A lesson to anyone attempting to seek FOREX Services using Old Mutual

I approached Old Mutual to open a bank account with the sole purpose of receiving foreign currency. The Westgate branch confirmed that they do indeed offer this service. Initially it took me two weeks just to get a pincode to have my online banking activated. The receptionist who assisted could not figure out why the pin code was not being sent until I had to resolve the issue myself.

After having foreign currency transferred, the foreign exchange department asked me to complete a document with my personal details and the nature of the income. On the phone a consultant informed me that she would be changing the nature of the income but failed to show me the changes she made as well as return the form for me to review or initial/sign.

Next the Forex consultant continued to sign a contract on a deal without informing me. I received a payment notification from Bidvest Bank with Bidvest Bank details with no correspondence from Old Mutual leading up to this transfer. The transferred amount was incorrect by at least 15%. When I called the number provided for inquiries I was told I have no right to contact Bidvest Bank as I am not a customer of theirs.

After days of attempting to get an answer as to who or how this deal was made or signed without my knowledge or consent, I was sent from pillar to post between Old Mutual and Bidvest Bank with neither willing to take answer my questions or responsibility.

Bidvest Bank refused to provide me with the name of the consultant when attempting to sell me a story that VAT had been on charged on the money that was transferred. A consultant at Old Mutual bank also boldly emailed me saying that she confirmed the rates before agreeing to the deal. All of which is *******! The consultant evidently took me for someone uneducated. Eventually Old Mutual informed me that they would reverse the transaction but that I would need to pay for this on the incorrect amount transferred to me. So apart from every *****ulant acts committed by Old Mutual bank in this process, they had the audacity to request me to pay for their mistake.

The unprofessionalism and wishy washy manner in dealing with customers should be a lesson to anyone that considers doing business with this low profile institution.

Do not seek foreign exchange services from Old Mutual bank as they do not know how to follow proper procedure!