UPDATE - there is mis-calculation by bank due to i got take personal financing with Al-rajhl... there is auto debit (insurance) compulsory

I just notice lend u @ 3.79. give interest @ 3.8.
Mean they only give 0.1 only if inflow and outflow is the same.
Hahaha

rookie mistake is to compare simple interest and effective interest directly.

Rize 3.79 is ~7% effective interest, so they are earning 3% spread.

bank loan rates are rarely their Effective Interest Rates

typically EIR = interest rates x2 (almost double)

This post has been edited by Optizorb: Apr 5 2024, 04:16 PM

Wrong area posting

This post has been edited by ycktech: Apr 8 2024, 12:10 PM

Del

This post has been edited by ikanbilis: Apr 8 2024, 12:26 PM

seem like Rize is behaving abnormally again nw.
keep showing Rize logo loading when we wanted to do DuitNow transferring out,
eventually this error will show

Oops something went wrong.
Error code: Failed to execute GraphQL http network request

can't imagine they still can make this kind of stupid error over and over again despite so many complaints before

update:
just called their CS, confirmed technical issue system down again.
they ask to try again in 1 or 2 hours later

This post has been edited by sjz: Apr 9 2024, 09:51 AM

Good thing I moved funds yesterday & there were no issues. Looks like many moving funds to GXB for their promo.

i guess so.
with this error.
funds might not coming back to them even after the 1 month promo in view of the non promo rate of GXB is just 0.8% p.a difference.

0.8% p.a. is just peanuts compared to the troube/worry etc.. when huge amount of money is stuck

This post has been edited by sjz: Apr 9 2024, 10:08 AM

i don't have any issue about 30 mins ago, everything was working seamlessly then...

just check.
now its working.

at 8AM i had an error with DuitNow
after a few mins it work like a charm.

Today lots of outgoing funds from Rize to GX Bank hahahaha

most ppl moving 50k from Rize to GXB

i moved out RM49,410 actually... hahahaha

Anyone knows what are the regulations of cash reserves of our banks here? I think that Digital banks should maintain even higher cash reserves as there could be huge outflow on the same day. Hopefully it is much higher than the 10% fractional reserve banking system that the US used to have.

they should be moving from main GX account instead of Rize... unless fully exhausted from the main GX

so you saying prior to this, you do not have in the GX main account?

This post has been edited by leanman: Apr 9 2024, 10:57 AM

Limited $$$...

So need to dig from others sources...

In this case.... From Rize to GX 🙏

I lansi a bit, i don't need to move from Rize, just moved from GX main to pocket savings. Still have bits and pieces lying in conventional bank accounts, just need to split the risk a bit

we move it to maximise the interest earned though it's peanut$...

This post has been edited by ronnie: Apr 9 2024, 11:07 AM