But it will take 5 days to withdraw all your funds.

Rize just up.

I did a transfer, and confirmed received by other bank.

Faster do your transfers if need to. In case problem repeats tomorrow...

I just leave 5k in there to earn 5%. No more worries for December

This post has been edited by BWassup: Dec 2 2023, 04:31 PM

Sometimes it more than emergency cash, whilst waiting for other investment opportunities. Which don't wish to lock up in 3 month FD. As for 1 month FD, the rates are too low, and still not as flexible as on-demand deposits. think many people thought Rize was the ideal platform for this purpose. But now

I never used Versa before. But I had used KDI Save before moving spare funds to Rize. KDI Save was quite efficient for same day value, but need to meet the morning cut-off time for submission of withdrawal request. What are the current withdrawal and deposit cut-off times?

Based on the slowness of Versa, in your opinion, just go with KDI Save if moving funds out of Rize?

This post has been edited by BWassup: Dec 2 2023, 10:21 PM

We need to download the update presumably? Hopefully all our selections remain, and we do not need to redo our settings.

I think that first and foremost, they should also have assured all depositors that their deposits are 100% secure, and no losses will arise.

This they didn't do.

Good idea! They can credit each account with RM20 as a retainer fee, due to the inconvenience caused

Actualy I dont know how they make money as a digital bank, because they need to cover high interest paid to depositors, staff costs, etc. So far, I have not received any marketing information or telemarketing calls from them. Not that I want them to call me, but just wondering

I see. So it's not actually a bank in the sense we normally understand banking business.

Investment returns are uncertain and volatile, unlike bank lending. Good thing there is PIDM insurance, otherwise they would find it harder to garner deposits.

Maybe they also have access to cheap syariah funding from Islamic-minded companies, GLCs and individuals. Who do not move funds out so often. Won't hurt them if we withdraw, as we are all high cost customers

This post has been edited by BWassup: Dec 4 2023, 12:25 PM

They have staff costs like the Call Centre, which is always busy attending to complaints

They also need to have staff to attend to lending activities and processing, marketing activities, IT, etc. They will also have physical offices somewhere, albeit saving quite a lot on not having an extensive physical branch offices, as you point out.

As for the infrastructure costs, maybe they didn't spend enough, given the wonky and insecure systems and apps!

Anyway, let's not debate the merits of digital banks vs physical banks.

Rize has failed many depositors' basic expectations and lost trust. We shall have to wait another 4 weeks to see if they have really resolved the problems encountered. This is probably the final test we can endure. All the best to us

This post has been edited by BWassup: Dec 4 2023, 07:06 PM

Will there be a repeat system crash if massive withdrawals on 1st January

These rates are poorer than some regular bank savings account. If really true, expect them to lose almost all their retail deposits

Agree

Can ask how do you close the account?

Cos if leave it open with RM10, come March 2024 they will impose debit card charge and chiak

This post has been edited by BWassup: Dec 6 2023, 04:21 PM

How you know this?

Anyone got this gift from GXBank, and what are the requirements?

More freebies!