FNB Share Investing is Mad Sus

[dainluke]

I'm not going to get into specifics, but a few months ago I decided to invest in KRs because the load shedding situation was not looking promising heading into winter. After months of horrific volatility and upon delving into how much FNB gouge you for fees, I decided that it was a good time to look to remove my investment as the situation in our country has somewhat improved (relatively speaking).

FNB's policy is that they'll buy your coins back at whatever quoted price (they will rip your eyes out), but that as long as the trade is processed within business hours, you are guaranteed an immediate credit. I had sold one a few months ago so I knew this to be the case.

I can't speak for others, but today FNB decided to abruptly ignore my sell order, even though they were paying me well under market value, and the order was eventually marked as rejected. This is against their policy and makes utterly no sense.

I really don't understand how a bank can do this sort of thing. I guess this is South Africa so it's whatever, it's not like I can do anything about it. Just be careful - I highly recommend you stay away. This is borderline scam vibes. Before anyone asks - no I wasn't day-trading or doing anything funny. That was literally the first time since purchasing my remaining coins, that I'd decided to sell them.

This honestly baffles me.

 

[Dom]

What is a KR?

Whine to the ombud.

 

[dainluke]

What is a KR?

Whine to the ombud.

Point of the thread is to steer others clear. Of course I'm only one person, but I'm hoping anyone who'd been considering sees this and is able to make a more calculated decision. I doubt the ombudsman can do anything about this. All I can say is that if I saw a post like this back in May, I would never have seen it as a viable option.

 

[Dom]

Point of the thread is to steer others clear. Of course I'm only one person, but I'm hoping anyone who'd been considering sees this and is able to make a more calculated decision. I doubt the ombudsman can do anything about this.

Fair enough - can't know unless you try

 

[dainluke]

Fair enough - can't know unless you try

To be frank, I already took this issue up with the ombudsman regarding something else to do with their platform, and a whole lot of nothing came out of it. I guess they revamped the section of the app so that was something. It definitely took some effort out of their app devs. But they're going to copy pasta me some generic string of text and then use more generic text to find some convoluted way of explaining why I'm the one who's at fault. It's actually a waste of time. I just hope I can sell them tomorrow or a different day.

 

[maq_]

What is a KR?

Kruger Rand?

 

[Bloemhof]

This is why I believe crypto is the way of the future. Buy/sell 24/7. Transfer from one account to another within a few confirmations (seconds). Banks are there to make money...

 

[dainluke]

This is why I believe crypto is the way of the future. Buy/sell 24/7. Transfer from one account to another within a few confirmations (seconds). Banks are there to make money...

Not wrong at all.

 

[Dom]

This is why I believe crypto is the way of the future. Buy/sell 24/7. Transfer from one account to another within a few confirmations (seconds). Banks are there to make money...

I take it you evade SARS?

 

[dainluke]

Small Update:

What FNB did yesterday didn't make a whole lot of sense and it also baffled a friend of mine who works in the investment banking space once he'd caught wind of the situation, HOWEVER, this morning FNB made good and re-purchased my shares at today's valuation price. It doesn't excuse the absurdity of what occurred yesterday, but I will admit that they eventually sorted it out.

 

[maq_]

Are you and @adamr related by any chance?

 

[dainluke]

Are you and @adamr related by any chance?

We aren't, no.

 

[adamr]

Are you and @adamr related by any chance?

We are, he might deny it

Edit: you also my step brother … your mum might deny that as well

Edit 2: if you wondering who is the bastard here between you and I. It’s you 🫵

 

[maq_]

We are, he might deny it

Edit: you also my step brother … your mum might deny that as well

Edit 2: if you wondering who is the bastard here between you and I. It’s you 🫵

Gee whiz bud. I was just asking a question. Why so emotional?

 

[adamr]

Geewiz bud. I was just asking a question. Why so emotional?

Where do you see emotion in that response? 😀… we knew you wouldn’t handle the truth. The denial is strong …. Give me a virtual hug brother 🤗

 

[maq_]

We are, he might deny it

Edit: you also my step brother … your mum might deny that as well

Edit 2: if you wondering who is the bastard here between you and I. It’s you 🫵

Btw, you do realise you just accused your father of committing adultery.

 

[adamr]

Btw, you do realise you just accused your father of committing adultery.

Yes … still no hug? 😢 the truth is never easy I must admit. Sorry he didn’t put a ring on it 🤣

 

[Artilugo]

I take it you evade SARS?

How else do you legally protest corruption and theft? A century ago tax was a flat 2.5%, now you lose R6 for every R10 you make

 

[Dom]

How else do you legally protest corruption and theft? A century ago tax was a flat 2.5%, now you lose R6 for every R10 you make

That is fair but SARS will still mercilessly fuck you up

 

[Bloemhof]

I take it you evade SARS?

I haven't subscribed to SARS 🙃

 

[Dom]

I haven't subscribed to SARS 🙃

Prepare your butthole then

 

[Bloemhof]

Decentralized finance. I invite SARS to the dark hole....

 

[Dom]

Decentralized finance. I invite SARS to the dark hole....

Not non-taxable though

 

[JollyJamma]

This is why I believe crypto is the way of the future. Buy/sell 24/7. Transfer from one account to another within a few confirmations (seconds). Banks are there to make money...

The issue I have with crypto in its current form is that it actually isn’t backed by any assets other than the money used to buy the crypto in the hope that you can sell it on to someone else.

Banks are there to make money but they are impossible to live without and if you really want to save money and generate wealth, start a company, do a bunch of tax avoidance stuff like making the company pay for your car and healthcare and computers and so on.

I don’t like the whole Kruger Rand coin thing unless I can buy the coin at cost and directly as I’ve seen quite a few rip off merchants and Ponzi schemes pop up around KR investing before.

I would absolutely buy gold though if I wasn’t so pro-tech shares.