JB
JG B
1 reviews | Active since Feb 2019
09 Feb 2019, 10:07
BEWARE of Discovery Ivest’s exuberant exit fees before investing with them!!!
I want to move my RA to another company, however Discovery invest charges me an exuberant early exit fee of R6391. I feel this is hugely unfair, charging me such a fee just for taking my business to another company!! Companies such as 10X don’t charge any early exit fees. Are you really that scared of losing clients by having to go to this means to keep us??
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Discovery Invest's replyOfficial
11 Feb 2019, 13:11Good day JG Brits,
I understand that you are unhappy with the early exit fees being charged against your policy. Early exit fees are calculated when a policy is either cancelled or made paid up before its maturity date. This early exit fee recoups all fees that would have been levied over the total investment period. In other words, when your policy was taken out, fees were incurred to establish the policy, invest your funds into the market, and then administer your policy for the given period. Should you terminate the contract prior maturity, this outstanding debt would need to be settled.
I understand that you are unhappy with the early exit fees being charged against your policy. Early exit fees are calculated when a policy is either cancelled or made paid up before its maturity date. This early exit fee recoups all fees that would have been levied over the total investment period. In other words, when your policy was taken out, fees were incurred to establish the policy, invest your funds into the market, and then administer your policy for the given period. Should you terminate the contract prior maturity, this outstanding debt would need to be settled.
Therefore the early exit fees are not a business retention strategy in any capacity, but rather a manner to recoup the unpaid costs on the investment.
Kind regards,
Discovery Invest
Discovery Invest's reply11 Feb 2019, 13:11
Official
Good day JG Brits,
I understand that you are unhappy with the early exit fees being charged against your policy. Early exit fees are calculated when a policy is either cancelled or made paid up before its maturity date. This early exit fee recoups all fees that would have been levied over the total investment period. In other words, when your policy was taken out, fees were incurred to establish the policy, invest your funds into the market, and then administer your policy for the given period. Should you terminate the contract prior maturity, this outstanding debt would need to be settled.
I understand that you are unhappy with the early exit fees being charged against your policy. Early exit fees are calculated when a policy is either cancelled or made paid up before its maturity date. This early exit fee recoups all fees that would have been levied over the total investment period. In other words, when your policy was taken out, fees were incurred to establish the policy, invest your funds into the market, and then administer your policy for the given period. Should you terminate the contract prior maturity, this outstanding debt would need to be settled.
Therefore the early exit fees are not a business retention strategy in any capacity, but rather a manner to recoup the unpaid costs on the investment.
Kind regards,
Discovery Invest