DC
Daniel C

1 reviews | Active since Jan 2010

14 Mar 2019, 06:17

Waiting 2 months for service.

I have had my retirement annuity with Momentum for around 3 years now. I have tried to cancel and withdraw my funds in order to invest elsewhere, however, having gone through the rather rigorous exit process I received a mail saying all was in order and it would take 26 days to pay out my funds. A month later I was then forced to contact Momentum as nothing had been paid out. I was informed that they required 3 months bank statements in order to make payout(who knows why you would need bank statements for a payout of a long-standing customer but anyway). No one contacted me to inform me of this and when I asked the person in charge of my account( A Mr Antonio Timm) having now sent the bank statements and asking for his manager's details the man did not even have the decency to contact me, instead he forwarded my mail on to someone else saying that they were responsible for the account because he had just moved departments(The mail being directed at this person). it has now been another month with no contact from Momentum, the person currently handling the account is Tandokazi Ncatsha who is apparently on leave. Funny how easy it is to create an account with Momentum but when it comes time to payout, they do whatever they can to stop that from happening.

0
Replies (4)
Momentum (SA)
Momentum (SA)'s reply14 Mar 2019, 07:00
Official
Thank you for bringing this to our attention.  The matter will be escalated to management for urgent assistance.

Kind regards
Natasha
Momentum (SA)
Momentum (SA)'s reply14 Mar 2019, 08:57
Official
Please accept our most sincere apologies for the total lack in communication. I confirm that your claim has completed the disinvestment process and we have app**** for tax. Should the tax be approved, we will be in a position to pay your claim on Monday.

Kind Regards

Sue
DC
Daniel C's update19 Mar 2019, 11:07
Reviewer Update
Still awaiting feedback on this, I have mailed you guys multiple times but received no response. The person dealing with this currently is Sinethemba. I was told there would be sms communication but I have not received anything.
Momentum (SA)
Momentum (SA)'s reply19 Mar 2019, 14:38
Official
The Portfolio Manager will call you and provide feedback.

Kind Regards

Sue