Marketing purposes, yes. Scams, no.

difficult to prove who's the culprit though. selling info is a well-known fact for insiders.

Never used RPlus, sus AF 😅 I don't trust their security protocol when submitting personal info. Applied Versa standalone without through 3rd party.

This post has been edited by DragonReine: Apr 13 2021, 12:42 AM

that's the price to pay for some gifts. haha

Direct would the data would be available to Versa only even AHAM have no access to it as it is a separate portfolio

Free gifts entice to sell your data to marketing agency hence RP is pure marketing agency which will cross sell to all its clients

yup. or else where to find money to give out so many gifts. lol. but well, it's okay for me. just install truecaller, then block them when they call.

I think Affin Hwang knows. They will send you temporary login info to login and create your own login and password in Affin Hwang i-Access.

Not to mentioned that once you login to i-Access what you have inside Versa will be same as what's inside i-Access.

Even if never login using i-Access, they will give you receipt every time you deposit or withdraw money.

So yeah I guess Affin Hwang knows.

Guys, reply from RP:

Thank you for your email.

Please be informed, since RinggitPlus adhere to the Malaysia Personal Data Protection Act, we would not keep any of the documents you have sent in unless required based on the applications from certain banks.

Should you have any questions, please reply to this email. I'd love to help you.

Regards,

Diana

******

Earlier on:
Dear Ringgit Plus,

Following registration for Versa via Whatsapp with Ringgit Plus,

A number of forummers on Lowyat, including myself, have received multiple scam messages from overseas numbers within span of a few days.

While it may just be a "coincidence" for it to happen to all of us at once, but perhaps you guys should look into this, before someone else makes PDPA kicks in.


Warm regards

******
What next?

Just a thought, new to versa or the whole mmf thing.

Since it takes Versa 2 business days to process deposit, there will be no interest for these days? (not overnight interest since not weekends)

Too difficult to explain by words, use example :

Mon - deposit 9am (processing)
Tue - processing
Wed - balance shown -> withdraw 9am
Thu - received in bank

So in the scenario above, there would be zero earnings?

Yes there would be earnings but unless the investment it is small you wouldn’t see any returns

For your case because you have withdraw before earning cutoff hence no interest being given on your returns

You should withdraw on Thursday before 12pm instead to see daily interest of rm0.0009 to RM1

Thank you for the clarification.

So in example, it means :

Mon - deposit @ 9am (processing)
Tue - processing
Wed - balance shown
Thu - withdraw @ 9am
Fri - receive in bank

Total earnings = 1 day interest only

Is this correct?

Check app Help Center > Frequently Asked Questions > How Is Interest Calculated, they give a rough formula there.

Note that MMF net asset value fluctuates to a small degree which might affect your interest calculation.

Interest only Tuesday and Wednesday as Monday is the deposit to be converted in the funds after 12pm

HI, thanks... I want to know the minimal amount of days needed for deposit to get 1 day interest prior to withdrawal.

I was just wondering which are the days that interest will be accrued, but now I'm a little confused. A few post earlier, I understand that 'processing' status does not accrue interest. Hence, in the scenario below, no interest will be accrued.

However, based your explanation, in this new example below, there will be 1 day (Tuesday) interest accrued.


Mon - deposit 9am (processing)
Tue - processing
Wed - balance shown -> withdraw 9am
Thu - received in bank

Total earnings = 1 day interest

*besides, since it's payout every fortnight, I can't experiment like I do with Go+

This post has been edited by shawnme: Apr 14 2021, 08:15 PM

If based strictly on Versa's declared policy, Xander's words are incorrect because Versa calculates only based on days it's reflected in balance

In fact the way you're going about by doing withdrawal before dividend payout, you cannot pakai the idea of "interest"

How MMF works:

1) When you "deposit" money into Versa, you buy units at the net asset value (NAV) for the day the units are booked for you
2) As you hold into those units, profits slowly increase, which will reflect in NAV of each unit which will increase as profits are calculated into the NAV
3) On the day of distribution, the fund will deduct the profits accrued from NAV and pay out in the form of cash (dividend) which Versa auto reinvests as units. The amount they pay is depending on the number of units you hold on dividend calculation day (example: if you hold 10000 units on distribution calculation date, and distribution is 0.0009 sen per unit, you get 0.0009 x 10000 = 9 sen). So your NAV per unit goes down, but the number of units go up, so you've profited in terms of number of units (and why your balance won't exactly change).
4) If, however, you deposit and then withdraw shortly after you buy units BEFORE dividend payout date, what happens is that usually you actually sell your units off at a higher NAV, so you effectively "earn interest" because you bought lower and sell higher. If you want to know if you've earned interest, you can look at the NAV price booked during your deposit processing vs the NAV price when your withdrawal is processed.
5) The every two week dividend will only pay based on number of units you have on dividend day, but if you withdraw in the case of #4 you essentially got your dividend/profit early.

Hope that makes sense to you.

This post has been edited by DragonReine: Apr 14 2021, 09:19 PM

Thank you for your detailed explanation. That's exactly what I want to achieve. Am trying to figure out the minimum number of days needed to achieve 1 day interest. (from deposit to bank excl weekend calculations)

As of now, I am comparing Versa to Go+.

With Go+ : (tbc, as of now, just assumptions)

Mon - deposit @ 9am
Tue - interest payout @ 1am -> cash out @ 3pm
Wed - receive in bank

This post has been edited by shawnme: Apr 14 2021, 09:21 PM

Tuesday will be interest accrued because adjusted buying price from Monday not on Tuesday

Payout it is every fortnight because they adjust the price and added more units as bonus

If you want better liquidity yet earning interest better off going with Frank because GO+ is rubbish earnings lower than OPR rate

Frank :
I've been applying for for Frank since last year..what a mess..

They've been throwing me around various branches, end up require me to go all the way back to the branch nearest to my address in IC. Same thing with customer service, some says no issue, while some ghosted me. With the off and on MCO, been delaying since last year when I first tried.

Besides, for Frank, there's some annual fee or something incurred.. I did the calculations long time ago (sorry, forgot).. And i considered it cost incurred, and to recover that amount may cut into "profits/time" as well.

Go+ :
In terms of Go+, not much use for it anyway and it's a dilemma for my case. Not much use due to the 9.5k limit, and I'm not able to cash in via FPX, shows unsuccessful. Currently just playing around by reloading through FPX into ewallet then into Go+, but afraid of being flagged or whatever for withdrawal and stuff. I know it should be okay since I'm not using credit card for that, but who knows what they think. Besides, I do reload with credit card for ewallet transactions. So I'd rather not have issue with them as their customer support takes ages to reply, and I do depend on the app alot for tolls.

Anyway, thanks for all the replies, I'll assume for now that "Tuesday" incrues interest. So it's around 4 days for Versa, while Go+ is 3 days. Meanwhile, I'll reconsider Frank again if I have the motivation to go to the branch.

With the current projected inflation rate, I'm squeezing every bit just to stay.

This post has been edited by shawnme: Apr 14 2021, 10:18 PM

Bruh Frank debit card annual fee is only RM8.

Go+ rate is 1.4%, Frank is 2.4% annually, with RM1000 initial deposit with no subsequent deposit, GO+ you get RM14 interest, Frank you get RM24 in interest, deduct the RM8 annually you also untung 0.2% already la, you deposit more emergency fund into Frank that RM8 is peanuts.

Sometimes you have to think of economies at scale, don't be penny wise pound foolish. My application to OCBC Frank was very smooth, register online, walk into branch instant get debit card, the banker explain everything in detail. Just they will also hardsell you insurance at the same time so beware. You can try apply at Subang USJ branch if it's convenient for you.

Frank now is 1.8%p.a. Not 2.4%p.a