1 reviews | Active since Jul 2018
Discovery not keeping to their promise.
i have been a Discover Customer for a while and last year i switched to have my rewards paid into a Exess funder account, which at the time i understood for every R1 i put in Discover add R1, which is all great and well. but i found out last month with a shock that if i leave discovery right now i will forfeit all my saved funds. If i wait for 1 month (till July) i would be able to withdraw. Then when i phoned today i was was told i have to wait until October 2018. i find this unacceptable as i did not have this product when i signed up initially and only took this later during my term. people do not take discovery word on anything get it in writing and check the fine print. They are sharks
Thank for contacting us.
Kindly note that the below is an extract from the Discovery Insure plan guide sent to you. Please note that this highlights how the benefit works:
8.3.4 Refund after three years
You have a further benefit as a Vitalitydrive
member. You will be allowed to withdraw
up to 50% of the value notionally allocated
to your Excess Funder Account as a refund
anytime after your third Plan anniversary.
You forfeit the other 50%. So if your Excess
Funder Account has a notional balance
of R10 000, you can have R5 000 refunded
to you and give up the balance.
This benefit is available to you after every
third Plan anniversary. This means, for
example, after your third, sixth and ninth
year with Discovery Insure, you can get up
to 50% of the notional value of the Excess
Funder Account at the 3rd, 6th and 9th Plan
anniversaries respectively.
We will work out the current notional value
of your Excess Funder Account as:
The amount notionally allocated to the
Excess Funder Account
LESS the sum of all Excess Funder Account
benefit amounts you claimed to pay for any
previous excesses
LESS any amounts you may have withdrawn.
8.3.5 | Cancellation
If your Discovery Insure Plan or Vitalitydrive
benefit is cancelled at any time by you
or us, you will lose the Excess Funder
Account benefit.
Regards
Preveshen
Discovery Insure
Thank for contacting us.
Kindly note that the below is an extract from the Discovery Insure plan guide sent to you. Please note that this highlights how the benefit works:
8.3.4 Refund after three years
You have a further benefit as a Vitalitydrive
member. You will be allowed to withdraw
up to 50% of the value notionally allocated
to your Excess Funder Account as a refund
anytime after your third Plan anniversary.
You forfeit the other 50%. So if your Excess
Funder Account has a notional balance
of R10 000, you can have R5 000 refunded
to you and give up the balance.
This benefit is available to you after every
third Plan anniversary. This means, for
example, after your third, sixth and ninth
year with Discovery Insure, you can get up
to 50% of the notional value of the Excess
Funder Account at the 3rd, 6th and 9th Plan
anniversaries respectively.
We will work out the current notional value
of your Excess Funder Account as:
The amount notionally allocated to the
Excess Funder Account
LESS the sum of all Excess Funder Account
benefit amounts you claimed to pay for any
previous excesses
LESS any amounts you may have withdrawn.
8.3.5 | Cancellation
If your Discovery Insure Plan or Vitalitydrive
benefit is cancelled at any time by you
or us, you will lose the Excess Funder
Account benefit.
Regards
Preveshen
Discovery Insure