LM
Lee M

1 reviews | Active since Jan 2024

23 Jan 2024, 02:37

Firstrand@momentum

Last day of employment with FNB was on the 6th of December 2023, momentum pension admin sent me an sms with a link to withdraw my pension, everything don on the same day with the claimed turnaround time of 10 days and now i wait. No sms no email confirmation, something felt of about this experience so i decide to give them a call around the 29th of Dec and I'm routed to their machine that confirms unavailability until the 2nd of Jan offices closed till then. on the 2nd i call and told by the consulted that there was an error from FNB's side i ask for the administrators email and office number and she is on leave. I call through to the FNB's switchboard operator to link me directly to the administrator personal number and she does so promptly, her phone goes to voicemail and I leave a message requesting that she calls me back. The following day she returns my call (3rd of Jan) and explains how the process works and how FNB is never ever involved in the withdrawal process, i take a her word and decide to contact momentum again and this time i'm told by a different consultant that the claim was processed the previous day 2nd of Jan, how i don't know and then the momentum consultant confirms that everything will be done in ten working days that means the funds should be in my account around the 16th of Jan once again i wait. On the 12th of Jan i receive an sms about the benefit claim being approved and the tax directive to be requested. On the 15th of Jan i get another sms confirming that the benefit is paid in accordance to my instruction and a confirmation letter will follow ***/ SM007. On the 16th no payout reflecting into my account the crickets are ringing. I contact them on the 17th of Jan for an update i'm then told that the payment was rejected by my bank i then contact my bank FNB to to get a better understanding as to how something like this could happen the FNB consultant confirms that there are no holds on any of my account with them. Okay now that is strange back to Momentum their consultant requests me to provide other banking details and confirms that the TAT is 5 working days as SARS has taken their share and it’s just me and them okay. I send the email with my alternative banking details on the same day, at this stage it goes without i have little to no confidence in Momentum as you can imagine so i call them just to confirm if they have received my email and I'm told something in connection to their box and should call after 2PM, I call at around 3PM and told that it was received and the request will be routed to an administrator. Skip to Friday (19th of Jan) i call to confirm if the payout has been processed and i'm told that it was not and another email is sent to an administrator once again. 22nd January i call to find out if the payout was processed remember we are supposedly working on a TAT of five working days that commenced on the 17th of Jan, I’m told once again that the payout is not done and the administrator did not process the payout i then ask the consultant to provide me with the administrators email address because clearly we not going anywhere at this pace she does not provide me with his/her email and advises that she will send a request to the manager. Later on the same day I receive an email for the first time from Momentum confirming that an email to process the payment was sent for approval with ***. Nothing is clearly working in this country even Momentum for all the processes in place and all the communication and yet no results for show.

0
Replies (2)
Momentum (SA)
Momentum (SA)'s reply23 Jan 2024, 09:14
Official
Dear Lee M
Thank you for your message. I have referred your complaint to the fund managers for urgent assitance.
Kind regards
Mvdm
LM
Lee M's update24 Jan 2024, 20:33
Reviewer Update
A Gentleman by the name of Kelvin came through well on his promise.
Well done Momentum for rescuing the situation almost lost all faith in your services.
5 Stars on this one.