(18-01-2015, 05:56 PM)level13 Wrote: [ -> ]Looking at the Banking Act is one way to find out if there is something fishy. Another way is to look at the rates they are offering.
If one has $50K and above, they allow a short term deposit of 3 months. Since the interest are paid at maturity, i presume you will be paid 4.53% more on top of what you have put in.
Think about it. 4,53% is a very high rate for 3 months. Even the professional money managers cant give u these returns. Almost none of the short term financial instruments can give u such a high return. All the professional money managers ought to be shot. Lol!!!!
Maybe i am too stupid to understand.......
I believe that the rate quotes are all in per annum basis. Thus the 4.53% pa will give 1.13% return over the 3mths period.
(17-01-2015, 03:38 PM)specuvestor Wrote: [ -> ]First thing that catch my eye is CME. When someone try to associate with another established name, it's usually not a good sign.
Secondly I would be interested in how they use our money to generate the return ie what business are they in
Thirdly I will look back in history on what happen to Iceland overseas depositors, even when that was legit
Actually you can just look at the short 11 pages terms and conditions and see if you comfy with what they wrote... including the below in page 4 which doesn't sound inline with Singapore law:
"Each time you open a facility that earns interest, you’ll be asked if you wish to
provide your Tax File Number or ACRA Company / Business Number. That is because, under law, facilities earning interest are subject to government taxes"
Based on their company registration, the company is registered in Australia since 1982. The Australian website look exactly like Sg website, offering the same rates. I wonder if the $ actually goes to Australia...
Did a google for CME Capital Australia review showed that many people actually wrote about the company around Aug 2014 period, and nothing much before or after that. Hmmm....
I checked the T&Cs for their Depositors across the 3 countries they operates. All are using the same template, changing some terms to the local context.
Red flags, red flags.
Hope no one in Singapore get convinced to place money with this company...
(19-01-2015, 06:48 AM)yeokiwi Wrote: [ -> ]and there is a forum thread on this company
http://forums.whirlpool.net.au/archive/2232376
It is just a company with one director and one shareholder(same person) living in a rather ulu place.
Nice job Yeokiwi.... what I like in the thread discussion is people actually take the sarcastic remark of "putting $3m this week getting out $8m the next" as real... just goes to show that when a lie is big enough people will start to believe it... skeptical yes but start to believe it's plausible
Anyway based on the terms and conditions it is an "unsecured Note" rather than deposit per se. Either way if anyone is interested, do remember that return OF capital is always more important than return ON capital.
(18-01-2015, 11:36 PM)NTL Wrote: [ -> ] (18-01-2015, 05:56 PM)level13 Wrote: [ -> ]Looking at the Banking Act is one way to find out if there is something fishy. Another way is to look at the rates they are offering.
If one has $50K and above, they allow a short term deposit of 3 months. Since the interest are paid at maturity, i presume you will be paid 4.53% more on top of what you have put in.
Think about it. 4,53% is a very high rate for 3 months. Even the professional money managers cant give u these returns. Almost none of the short term financial instruments can give u such a high return. All the professional money managers ought to be shot. Lol!!!!
Maybe i am too stupid to understand.......
I believe that the rate quotes are all in per annum basis. Thus the 4.53% pa will give 1.13% return over the 3mths period.
Oops..... my bad!!
Even then, I find difficulty in naming a financial instrument which allow one to earn 1.13% in 3 months CONSISTENTLY. Anyone can help?
(19-01-2015, 02:48 PM)level13 Wrote: [ -> ] (18-01-2015, 11:36 PM)NTL Wrote: [ -> ] (18-01-2015, 05:56 PM)level13 Wrote: [ -> ]Looking at the Banking Act is one way to find out if there is something fishy. Another way is to look at the rates they are offering.
If one has $50K and above, they allow a short term deposit of 3 months. Since the interest are paid at maturity, i presume you will be paid 4.53% more on top of what you have put in.
Think about it. 4,53% is a very high rate for 3 months. Even the professional money managers cant give u these returns. Almost none of the short term financial instruments can give u such a high return. All the professional money managers ought to be shot. Lol!!!!
Maybe i am too stupid to understand.......
I believe that the rate quotes are all in per annum basis. Thus the 4.53% pa will give 1.13% return over the 3mths period.
Oops..... my bad!!
Even then, I find difficulty in naming a financial instrument which allow one to earn 1.13% in 3 months CONSISTENTLY. Anyone can help?
How about CPF OA, for the first S$60,000.
Like any investment don’t put all eggs in 1 basket; greater the risk the greater the return; do background checks. Good test is if you make an investment can you sleep at night – everyones risk appetite is different. In higher risk investments only invest what can lose – worst case scenario. I invested $150K with CME capital and interest & principal paid to my nominated account day after maturity. Be aware these investments are not IBTDs but rather debentures.