TONY56:



I had same experience with them (Stanbic) on Fri 6th July 2018.
I invested N1m at the secondary market for about 142 days at 11.5% and I was suprised to be debited almost same amount instead of the discounted amount of about N960,000.
I had to call the TB officer to tell him that there was an error and I discovered that I even know more about treasury bills than many of them.

Can you imagine that he was telling me that my interest would be paid at maturity to which I told him can't be correct because I did not reinvest my interest which of course Stanbic does not do.

I stood my ground until they started begging me after about 3days and told me that they invested both my principal amount and the upfront interest in error.

They asked me to exercise patience and that they would resell the difference but to avoid more complications I asked them to leave it like that.

A lot of inexperienced TB officers are handling it in the banks now. If you yourself is not knowledgeable enough, they will confuse you.

I can bet you that they invested your money together with its upfront interest just as they did to me. If you really need the upfront interest, then insist that they MUST pay you or report them to their head office and they will be sanctioned and the transaction will be amended and your interest paid to you.

They did same thing o. When I called the Headquarter, they checked my transaction and told me that I reinvested my interest but I told the guy on phone that I didn't so he told me to go to the bank.
So I rushed to the Bank few minutes to 4pm. When I got to the bank, the Tb officer said I will get my interest by tomorrow (Tuesday), so I started with them that I didn't understand why my interest should be postpone till tomorrow since last week Friday. Later, I realized that he didn't know much about Tb. So I explained to him, I even took along two of my past certificate and I showed how the transaction supposed to be.
Thereafter, he went to meet some of his colleagues and came back to tell me my interest was mistakenly reinvested that I should write a letter to get the interest back. Though I was so confused but annoyingly I wrote the letter, then I collected his number because he said I will get my interest by tomorrow and left.
Luckily, I received my TB notification mail confirming my investment with the interest added to the face value to be collected at maturity.
So I just called the guy that he should not process the letter again and explain to him. Just to go to the bank to get my Hard copy

Agbaletu:

You are right. I wanted to tell him to request his cert.

Yes that's what they told me even from Hq bt when I asked for it he said they are unable to print it. Thank God, I have received the notification this evening confirming it. By tomorrow or next, I will go for the hard copy. Thanks all

Good evening all.
I did a TB transaction at one of the existing banks and the account officer told me to write on the instruction that the TB should be invested "at the prevailing rate". She never gave me a rate at which to invest. I was later debited and my interest was paid upfront.
Also, what is the use of this TB certificate, as I didn't go back for mine for safety reasons as I don't want people to come across such sensitive information.

lolaluv1:
Good evening all.
I did a TB transaction at one of the existing banks and the account officer told me to write on the instruction that the TB should be invested "at the prevailing rate". She never gave me a rate at which to invest. I was later debited and my interest was paid upfront.
Also, what is the use of this TB certificate, as I didn't go back for mine for safety reasons as I don't want people to come across such sensitive information.

I use the cert to remember my maturity days as I tend to forget some transactions. It's actually a proof that you invested incase of unforeseen circumstances. Anything can happen. You can use it as collateral for loans and be presented at embassies for visas. Gurus in the house can add more

Gavrelino123:

Oga Tony,how about requesting for the TB Certificate to view the transaction history clearly..?

Yes. He should do that and I bet he will find out that his interest was re-invested along with it and he will get all at maturity.
He would have known that it was re-invested if not that the proof of investment comes about 3 or 4 days after the transaction.

Kemade2007:


Yes that's what they told me even from Hq bt when I asked for it he said they are unable to print it. Thank God, I have received the notification this evening confirming it. By tomorrow or next, I will go for the hard copy. Thanks all

Good!!!
And I am sure that what you found there is that it was re-invested.

Stanbic should stop this idea of forcing investors to re-invest their profits and they only do this at the secondary market and won't allow it at the primary market even if you opt for it except you do your own calculation to include the anticipated interest when filling the forms.

lolaluv1:
Good evening all.
I did a TB transaction at one of the existing banks and the account officer told me to write on the instruction that the TB should be invested "at the prevailing rate". She never gave me a rate at which to invest. I was later debited and my interest was paid upfront.
Also, what is the use of this TB certificate, as I didn't go back for mine for safety reasons as I don't want people to come across such sensitive information.

Please why are you shielding the name of the bank?
Tell us the name of the bank and let everybody know the antics of the different banks so that we can know what they do in other to be careful and be more vigilant.

For example, if not that someone informed us here sometimes last year that Union Bank charges 25% penalty for premature termination of Treasury Bills, a lot of us wouldn't have known. And for this reason, I will NEVER go there.

If your TB transaction was at the primary market, the officer was right to have asked you to write that it should be at the bank bidding rate and not at "the prevailing rate" if the amount involved is less than N50million but if it's at the secondary market, he should let you know the rate of the available offers so that you will know and be pleased with the one you chose before giving him the go ahead.

Oma255:
Stanbic secondary market rate today.

59 days - 10.35%
101 days - 11 %
143 days - 11.5%

I feel that these rates are not good considering the surge in the last TB auction.
I got 11.5% for 142 days on 6th July 2018 when primary rates were much lower so I think the rate now should not be less than 12% to be termed "Good"

TONY56:



Yes. He should do that and I bet he will find out that his interest was re-invested along with it and he will get all at maturity.
He would have known that it was re-invested if not that the proof of investment comes about 3 or 4 days after the transaction.

bros, so no interest for re-investing the upfront interest?

TONY56:


I feel that these rates are not good considering the surge in the last TB auction.
I got 11.5% for 142 days on 6th July 2018 when primary rates were much lower so I think the rate now should not be less than 12% to be termed "Good"

Did u get it from the same bank? I agree with you. lets compare that of fbn also if it is available

Good Morning Tbillers,

Does anyone have the rates for this morning from First Bank?

Treasury Bills Yields Decline by 0.30% to 12.17%
https://www.businesspost.ng/2018/09/04/treasury-bills-yields-decline-by-0-30-to-12-17/

Oma255:
Stanbic secondary market rate today.

59 days - 10.35%
101 days - 11 %
143 days - 11.5%

secondary market is not bad like that

Good morning,
Does anyone have today's rate for diamond bank.. Planning to go for 91 days

generous:
Good morning,
Does anyone have today's rate for diamond bank.. Planning to go for 91 days

dont think diamond would offer a good rate

TONY56:





For example, if not that someone informed us here sometimes last year that UBA charges 25% penalty for premature termination of Treasury Bills, a lot of us wouldn't have known. And for this reason, I will NEVER go there.

.

25 % of the interest? Is the penalty fixed or would they look at the months left before maturity?

CanadianEnginee:


25 % of the interest? Is the penalty fixed or would they look at the months left before maturity?

The 25% penalty is fixed.
Hence; Even if your maturity date is tomorrow and you want to liquidate today..☄☄☄☄
Very Ruthless...☄☄☄

TONY56:



Please why are you shielding the name of the bank?
Tell us the name of the bank and let everybody know the antics of the different banks so that we can know what they do in other to be careful and be more vigilant.

For example, if not that someone informed us here sometimes last year that UBA charges 25% penalty for premature termination of Treasury Bills, a lot of us wouldn't have known. And for this reason, I will NEVER go there.

If your TB transaction was at the primary market, the officer was right to have asked you to write that it should be at the bank bidding rate and not at "the prevailing rate" if the amount involved is less than N50million but if it's at the secondary market, he should let you know the rate of the available offers so that you will know and be pleased with the one you chose before giving him the go ahead.

The bank is GTB.
Though I suspect the issue is with the account officer and not the service. Because I asked her to give me the available rates and she stated she doesnt know yet. But writing that they bid at the prevailing rate would allow them bid for me at they rate they (GTB) are bidding. I will find all the information regarding the TB and the charges and write here.

Gurus in the house, pls what is the minimum amount one can invest for Stanbic-IBTC tbills?

I did sec market t-bills for 114 days at 10.9% at First Bank today ..
asked d woman attending to me if there was a better rate at least 11% for at most 120 days, she told me dat 11% rate was for days above 160 days, n she was even acting impatient to ma questions ..
I jus had to settle for 114 days at 10.9% ..

Ikmontana1:
I did sec market t-bills for 114 days at 10.9% at First Bank today ..
asked d woman attending to me if there was a better rate at least 11% for at most 120 days, she told me dat 11% rate was for days above 160 days, n she was even acting impatient to ma questions ..
I jus had to settle for 114 days at 10.9% ..

hmmmm
still on fbn, the guy that attended to me was impatient cos i was asking him various rate n tenor that would suits me. all he had to say was that any tenor n rate will still give me money

lolaluv1:


The bank is GTB.
Though I suspect the issue is with the account officer and not the service. Because I asked her to give me the available rates and she stated she doesnt know yet. But writing that they bid at the prevailing rate would allow them bid for me at they rate they (GTB) are bidding. I will find all the information regarding the TB and the charges and write here.

I went to GTB this early morning to inquire about secondary market when the mail i sent to my account officer yesterday bounced and her number was not going through. I was told that she no longer works and was introduced to another person who looks like a 'fresher' to me. Na 'small' boy from my assessment. The guy checked and said that tenors were not yet available as at 8.00am and that it will be available by 10.00am. He promised to get back to me by call or email and till now, i have not yet heard from him and unfortunately i did not take his contact details. If by end of today, there is no word from him, na to transfer my money to Stanbic tomorrow. Worse case i go do primary market next week for Stanbic if i cannot get my desired tenor from them. I no ready to go back and forth with a 'learner' account officer.

Ikmontana1:
I did sec market t-bills for 114 days at 10.9% at First Bank today ..
asked d woman attending to me if there was a better rate at least 11% for at most 120 days, she told me dat 11% rate was for days above 160 days, n she was even acting impatient to ma questions ..
I jus had to settle for 114 days at 10.9% ..

stanbic rate is better concerning 114 days @ 10.9%

I went to Gtb and was told to come back next week that they bid every 2weeks. Is it true ?

oluwaseun8:
I went to Gtb and was told to come back next week that they bid every 2weeks. Is it true ?

it depends on ur choice. do u want to buy from the secondary market or primary market. Primary market will occur next week, but secondary markets occurs on working days.
Kindly choose

lolaluv1:


The bank is GTB.
Though I suspect the issue is with the account officer and not the service. Because I asked her to give me the available rates and she stated she doesnt know yet. But writing that they bid at the prevailing rate would allow them bid for me at they rate they (GTB) are bidding. I will find all the information regarding the TB and the charges and write here.

I have encountered similar occurrence when i was still a novice...!!
Any branch you visit will still forward you to your account officer....☄☄
You have to show your account officer that you are well vast and knowledgeable about TB...
Once they see that you are troublesome,they won't want to encounter you,they will just give you what you want....☄☄☄
I went to a different Branch to report my account officer..☄☄
They sent a query mail to her boss.....she later called and calmed me down...and was narrating how some of her colleagues were sacked because of a customer..☄☄
GTBANK secondary market rates is released with the lead-time between 10:am to 2pm daily...!!!

Ikmontana1:
I did sec market t-bills for 114 days at 10.9% at First Bank today ..
asked d woman attending to me if there was a better rate at least 11% for at most 120 days, she told me dat 11% rate was for days above 160 days, n she was even acting impatient to ma questions ..
I jus had to settle for 114 days at 10.9% ..

You would have gotten a slightly higher rate yesterday as i advised......at least 11%+ for that tenor..

Gavrelino123:

You would have gotten a slightly higher rate yesterday as i advised......at least 11%+ for that tenor..

yh boss..
but calculating d difference of interest based on 114 days even if it is 11.5% will b a margin of #2k at most based on ma capital ...so not much difference boss ..
I got to d bank late yesterday ..

Mfunkynation:
stanbic rate is better concerning 114 days @ 10.9%

yh boss ..
I might port to Stanbic bank next year ..

Mfunkynation:
bros, so no interest for re-investing the upfront interest?

There is interest for the re-invested upfront interest but the way it works is that even the interest of the re-invested interest keeps re-invested until the amount remaining is less than N1,000 which will then be part of the amount left in your account.

For example, if you invested N1million and the upfront interest is also re-invested, you may be debited a little less than N1million-like N999,565 because your account has been credited with maybe N435 being the amount that is less than N1,000 which could not be further invested.
That's how it works.

Mfunkynation:
Did u get it from the same bank? I agree with you. lets compare that of fbn also if it is available

Oh yes.
From Stanbic

CanadianEnginee:


25 % of the interest? Is the penalty fixed or would they look at the months left before maturity?

It's fixed. Even if you're terminating a 364-day tenor after holding it for 310 days, you will be debited a penalty fee of 25% of your upfront interest apart from other fees.

So people should always read everything written on all the documents they sign because it there