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Brazileiro
06-29-2018, 12:56 AM
My interest is in but not the rates posted. I got 1.25% on iqd account and .05% on usd account. So half of what the Warka rate is as posted on their website. Same as the last couple years.

Anyone get the posted rates?

crazyfrank
06-29-2018, 01:34 AM
Yes, I am seeing interest credit posted today as well, and I have to agree, the math does NOT look to be correct.

It is not the semi annual amount I expected. I can only assume they may have shifted to quarterly posting credits, because the amount I am seeing looks to be half of the expected 2.5% much like you are seeing Brazileiro at 1.25% IQD and .05% USD.

This will no doubt require us to all generate some correspondence for clarifications.

crazyfrank
06-29-2018, 07:53 PM
My interest is in but not the rates posted. I got 1.25% on iqd account and .05% on usd account. So half of what the Warka rate is as posted on their website. Same as the last couple years.

Anyone get the posted rates?

Warka interest received: 1.25% on IQD, 0.51% on USD.


i got mine too

So ok we are seeing a few reports to confirm a few things now here:


Warka is indeed posting IQD, and USD savings account interest as expected
As in the past it was posted semi-annually (every six months) at 50% of the annual advertised schedule, 2.5% & 1.0%, for a total annually of 5% in the IQD account, and 2% into USD accounts.
The math of interest posted now indicates something is either incorrect at this current 6 month mark, or they have changed the interest payout to now be on a quarterly schedule (every 3 months)
Warkas software platform does not provide an option to recall pervious statements beyond 40 days, and we would need to look back 90 days ago to see what was posted then @ late March or early April 2018
We need to generate correspondence with Warka member services to gain clarification of the current policy, and ask is it correct to say they have changed to a quarterly distribution of interest earned?

haggisbasher
06-29-2018, 08:11 PM
Got mine,short changed again.?

Brazileiro
06-29-2018, 08:33 PM
So ok we are seeing a few reports to confirm a few things now here:


Warka is indeed posting IQD, and USD savings account interest as expected
As in the past it was posted semi-annually (every six months) at 50% of the annual advertised schedule, 2.5% & 1.0%, for a total annually of 5% in the IQD account, and 2% into USD accounts.
The math of interest posted now indicates something is either incorrect at this current 6 month mark, or they have changed the interest payout to now be on a quarterly schedule (every 3 months)
Warkas software platform does not provide an option to recall pervious statements beyond 40 days, and we would need to look back 90 days ago to see what was posted then @ late March or early April 2018
We need to generate correspondence with Warka member services to gain clarification of the current policy, and ask is it correct to say they have changed to a quarterly distribution of interest earned?



I believe Warka changed their rates years ago (at least 2016) but has not bothered changing their posted rates on their website as I got the same interest rates in june and december of 2017 as well. In 2016 there was an audit of peoples accounts and I got less than 2.5% for the year. Their rates are probably 2.5% and 1% for the year.

And emails to Mr Issa asking about the interest rates in 2016 and 2017 were never answered.

I have screenshots of my statements so this is my experience. Before 2016 my money was all in CD's.

crazyfrank
06-30-2018, 12:26 AM
..... we would need to look back 90 days ago to see what was posted then @ late March or early April 2018

ok does any of your historical screen shots encompass this time frame? and was there any interest deposits seen in late march or early April in any year?

We need to begin a campaign of correspondence with Warka to get clarification on what has, or what is just now happened, and begin to share notes to piece together this issue, agreed?

Brazileiro
06-30-2018, 01:17 AM
screenshots are from end june and end december, balances did not change except at these times. for example if balance at end of december 2016 was 1000 iqd the balance at end june would be + 1.25% then at end december +1.25%. I've looked at my balances several times during the years, as well as a few days before the end of june/dec and there was never any changes except end june and end dec. The only time other than end june/dec that there was a change was once at the start of dec 2016 and the response I got from Mr Issa was there was a bank audit and that was why money was taken from my account. Other clients got hit too during the audit.

On sunday I'm emailing Mr Issa again about this as he seems to respond to emails again. I will post if I get any news though everyone should email about it.

Brazileiro
07-01-2018, 10:05 AM
Got this response from Mr Issa this morning. 3 hour turnaround for answer. Just as I thought the interest rates were lowered but the website was never updated...

"Please note that there is an error on the website since about 2015 the annual interest rates will lowered to 2% on the IQD savings and 1% on the USD savings account.

This will be corrected as we are in the process of designing a new website….best regards."

James
07-01-2018, 02:32 PM
Thanks for the update.

calstar
07-01-2018, 04:36 PM
Thanks Brazileiro your staying on it :cool:

crazyfrank
07-01-2018, 08:49 PM
so this is good news and bad news, ...........

:) yes its good Mr. I responded in record time
:) yes its good they are posting interest
:mad: not good is that they boinked up thier web site with an obsolete schedule of fees
:mad: not good that they will not make good on their error and credit us with the interest shown as advertised all this time

I guess those days of 20% CD's are long gone now as well aye?

Brazileiro
07-01-2018, 11:37 PM
I guess those days of 20% CD's are long gone now as well aye? lol yeah those days are long gone. My last cd matured in late 2015 and it was only 7% I believe. I think it was 7% for last couple years that cd's were offered.

In march this year Mr Issa told me that CD's would be available again at the start of june but couldn't say at what interest rate. And we can see now they aren't available yet,,,,so we're still waiting,,,,for that and more,,,,