-year) tenor on your behalf, and instead they bidded for 182-days (6 -months) tenor without your consent, can one take legal action against them if upon request to terminate the investment they do not return the original amount invested??

Please, anyone with idea and experience on Treasury Bills should kindly help with suggestions on how to tackle such scenario. Thanks in anticipation

Very urgent.....pls is there any1 in the house that has an idea on the rate of forthcoming treasury bill on the 21st DEC 2016?i rcvd an information abt it but the rate was not stated.
Thanks

Very urgent.....pls is there any1 in the house that has an idea on the rate of forthcoming treasury bill scheduled for issuing on the 21st DEC 2016?i rcvd an information abt it but the rate was not stated.
Thanks

fmdr:
Very urgent.....pls is there any1 in the house that has an idea on the rate of forthcoming treasury bill scheduled for issuing on the 21st DEC 2016?i rcvd an information abt it but the rate was not stated.
Thanks

21st December. Is that the last bid for the year?

fmdr:
Very urgent.....pls is there any1 in the house that has an idea on the rate of forthcoming treasury bill scheduled for issuing on the 21st DEC 2016?i rcvd an information abt it but the rate was not stated.
Thanks

Just bid at the last Stop rates...Nothing has changed much since then..

To be on the safer side, bid at 0.2% lower than the last stop rates

Is it 21st or 28th?

Kentrasso:
Is it 21st or 28th?

Arm mentioned 21st

feelamong:


Just bid at the last Stop rates...Nothing has changed much since then..

To be on the safer side, bid at 0.2% lower than the last stop rates

Thanks bra

fmdr:

Thanks bra

I hope you are aware that there is no 364 days Auction this week?

Treasury Bills issue for First Quarter 2017

I'm at the bank and the customer service person is saying I can't buy for N100,000 only 1M and above.
Is this true

Kentrasso:
I'm at the bank and the customer service person is saying I can't buy for N100,000 only 1M and above.
Is this true

I think the minimum amount varies depending on the bank.

Kentrasso:
I'm at the bank and the customer service person is saying I can't buy for N100,000 only 1M and above.
Is this true

which bank

Pls what's the pro's and cons of choosing your own bidding rate... And if I invest 100k for a 91.days TB, How much will it yield... Am new into this... Thanks in advance

munezo:
Don't stress yourself with banks that do not want you to invest in TBills via primary market.

Go for tested banks that will even allow you to choose your bidding rate.

I tried Diamond bank they failed me and I never went back there. I do my TBills dealings with Stanbic IBTC now.

godson4u79:
Pls what's the pro's and cons of choosing your own bidding rate... And if I invest 100k for a 91.days TB, How much will it yield... Am new into this... Thanks in advance

I believe it is better to choose your own rate than leave it at the mercy of your bank. If you know the previous stop rate, then you can bid at a little below it.

My personal investment philosophy is to always put money I will not need for a long time, so I always go for 364 days.

Please house, after this week's auction, when is the next one? In 2 weeks ?

MrTour:
This is not a legal action matter if you have complained, given them time and they haven't carried out any speedy action.

I had a similar issue as yours where their incompetent staff placed a bid against my will. All Nigerian banks have incompetent staff and I must say Stanbic IBTC is one of those banks with the least of such fools.

All you need to do is forward a letter to their main customer service email, follow it up with a phone call to the sane department and unleash all your anger in that email if you don't get a favorable response within 48 hours I will refund you the money.

Hahahaha Pal, lemme forward my account details for the payment lol.
I want to verify if the banker that made the mistake is still working with the bank?
The second in command of my branch was the one who made the mistake. And he has been calling and sending texts that the fate of his work depends on any further actions by me. Inasmuch as I want to be considerate, I wouldn't want to entertain any loss upon terminating the investment. Please, what was your issue with them, and did they rectify it to your initial instruction? Thanks

Jesusbabygirl:
Please house, after this week's auction, when is the next one? In 2 weeks ?

It should be 28th of this month, but a Stanbic Staff told me it was moved earlier to this week's Wednesday. But do confirm from other banks.

Please if I want to choose my rate by using the previous rate, do I go by the marginal rate or the true yield rate posted on the CBN website? CBN website posts marginal rates and true yield rate for each term

munezo:


I believe it is better to choose your own rate than leave it at the mercy of your bank. If you know the previous stop rate, then you can bid at a little below it.

My personal investment philosophy is to always put money I will not need for a long time, so I always go for 364 days.

Mine is even worse off compared to yours, one of their incompetent staff debited my account for no reason and made me lose about 50K.

BUT

In the last couple of months I made N1m through their competent team's advice when all other Banks refused to advice wisely. If you look closer at what you consider evil you may discover some pretty damn good thing about it

They rectified it after I did what I advised you earlier, they are good at problem solving, it took about two weeks for mine to be completely resolved but I knew within 48 hours it was an incompetent person's mistake.

Houstency:


Hahahaha Pal, lemme forward my account details for the payment lol.
I want to verify if the banker that made the mistake is still working with the bank?
The second in command of my branch was the one who made the mistake. And he has been calling and sending texts that the fate of his work depends on any further actions by me. Inasmuch as I want to be considerate, I wouldn't want to entertain any loss upon terminating the investment. Please, what was your issue with them, and did they rectify it to your initial instruction? Thanks

Kentrasso:
I'm at the bank and the customer service person is saying I can't buy for N100,000 only 1M and above.
Is this true

Diamond bank told me the same thing. I sent a mail to the customer care email on their website and they replied that the minimum is 100k.

Kentrasso:
I'm at the bank and the customer service person is saying I can't buy for N100,000 only 1M and above.
Is this true

Short story - na lie! Long story:
Diamond bank told me the same thing. I sent a mail to the customer care email on their website and they replied that the minimum is 100k.

What rate does Fbn gives for 364 days cos spaces to indicate on dia form? Is it 21st d next auction?

What rate does Fbn gives for 364 days cos no spaces to indicate on dia form? Is it 21st d next auction?