AM
Amanda M

1 reviews | Active since Mar 2009

10 Jan 2024, 06:33

No income from investo living annuity even after confirmation

My dads living annuity, which is with Momentum Investo, is delaying paying of income from his fund. It is supposed to be paid on the 1st of the month and not it is the 10th of the month. Which has now resulted in debt orders which have bounced and services which have been suspended together with bank charges and extra costs, not to mention he is not able to purchase necessities to survive the month as this is his only form of income as he is a pensioner. My dad has tried from the 4th January to date to try to get the funds released urgently As stated by Tashriq Francke. He has got no response to his emails from yesterday and service query. It is now 7 days since 4th and 5 working days. There does not seem to be any urgency in depositing the funds when my father needs the funds to survive. Please, could someone deposit the income before Monday.

Please see time line below of the incident.

19 Dec 2023 – my father received an email from momentum stating he had to give confirmation for the fund. He being old school does not always check his email, and it got lost in his email and he only saw it on the 26 Dec 2023.

26 Dec 2023 – I assisted my dad with online Momentum Portal which stated payment date would be 1st of January. So we thought all was in order and we could deal with it in the new year after all no one is at work usually doing this time and we only got one email. In fact to be honest I thought it might have been a **** as he only got an email and no sms nothing was on the online portal stating he needed to confirm anything and everything looked in order.

1 January 2024 – no funds was in his account we thought, its holidays it will reflect latest 4 January as that is what usually happens

4 January 2024 I assisted my dad to make an online query about no funds being deposited into his bank account. We received the following reply from Tashriq Francke Please confirm if we may proceed to clone your contract to avoid further delays in your income payment. Once we receive confirmation we will urgently release your income payment.

Which my dad did confirm and we got told it was being sent to the relevant department. He then asked when will the funds be in the account and he was told the following by Gavaza Mkhombo We have referred your confirmation to clone the policy to the relevant team and it will be processed accordingly. Confirmation will be sent to you once finalised.

Again My dad requested to know when the funds would be released as he needed it to survive and that he was told it would be released urgently. Then he got the following reply from Nosipho Dlamini We confirm we have referred your request to the business anaylsts to assist with he manual payment.

That was the last communication we got from consultants from momentum. No funds was deposited on Monday the 8th January. My dad again enquired and got no response from anyone.

Question 1. Why did Momentum only send one email and not an sms etc. As they do have it on system as my dad did a query on the account a few weeks prior with is cell number. 2. Dispite being told that the funds would urgently be deposited if my dad made confirmation which he did no funds have been depsited as of yet. Urgent is usually the next day and so is manual payment not 5 to 7 days after the fact.

As a result of the above my dad is unable to pay debit orders which have now resulted in extra expenses and purchase necessities to survive the month

Pleaes advise on the above as it seems Momentum Investo customer care consultants and business analysts do not really care about customers and do not understand the urgency of the situation at hand.

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Replies (3)
Momentum (SA)
Momentum (SA)'s reply10 Jan 2024, 09:10
Official
Dear Amanda
Thank you for your message received. I confirm that I have escalated the matter and asked for urgent resolution.
A service specialist will be in touch with you shortly.
Kind regards
Mvdm
AM
Amanda M's update10 Jan 2024, 13:18
Reviewer Update
To whom it may concern

I have not received any contact from anyone in Momentum, and it has been over 4 hours, definitely not shortly ….except for a survey which is asking if I am satisfied with customer care . Are you kidding me? The answer is NO!


Momentum (SA)
Momentum (SA)'s reply12 Jan 2024, 14:50
Official
Dear Amanda
Kindly accept my sincere apologies for the inconvenience that this has caused.
Kind regards
Mvdm