No advice given or Needs Assessment done. wrong account opened

<p> </p> <p>I came into the branch on the 26th January 2017 and saw a consultant ****ha Naidoo </p> <p> I know that I am responsible for my personal fiance but I went into the branch with the expectation that a consultant will adive me accordinly as I have no finnacila backround of the banks products on offer only that what i am use to. I had a Optinmum plus account that i opened after the passing of my wife which was her pension that was paid out to me, as i was working i had no real need for the money to be available to me as it matured every year in January and this allowed me to pay for school fees and books.</p> <p> </p> <p>i have recently retired last year October 2016 and received my pension payout into my bank account and on the 26th January went into the branch to go and invest the money so i may earn some interest, due to my lack of Knowledge with the banking products that Nedbank has on offer I requested for the same account I had all these years.</p> <p>After assessing and recalculating and speaking to my daughter whom also works for a Bank I feel that I was not granted the opportunity to make an informed decision based on the advice or lack of advice as she did mention she(the consultant) gave no advice on the product I was sold. This is a direct statement from her Record of advice she gave me a copy of. </p> <p>Looking at the record of advice she did not ask me do i have an Monthly income or Monthly expenses, she left this blank and i feel had she asked me we would have had a different conversation than me just requesting an investment that i have no access to.</p> <p> </p> <p>So based on the incompleted ROA form she did not do a proper needs analysis on my portfolio.</p> <p>· She states in her ROA that the “sum of money came from my pension” (This I feel should have sparked a series of questions especially if she asked me about my monthly income.)</p> <p>· She also states that the “client would like to invest his money in an account that he will earn some interest on”(I have recently come to discover that Nedbank has a number of investment products that should a proper needs analysis have been done she could have advised me, being a pensioner I would need a variety of investment products that would give me access at various time intervals or as and when I need. Only now after my enquiry to withdraw my money am i told that Nedbank has a variety of products namely Tax free savings, Money Trader, Just Invest, Ned Term, Money Market, Easy Access, all these investments have similar interest rates to that of the Optimum plus, she could have recommended any one of these or anyone of Nedbank’s other interest baring investments that I have not mentioned so that I, (Nedbank’s client) could have made an informed decision.</p> <p>· I don’t disagree that the terms and conditions were discussed and explained and that the money can only be withdrawn on maturity as per her ROA. But I do feel and would like to re iterate that from the second line on her ROA she would have discovered that this product was the wrong product for most of my money to be invested in cause if she merely asked What’s your monthly income she would have discovered that I have no monthly income yet I have monthly expenses, So how is it that you can invest such a large portion of my capital into an optimum plus with no access.</p> <p>Upon going to the branch they have informed me that the money can’t be release unless there has been a death or critical illness only then can they release the funds which will yield a penalty.</p> <p> I would like this investment to be made immediately available without a penalty so that I may invest this money to generate a monthly income through a purchase of a property. I have recently discovered a property for sale that has great potential and will definitely generate a monthly income of R5000 per month. Infact i have already put in the offer to purchase the property through the use of my daughters name and the property has been granted on the 24th Febuary 2016 so The funds from the Optimum Plus is required immediately as i have transfer, deposits, and registration fees needs to pay. The reason i can gaurantee the income of R5000 is that i will be renting the property out to my daughter.</p> <p> Your urgent assistance in this matter will be highly appreciated. I would like this funds to be available by no later than the 7th March 2017</p>