gG
glenmoses G
1 reviews | Active since Dec 2016
03 Jul 2019, 08:43
Ridiculous turnaround times
I am so annoyed with Momentum they have money of mine sitting in the FNB reserve fund which should have been paid to me in 2008 when I left FNB now 11 years later I found out about it. contacted them did all the paperwork and they still need to take 6 more weeks to pay the money out. How ridiculous is that. They never return a phone call and everytime I call and ask for progress the call center people says wait 6 weeks. This money is like a God send for me as I am currently not working but what does it help if I have to wait 6 weeks????
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Replies (3)0
Replies (3)
Momentum (SA)'s replyOfficial
03 Jul 2019, 08:46Thank you for the opportunity to be of assistance to you. A manager will contact you shortly.
Kind regards,
N D'Arch
Kind regards,
N D'Arch
Momentum (SA)'s reply03 Jul 2019, 08:46
Official
Thank you for the opportunity to be of assistance to you. A manager will contact you shortly.
Kind regards,
N D'Arch
Kind regards,
N D'Arch
Momentum (SA)'s replyOfficial
03 Jul 2019, 13:37I confirm that our manager in the Reserve department has called you and confirmed as follows:
Please be advised that the surplus allocation was done as an exercise of distributing excess monies from the Fund’s reserve account by actuaries. It is not a normal benefit which would have accrued and paid back in 2008. The exercise entailed 1. Calculation and distribution of surplus monies to former members, 2. Tracing and communicating the claiming process to former members and 3. Processing the payments, all processes being time consuming due to the large number of members involved.
We are sorry about the experience you have endured but the turnaround time is a standard that is communicated to members in this regard.
However, having considered your situation as articulated below, your claim has been prioritised and is in the process of applying for a tax directive from SARS. Payout is expected to be finalised before end of next week subject to us receiving the tax directive successfully from SARS.
Kind Regards
Sue
Kind Regards
Sue
Momentum (SA)'s reply03 Jul 2019, 13:37
Official
I confirm that our manager in the Reserve department has called you and confirmed as follows:
Please be advised that the surplus allocation was done as an exercise of distributing excess monies from the Fund’s reserve account by actuaries. It is not a normal benefit which would have accrued and paid back in 2008. The exercise entailed 1. Calculation and distribution of surplus monies to former members, 2. Tracing and communicating the claiming process to former members and 3. Processing the payments, all processes being time consuming due to the large number of members involved.
We are sorry about the experience you have endured but the turnaround time is a standard that is communicated to members in this regard.
However, having considered your situation as articulated below, your claim has been prioritised and is in the process of applying for a tax directive from SARS. Payout is expected to be finalised before end of next week subject to us receiving the tax directive successfully from SARS.
Kind Regards
Sue
Kind Regards
Sue
gG
glenmoses G's updateReviewer Update
03 Jul 2019, 13:40Thank you.
gG
glenmoses G's update03 Jul 2019, 13:40
Reviewer Update
Thank you.