Benefitting themselves at expense of Members

Item: Momentum (SA)
Rating: 1
Author: Ivor T

Momentum is always moving the goalposts. If anything works well, they will change it in favour of themselves, but try make it sound like it's for your benefit. Hence the change in our Multiply Money to momentum Money. All so they can put more money in their pockets by robbing their members. When you take off the Money Market fees against the interest earned we are no better off!!! And we have been forced into this change, or you cannot use your bank account. Blatant *********. Now today they change our Healthsaver visa card. Up until now, we have had no fees on this card. All of a sudden, Momentum has huge maintenance and running costs on these cards that we now have to pay R180 a year fees. From R0 to R180. So from thousands of members at R180 each - do the maths. *****ing from members to benefit themselves. Oh, and if your spouse has a card there is now a monthly charge of R12.50.....

Helpful (0)

Replies (2)

Momentum (SA)'s replyOfficial

13 Dec 2022, 08:18

Thank you for informing us of your concerns. The matter will be escalated in order to receive urgent attention.

Kind regards
NH

Momentum (SA)'s reply13 Dec 2022, 08:18

Official

Thank you for informing us of your concerns. The matter will be escalated in order to receive urgent attention.

Kind regards
NH

Momentum (SA)'s replyOfficial

14 Dec 2022, 09:38

Dear Mr. Temlett,

We have received confirmation from the management team that the matter has been resolved. Kindly also refer to the below mentioned information regarding the Pricing updates for HealthSaver clients with a Momentum Money Visa Card:

Momentum Money is committed to making sure we can provide value to clients through our offering that helps clients invest in the Momentum money market fund and access these funds conveniently and on their terms.
The value proposition for Health clients includes having the benefit of linking client’s HealthSaver account to the Momentum Money visa card to facilitate easy health related payments.
Over time we have made every effort to keep client card fees on the HealthSaver proposition at a minimum as we appreciate the financial pressures facing clients, particularly over the last couple of years.
The costs incurred by the business on the production, issue and ongoing maintenance of cards have continued to increase and Momentum Money has made every effort to ensure clients are not impacted severely by this cost pressure.
It is unfortunate that we are now faced with costs that stand to compromise the value added service that is in place for HealthSaver clients who hold a Momentum Money card.
In order to continue offering this value added service, we are faced with no other alternative but to introduce card fees related to the HealthSaver proposition and ensure we are able to deliver on more
The HealthSaver card access fee of R180 is an annual fee that is charged after one year of receiving the Momentum Money card linked to HealthSaver
This fee when broken down monthly, amounts to R15 per month or just under R4 per week.
We believe this still makes the value of a linked visa card on the HealthSaver account compelling enough for our proposition to still benefit clients in a real way
The secondary card fee of R12.50 is an existing fee which has been updated from R12 to 12.50 (4% increase).

Kind regards
NH

Momentum (SA)'s reply14 Dec 2022, 09:38

Official

Momentum Money is committed to making sure we can provide value to clients through our offering that helps clients invest in the Momentum money market fund and access these funds conveniently and on their terms.
The value proposition for Health clients includes having the benefit of linking client’s HealthSaver account to the Momentum Money visa card to facilitate easy health related payments.
Over time we have made every effort to keep client card fees on the HealthSaver proposition at a minimum as we appreciate the financial pressures facing clients, particularly over the last couple of years.
The costs incurred by the business on the production, issue and ongoing maintenance of cards have continued to increase and Momentum Money has made every effort to ensure clients are not impacted severely by this cost pressure.
It is unfortunate that we are now faced with costs that stand to compromise the value added service that is in place for HealthSaver clients who hold a Momentum Money card.
In order to continue offering this value added service, we are faced with no other alternative but to introduce card fees related to the HealthSaver proposition and ensure we are able to deliver on more
The HealthSaver card access fee of R180 is an annual fee that is charged after one year of receiving the Momentum Money card linked to HealthSaver
This fee when broken down monthly, amounts to R15 per month or just under R4 per week.
We believe this still makes the value of a linked visa card on the HealthSaver account compelling enough for our proposition to still benefit clients in a real way
The secondary card fee of R12.50 is an existing fee which has been updated from R12 to 12.50 (4% increase).

Kind regards
NH