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 Digital bank Rize, By Al Rajhi Bank

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xander2k8
post Aug 10 2023, 04:12 PM

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QUOTE(BrookLes @ Aug 10 2023, 04:06 PM)
It's just different terms after all.

Are you this insecure?

Let's look at versa. I know I will get 4.3% back. Who cares the terms.

And this is a foreign bank. They will not get away with it so easily.

I will make sure I take photo of my bank account before reporting them just in case they try something funny.

I know they probably have my 5k inside. I am prepared to lose them just to fight for my rights
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In banking 🤦‍♀️ a wrong term can get you in trouble that is why

You cannot compare it to Versa as one is savings account 🤦‍♀️ while the other is MMF so it is two different beasts

They are not foreign entity in the 1st place 🤦‍♀️ they have to be licensed by BNM hence it is under Al Rajhi Bhd which incorporated in Malaysia hence do you think how they are able to offer such product in Malaysia
xander2k8
post Aug 10 2023, 04:40 PM

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QUOTE(BrookLes @ Aug 10 2023, 04:18 PM)
Nah. At the cashier it does not matter if I use dividends or whatever. And many products are termed Islamic for show only. From the banks perspective, the islamic company borrowing their money still have to pay the interest no matter what term. For me. I just want the interest that is given to me that's all no matter what term.

Actually they are. I know you are in denial. Their main head quarters is based on Saudi Arabia
https://en.m.wikipedia.org/wiki/Al-Rajhi_Bank

Dunno you really this stupid or not.
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It is different in the 1st place 🤦‍♀️ because there is an implied contract in Shariah for them to pay you a profit under “trustee finance" or passive partnership contract which you are in contract with them

I believe you are stupid enough 🤦‍♀️ because interest and profit it is different relationship in terms of banking while eventhough Al Rajhi Malaysia wholly enough by their parents in Saudi but do you think they are able to get a license to operate in Malaysia and don’t forget it is under PIDM for a reason as it must show that they have capability and money to put in BNM RRR in the 1st place 🤦‍♀️
xander2k8
post Aug 22 2023, 05:04 PM

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QUOTE(ronnie @ Aug 21 2023, 08:46 AM)
All monies in RIZE is protected by PIDM... so it's pretty safe as the Malaysian Govt.
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Not all the money 🤦‍♀️ it is PIDM only up to 250k per depositer account name
xander2k8
post Aug 23 2023, 12:03 AM

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QUOTE(ronnie @ Aug 22 2023, 06:00 PM)
thanks for the clarification. PIDM only up to 250k per depositor account is a known fact to all Malaysian by default
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It is not really known fact 🤦‍♀️ as even when you open bank account physically most bank officers don’t even emphasis about before you open account

Even digital bank itself like Rize during onboarding doesn’t even mentioned it 🤦‍♀️ and you would only know if it is in PDS and the person has read it through to know about it

QUOTE(nexona88 @ Aug 22 2023, 11:08 PM)
Not everyone knows...

Some don't even know the existence of PIDM & what they do....
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Yes you are right a lot not aware where is PIDM and it’s functions and how it works
xander2k8
post Aug 23 2023, 12:47 PM

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QUOTE(virtualgay @ Aug 23 2023, 10:31 AM)
i dont wish we all need to use PIDM, if that happend then sure our country in deep trouble
since SVB saga i guess most ppl is aware, dont save more than 250k in one single account in one single bank
if got many many 250k then save many many bank or dump into many many FD
if i am not wrong each FD is protected up to 250k meaning u can have multple account of FD
again i dont think that will happen to me, my FD still in 5 figure... waiting one day to reach 6 figure
slow slow wait
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Doesn’t matter whether FD or not 🤦‍♀️ only up to 250k per account per bank

QUOTE(nexona88 @ Aug 23 2023, 11:50 AM)
What u mean boss??

If I were to have CASA & FD in 1 bank... Total everything is 250k only??

From my understanding it's not....

CASA different, FD different.... Combined 250k don't really make sense 🤔
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250k is the limit 🤦‍♀️ and it is based per account per bank
xander2k8
post Aug 23 2023, 04:22 PM

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QUOTE(virtualgay @ Aug 23 2023, 02:06 PM)
digital banking higher risk
once it is digital u cannot without from teller / counter service
anyone here visited Alrajihi bank ask if can withdraw more than 50k from the counter or just withdraw 100 from the counter from your Rize account?
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Rize is a fully digital bank 🤦‍♀️ hence no counter service
xander2k8
post Aug 23 2023, 05:19 PM

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QUOTE(virtualgay @ Aug 23 2023, 05:13 PM)
if suddenly got bank run like SVB and we have like 1 Million inside, then how many days only can finish transfer if RM50k per day?
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20 days 🤦‍♀️ and chances are very low and unlikely Bank run in Malaysia as BNM will force the anchor bank to take over as precedent has been set before during late 90s
xander2k8
post Aug 25 2023, 11:51 AM

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QUOTE(CyberKewl @ Aug 25 2023, 06:59 AM)
anyone contacted rize support recently via email? They used to respond to me quite fast - now more than 1 week no reply. previously 2 weeks ago they replied me in 1-2 days. My debit card cant transact at all for any online purchases. DuitNOW transfer works fine tho
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Card blocked 🤦‍♀️ call them straight away as they should be able to respond it to faster as they are getting swamped by email due to profit distribution issue
xander2k8
post Aug 26 2023, 01:45 AM

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QUOTE(nexona88 @ Aug 25 2023, 05:38 PM)
There's some rumors going on saying it's fixed results...

Well not surprising because many others organization also same old same old....
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Not surprising 🤦‍♀️ because the contest mechanics allowed so

QUOTE(ronnie @ Aug 25 2023, 10:54 PM)
bruce.gif  bye.gif  cry.gif
that's so unfair if true.... hope i still can win some prizes.
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Out of your control so just wish for your lucky stars
xander2k8
post Aug 26 2023, 06:19 PM

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QUOTE(nexona88 @ Aug 26 2023, 09:44 AM)
Well if u know anyone inside...

The chance of getting is quite high.... Cable connection must be strong 😕
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Even the Apple contest till now haven’t announced which means the prizes itself is non existent and they are to fix the results behind the scenes without forking out the money for the prizes

Be grateful for the 5% and enjoy it for the next four months 😂
xander2k8
post Aug 27 2023, 09:41 PM

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QUOTE(virtualgay @ Aug 27 2023, 08:14 PM)
as long as after 4 months the still maintain 4% then i ok le
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They started with tier profit and then the current profit rate

4% profit rate is manageable as long as OPR stays above 3% and Rize is able to manage money prudently

Anything now with 4 handle is possible as long as OPR stays the current rate or goes up further which is highly unlikely unless RM against depreciated at 4.7 against the USD 🤦‍♀️
xander2k8
post Aug 28 2023, 03:03 PM

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QUOTE(plantcloner @ Aug 28 2023, 01:44 PM)
That's why I asked... the message from the system was cryptic....and details were not seen inside the app. I guess you are right, the 5% for first RM5k promo is up to the end of 2023.
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Check under account details 🤦‍♀️ as the TnC laid out there clearly
xander2k8
post Sep 1 2023, 09:38 AM

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QUOTE(Optizorb @ Sep 1 2023, 07:32 AM)
got my interest. but it is way lower than what im supposed to get..

Speechless. This Rize is real trash.

Really wonder how they can get license from BNM..? Interest calculation also can fak up time and time and time again..  rclxub.gif
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Because they extended the profit promo period 🤦‍♀️ hence they forgotten to put the 1st 5k on 5% and whereby now it is 4% flat across the board

QUOTE(woowoo1 @ Sep 1 2023, 08:37 AM)
Yes something is not right. I already called them and they are checking
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Just call and tell them they forgotten about 5% extended till 31 Dec 🤦‍♀️ whereby now it is 4% flat
xander2k8
post Sep 1 2023, 04:53 PM

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QUOTE(johnnyenglish123 @ Sep 1 2023, 09:46 AM)
gotten my interest (Mine was delayed from july as well)

My received interest is 10% lower than my interest projection on google sheet lol
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Then you have to check with them

QUOTE(gooroojee @ Sep 1 2023, 10:04 AM)
Missing 1% of the 5k at 5% is a grand total of rm4.166 right
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Assuming no withdrawal and fixed 5k the difference is 20% in profit calculation

QUOTE(woowoo1 @ Sep 1 2023, 02:03 PM)
Agreed. Mine also don't make sense. I even showed them my opening balance for 1 august not even adding money in and show them calculation, it is way short. By virtue of some comments here, some ok and some not ok, this means they do have some problem. So all these excuse forget to change to 5%, doesn't make sense. This 1% extra doesn't contribute to such big difference
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You need to check with them and compare with previous month profit distribution 🤦‍♀️ if it is lower by 20% then you know they calculate wrongly 🤦‍♀️
xander2k8
post Sep 4 2023, 12:06 PM

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QUOTE(woowoo1 @ Sep 1 2023, 06:23 PM)
No way I calculate wrongly, like I mention in August I only have money in no out. When I showed rize Customer service what outstanding I have on 1 August, I did not even add the money in. I use the 1st August balance X 31 days \365 days and I just use 4% and not even 5% and it is short so much. Even rize customer understand my calculation and said will check and revert
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That is why when you calculate only the profit portion of you short by 20% 🤦‍♀️ then you know it is wrong but seems like all over the place now
xander2k8
post Sep 8 2023, 03:54 PM

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QUOTE(ericlaiys @ Sep 7 2023, 10:05 AM)
12-24 month. still long way, may be 2023 can get app live
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They haven’t even set up the beta team yet in the 1st place 🤦‍♀️ much so the board members

The app itself will be just easily transplanted from GXS Singapore itself hence it will be easy for them to get the bones up and running
xander2k8
post Sep 8 2023, 11:59 PM

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QUOTE(virtualgay @ Sep 8 2023, 09:35 PM)
Grab-led GX Bank Bhd (GXBank) has received approval from Malaysia to start its digital bank operations. It is the first of the five companies that were issued licences to get approval to start, and will be ahead of the April 2024 deadline.
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Read through 🤦‍♀️ only received approval to start beta testing only not for public launch
xander2k8
post Sep 15 2023, 03:47 PM

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QUOTE(virtualgay @ Sep 14 2023, 12:01 AM)
u can benchmark GXS from singapore
they give like 2.7% and their OPR is 4% LOL!!!
https://www.gxs.com.sg/save

user posted image
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MAS cash rate is at 3.68% 🤦‍♀️ not 4%

GXS already cash in 100 basis points as their profit and operating expenses hence why the rate is given
xander2k8
post Sep 18 2023, 04:41 PM

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QUOTE(Optizorb @ Sep 18 2023, 02:52 PM)
cant even count on them to calculate the #entries correctly  rclxs0.gif  rclxs0.gif

so later all count the #entries lower amount than what people supposed to get and end up no winner.

cause "winner" already decided internally anyway  laugh.gif  laugh.gif
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Already seems fixed form the start 🤦‍♀️ even the apple and Samsung contests already settled internally from the start
xander2k8
post Sep 26 2023, 04:58 PM

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QUOTE(richtrons @ Sep 26 2023, 04:46 PM)
Hi Anyone else has issue to log in to Rize App?
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No issue just that latest update slow to login only 🤦‍♀️
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